Such commissioners shall have the qualifications prescribed by the laws of the state as from time to time amended and shall qualify as therein provided; and shall exercise and enjoy the rights and powers and assume the duties and obligations conferred and imposed by said Act, including but not limited to the following qualifications:
(A) A Redevelopment Commissioner must be at least 18 years of age and must be a resident of the city. If a commissioner ceases to be qualified under this section, he or she forfeits his or her office.
(B) No City Redevelopment Commissioner shall receive a salary; but such Redevelopment Commissioners are entitled to reimbursement for expense necessarily incurred in the performance of their duties.
(C) A Redevelopment Commissioner may not have a pecuniary interest in any contract, employment, purchase or sale made under the provisions of this chapter and the underlying statutes. However, any property required for redevelopment purposes in which a Commissioner has a pecuniary interest may be acquired, but only by gift or condemnation. A transaction made in violation of this section is void.
(Ord. 24-1994, passed 10-10-94)