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the Agency. <br />4. Purpose of the Agreement; Common Power to be Exercised. Each <br />Party has in common the power to study, plan for, develop, finance, acquire, <br />construct, maintain, repair, manage, operate and control Facilities and carry out the <br />Program for the protection of the public either alone or in cooperation with the State <br />of California, or other entities. The purpose of this Agreement is to jointly exercise <br />the foregoing common powers in the manner hereinafter set forth. <br />5. Additional Powers to be Exercised. In addition to those powers <br />common to each of the Parties, the Agency shall have those powers conferred upon it <br />by the JPA Law. <br />6. Powers. The Agency shall have the power in its own name to do any of <br />the following: <br />a. To study, plan and implement ways and means to provide a <br />reasonable Program and plan of operation for economic development. The Agency <br />shall have the power to enter into contracts with property owners who wish to <br />expand, renovate, remodel or otherwise enhance the economic productivity of their <br />property. The Agency may in furtherance of this power, grant funds to qualified <br />owners who agree to such terms and conditions of such grants as will carry out the <br />public purposes of the Agency. The Agency may loan funds at or below market rates <br />of interest to qualified owners who may be unable to qualify for commercial loans for <br />Joint Exercise of Powers Agreement rage 4 or zu <br />1-\W PD\CSL\136\AGREENOI NTP W R.CLN <br />