(A) There is created the Development Commission consisting of five members appointed by the Mayor, with the advice and consent of the Council for staggered terms of five years or less so that the term of one expires on October 31, of each year. Vacancies shall be filled for the unexpired term by the original appointing authority.
(B) The Commission will serve in an advisory capacity to the Council regarding approval of project plans and inducement resolutions and issuance of bonds. Commission review of a project plan and inducement resolution shall occur prior to the Council's adoption of an inducement resolution. The Council will not enact an ordinance authorizing the issuance of bonds until notified by the Commission that the user has complied with all applicable municipal ordinances and resolutions relating to the issuance of tax exempt bonds. The Council will have final approval authority on the issuance of bonds and the approval or disapproval of project plans.
(C) The Development Commission is the Board of Commissioners of the Metropolitan Redevelopment Agency and the Urban Development Agency (see §§ 14-8-4-1 et seq.).
(D) The Mayor shall designate a Chairperson and Vice-Chairperson of the Commission.
('74 Code, § 7-23-2) (Ord. 12-1985)