(1) The corporation has the powers and duties to do all of the following:

    (a) Coordinate, review, recommend prioritization of, monitor, and evaluate the programs of the agencies implementing the strategic plan to ensure the achievement of benchmarks and timetables as detailed in that strategic plan.

    (b) Solicit and accept gifts, donations, in-kind services, grants, loans, appropriations, or other money from a federal, state, local, or private source for operating expenses.

    (c) Acquire, hold, lease, or dispose of real or personal property necessary or convenient to accomplish the purposes of this act.

    (d) Procure the director's bond and liability insurance that are prescribed by an ordinance of the municipality.

    (e) Submit to the chief executive officer and the governing body of the municipality periodic progress, financial, and performance reviews, and other reports considered necessary by the chief executive officer and the governing body of the municipality. These reports shall be made available to the public by the municipality upon request.

    (f) With the concurrence of the municipality by its governing body and chief executive officer, modify the strategic plan, except as precluded by federal, state, or local law.

    (g) Possess all other powers necessary and appropriate that are not inconsistent with federal, state, or local law to coordinate, review, recommend prioritization of, monitor, and evaluate the programs of the agencies implementing the strategic plan as detailed in that strategic plan.

    (2) The municipality may assign by ordinance to the corporation additional powers and duties to the extent not prohibited by state law.