On August 17, 2010, the Ranson City Council unanimoulsy adopted an ordinance authorizing the formation of the Ranson Development Authority. Over the next few months, the City will take official steps to organize and create the Authority.

According to the ordinance, the purpose of the Ranson Development Authority will be to promote, develop and advance business prosperity and economic welfare for the City of Ranson, the citizens and business community. The Ranson Development Authority will encourage and assist through loans, investments or other business transactions the location of new business and industry within Ranson and rehabilitate and assist existing businesses and industries therein. Also, the Ranson Development Authority will stimulate and promote expansion of business and industrial development and maximum opportunities and maintain the economic stability of Ranson, to provide maximum opportunities for employment, encourage thrift and improve the standard of living of the citizens of Ranson, cooperating with other organizations, federal, state or local, in the promotion and advancement of industrial, commercial, agricultural, and recreational developments, where appropriate. The Ranson Development Authority may furnish money and credit, grants, land and industrial sites, technical assistance or other such aid as may be deemed requisite to approved and deserving applicants for the promotion, development and conduct of business activity within Ranson. To the extent legally possible, it is the intent of the Ranson City Council that the Authority administer and develop downtown improvement districts, community enhancement districts, economic opportunity districts, affordable housing and authority; tax increment financing districts and all other aspects of revitalization and economic development.