(a) The Common Council of the City hereby establishes a Department of Economic Development (hereinafter “Department”) to be controlled by a three member commission which shall be known as the “Carmel Economic Development Commission” (hereinafter the “Commission”). A separate fund entitled “Economic Development Fund” is hereby established.
(b) The Common Council shall appoint one member of the Commission, the Mayor shall appoint one member of the Commission and the Hamilton County Council shall appoint one member of the Commission. The length of the terms of the Commissioners are established pursuant to statute.
(c) Commissioners shall be paid a per diem of $35 per regular or special meeting attended, except for annual organizational or reorganizational meetings, and shall be reimbursed for travel, telephone and other expenses incurred by the Commissioners in the performance of their duties. Such payments shall be provided from the operating funds of the Department.
(d) The nominating authority shall make their nominations in the manner prescribed by law and the Mayor shall furnish certificates of appointment for each person appointed and such appointees shall qualify as required by law.
(e) The Commission shall meet within 30 days after its creation and shall, at that first meeting, elect a president, vice president and secretary and shall immediately undertake the duties imposed by law. The Commission shall hold reorganization meetings during February of each year and the Commission and its members shall have all the powers and duties conferred and imposed by the Act and this section and by amendments to either. The Commission may adopt such by-laws and rules as are not prohibited by law and as are found desirable to facilitate the conduct of its business and the accomplishment of its purposes.
(f) Any Commissioner having a financial interest in, or having been employed by, any firm or corporation contracting or negotiating with the Commission shall disclose his interest to the Commission and such disclosure shall be made a part of the records of the Commission. No Commissioner shall vote on any matter in which he has a financial interest.
(g) The Commission shall be authorized to assess and collect an application fee from economic development applicants, at the time of initial or bond-refunding applications, pursuant to the rules and regulations of the Commission. The fee may be up to 1% of the principal amount of the application, not to exceed $10,000 per application, as amended from time to time by statute. The Commission may elect to establish a reduced fee structure for bond-refunding applications.
(h) All monies collected pursuant to I.C., 36-7-12 et seq. shall be itemized and deposited with the Controller and the Controller shall deposit said monies into the Economic Development Fund. The Controller shall prepare an annual report to the Mayor, Common Council, State Board of Accounts and Commission regarding deposits and expenditures to and from the Economic Development Fund.
(i) Monies in the Economic Development Fund must be appropriated and expended in accordance with I.C., 36-7-12 et seq., I.C., 36-4-7 et seq. and the Carmel City Code.
(j) Quarterly report to Council. The Economic Development Commission shall present to the Council a quarterly written report that provides a detailed and full accounting of the Commission’s actions and activities during the immediately preceding 90 day period. This report shall be presented to the Council at its second meeting in February, May, August and November, by placing a copy of the same in each Councilor’s individual Council packet and by having a Commission member present at each such Council meeting to orally present the report and to answer any questions raised about the report and/or the activities of the Commission. Minutes of each meeting shall be provided to each Council member via email and shall be placed on the City website.
(`91 Code, § 2-5) (Ord. D-751, § 1, 2-17-92; Ord. D-1253-96, 11-18-96; Ord. D-2067-11, 11-7-11; Ord. D-2198-14, As Amended, § 2, 6-1-15; Ord. D-2505-19, 12-16-19)