There is hereby created an Economic Development Project Screening Committee (EDPSC) composed of seven members with business/finance backgrounds, including, but not limited to representatives of local financial institutions, the Stark Development Board, the Greater Alliance Development Corporation, and the Alliance Chamber of Commerce. The members shall be appointed by the Mayor, with the consent and approval of Council, to serve for a term of three years, except that originally three members shall be appointed for three years, two members for two years and two members for one year. The Economic Development Project Screening Committee shall meet at least monthly to review loan applications and recommendations received from the Program Administrator. It shall adopt such rules, regulations and procedures for its own conduct and operation as shall be reasonably necessary and proper to carry out its function under this chapter. The EDPSC shall recommend to Council those loans or other economic development activities which the EDPSC has determined should be approved for funding from the RLF. In considering loan or other economic development activities the EDPSC shall consider each of the program guidelines set forth herein, and shall include an analysis of these in its report to Council. Notwithstanding the delegation of authority to engage in loan or other economic development activities set out herein, Council retains to itself absolute and final authority to authorize or not authorize any economic loan or development activity recommended to it by the EDPSC, and no disbursements shall be made from the RLF without express approval of Council.
(Ord. 10-88. Passed 2-16-88.)