(A)   The Town Council now deems it to be in the best interest of the town and its citizens to afford a maximum opportunity for rehabilitation, redevelopment or economic development of areas by private enterprise and the town by establishing a Department of Redevelopment.
   (B)   The Town Council hereby establishes the Department of Redevelopment of the town. The Department will be controlled by a board of five members known as the Town Redevelopment Commission.
   (C)   Pursuant to I.C. 36-7-14 and I.C. 36-7-25, all of the territory within the corporate boundaries of the town will be a special taxing district to be known as the Town Redevelopment District for the purpose of levying and collecting special benefit taxes for redevelopment and economic development purposes as provided in the Act. The Town Council finds and determines that all of the taxable property within this special taxing district will be considered to be benefitted by the redevelopment projects and economic development projects carried out under the Act to the extent of the special taxes levied under the Act.
   (D)   (1)   The President of the Town Council shall appoint three of the five members of the Town Redevelopment Commission ("Commission").
      (2)   The Town Council shall appoint two of the five members of the Commission.
      (3)   The term of office of the members of the Commission shall commence from the date of their appointment and expire on January 1, 2005.
(Ord. 03-009, passed 11-12-2003)