There is hereby created a Citizens Advisory Review Committee consisting of ten registered voters of the city to review the functions and progress of the economic development program and to advise the City Council with regard to the program. The Citizens Advisory Committee shall establish a regular meeting schedule, but shall meet no less frequently than semi-annually. The Committee shall at least once in every six-month period report to the City Council on its findings and suggestions at a public hearing called for the purpose. The city’s Economic Development Director shall serve as an ex officio member of the Committee with responsibility for assisting the committee and providing it with necessary information and advise on the economic development program.