Pursuant to I.C. 36-7-14.5-7, the town’s Redevelopment Authority is hereby created as a separate body corporate and politic and as an instrumentality of the town for the purposes and to exercise the powers set forth in the Act or otherwise granted by law. The Redevelopment Authority shall be governed by a Board of Directors consisting of three members, each of whom shall be appointed by the Town Council President.
   (A)   The purpose of the town’s Redevelopment Authority is to:
      (1)   Finance, improve, construct, reconstruct, renovate, purchase, lease, acquire or equip local public improvements; and/or
      (2)   Lease those local public improvements to the Commission.
   (B)   Terms of office.
      (1)   Each Authority Board member shall serve one year from January 1, after his or her appointment. If a vacancy occurs, a successor shall be appointed in the same manner as the original Board member, and the successor shall serve for the remainder of the vacated term.
      (2)   A member may be summarily removed from the Authority Board by the appointing authority at any time.
      (3)   A member shall reside in the town limits.
      (4)   A member may not receive a salary, gift, profit, or money, nor may any benefit inure to a member for service on the Authority Board.
      (5)   The Redevelopment Authority shall hold a meeting for the purpose of organization not later than 30 days after member is appointed and oaths administered. It shall choose one of its members as a President, Vice President and Secretary.
      (6)   If a Authority Board member ceases to be qualified for his or her position for any reason, he or she forfeits his or her office.
   (C)   Bond and oath.  Each Board member, before beginning his or her duties, shall take and oath of office, to be filed with the Clerk-Treasurer.
   (D)   Quorum. A quorum consists of a majority of the entire membership.
(Ord. 2016-15, passed 10-4-2016)