Creates the Metro East Development Act. Sets forth legislative findings concerning the need for a Metro East Development Authority. Provides for creation of the Authority. Allows the Authority to hire an executive director. Lists the rights, powers, and duties of the Authority, including the power to borrow money and to issue bonds. Provides that the Authority shall perform an initial study and survey to determine what areas will be considered a depressed area that contain a blighted area. Provides for requirements related to meetings, public hearings, and administrative and judicial review of Authority projects. Provides for limitations on the Authority's powers. Describes procedures for procurement of debt and bonds, execution of deeds, demolition and removal of buildings, purchase of property, contracts, and costs of projects. Gives the Authority the power to investigate the conditions of any project in which it has an interest. Effective immediately.