(A) In accordance with the business improvement district plan, the Downtown Action Team, an existing downtown revitalization non-profit corporation created pursuant to the New Mexico non-profit corporation act and operating within the boundaries of the Downtown Albuquerque Business Improvement District, is appointed as the management committee for the Improvement District.
(B) The management committee shall serve continuously, until and unless Council should receive a petition to change the management committee, signed by 51% of the property owners included in the improvement district, who represent not less than 51% of the assessment valuation of the improvement district, and Council appointment of a new committee.
(C) The management committee shall prepare and file annually with the Council, for its review and approval, a budget that is in accordance with the business improvement district plan, and a progress report for the improvement district.
(D) The management committee shall administer all improvements within the improvement district, in accordance with the business improvement district plan.
(E) The management committee shall annually submit a recommendation to Council for the benefit fee amounts to be assessed annually by the Council, in accordance with the business improvement district plan.
(F) The management committee shall annually file with the Council a report of the improvement district activities for the preceding fiscal year, which report shall include a complete audited financial statement setting forth its assets, liabilities, income and operating expenses as of the end of the fiscal year and the benefits of the improvement district programs to the real property and business owners in the improvement district.
(Ord. 38-2000)