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The city council recognizes that the economic vitality of the City is served and largely dependent upon a healthy business and commercial environment. The city council further recognizes that the business community is directly impacted by many of the legislative acts promulgated by the city council and the regulatory authority of the city administration. Pursuant to the authority vested in the city council by section 2-766 of this Code, there is established a business advisory board for the purpose of advising the city council on the economic and business impact of city legislative and regulatory actions. (Code 1979, § 8-52)