Sec. 7. (a) A ____________ Redevelopment Authority (the blank to be filled in with a name designated by the legislative body of the unit) may be created in the unit as a separate body corporate and politic and as an instrumentality of the unit to exercise any power granted to the authority under this chapter.
(b) An authority may be created by ordinance of the legislative body of the unit.
(c) An authority is subject to the same laws, rules, and ordinances of a general nature that apply to all other authorities and departments of the unit. An authority is:
(1) subject to audit by the state board of accounts under IC 5-11;
(2) covered by IC 5-14-1.5 (the public meetings law); and
(3) covered by IC 5-14-3 (the public records law).