The Business Community Development Commission shall have the following powers and duties:

1. To collect information and report to the Village Council on opportunities for business and investment in the Village's commercial zoning districts;
2. To perform studies and make recommendations to the Village Council concerning business development in the Village, including but not limited to helping existing businesses grow, encouraging new businesses to be started and attracting businesses from outside the Village;
3. To identify grants and other financial resources available to the Village for business and economic development and, subject to the prior approval of the Village Council, to apply for such grants or financial resources;
4. To identify services and professional resources available to the Village for business and economic development and, subject to the prior approval of the Village Council, to retain services or otherwise acquire such resources;
5. To adopt rules of procedure not inconsistent with this section; and
6. To perform such other duties pertaining to the development and improvement of the Village's business districts as the Village Council, in the exercise of its discretion, may direct from time to time;
7. To exercise such additional powers as may be granted by ordinance or statute.