(1) The city council of the City of Eugene is hereby designated the Urban Renewal Agency of the City of Eugene, and is vested with all powers granted to an urban renewal agency by Chapter 457 of the Oregon Revised Statutes or by any other provision of law.

(2) All acts of the council acting as the Urban Renewal Agency of the City of Eugene shall be considered the acts of the Urban Renewal Agency only, and not of the council.

(3) All duties and obligations of the commission which formerly exercised the powers of the Urban Renewal Agency of the City of Eugene are hereby assumed by the council.