(A) Created; composition. There is created an Economic Development Commission for the city, to be known as the City Economic Development Commission, which shall consist of and be under the control of a Board of three members.
(Prior Code, § 32.130)
(B) Appointment. The members of the Economic Development Commission shall be appointed by the Mayor of the city as follows: one of the members so appointed shall be selected by the Mayor, one shall be nominated by the County Council; and one shall be nominated by the Common Council. The nominations made by the County Council and the Common Council shall be transmitted to the Mayor in writing.
(Prior Code, § 32.131)
(C) Terms of office, successors, and compensation of members. The Commissioners shall take office upon their appointment and their terms shall run the following number of years from February 1 following the original appointment: the Commissioner nominated by the Common Council, two years; the Commissioner nominated by the County Council, one year; and the Commissioner selected by the Mayor, three years. At the expiration of the respective terms of each of the Commissioners originally appointed, the respective successor shall be selected and nominated in the same manner as the original appointee, each of which nominees shall be appointed by the Mayor within ten days after receiving the nominations and each succeeding member shall serve for a term of four years. In the event any person appointed as Commissioner shall fail to qualify within ten days after the mailing to him or her of the notice of his or her appointment, or if any member after qualifying shall die, resign, or vacate the office or be removed, a new member shall be chosen and appointed to fill the vacancy in the same manner as provided for the member in respect to whom the vacancy occurs, and the member so chosen and appointed shall serve for the remainder of the vacated term. Commissioners shall hold over after the expiration of their terms until their respective successors have been duly appointed and have qualified. The Commissioner shall receive no salary but shall be entitled to reimbursement for any expenses necessarily incurred in the performance of their duties and shall be entitled to a per diem allowance in an amount as set by the city from time to time for each day that he or she shall attend a Commission meeting.
(Prior Code, § 32.132)
(D) Qualifications of members. No person shall be appointed as an Economic Development Commissioner who is neither a resident of nor employed in the city nor an owner of a business in the city. If any Commissioner shall cease to qualify in one of the above categories, his or her appointment on the Economic Development Commission shall thereby terminate and his or her office shall become vacant.
(Prior Code, § 32.133)
(E) Bond issuance; cost of operation; fee limit. Pursuant to I.C. 36-7-12-29, as effective April 9, 1979, a Commission may provide for a maximum fee of 1% of the total amount of a bond issue to be paid from the proceeds of the issue to help in covering its cost of operation. However, the fee charged by a Commission to cover the cost of operation may not exceed an amount as set by the city from time to time per issue.
(Prior Code, § 32.134)
(F) Commission levy authority; amount to be paid. Pursuant to the above authority, the City Economic Development Commission is authorized and directed to levy a commission of one-tenth of 1% of the total amount of the issue of bonds authorized by the Commission to be paid from the proceeds of the issue to cover cost of operation.
(Prior Code, § 32.135)
(G) Fee issuance limitation. The Commission is authorized and directed to limit the amount collected to an amount as set by the city from time to time per issue.
(Prior Code, § 32.136)
(H) Collection; fund established. The one-tenth of 1% of the issue, with a maximum of an amount as set by the city from time to time, shall be collected by the City Controller and placed in a special fund to be established and called the Economic Development Commission Fund.
(Prior Code, § 32.137)
(I) Funds appropriated not to exceed funds received as proceeds. In no event shall those funds appropriated and spent exceed those funds which are received by the City Controller as proceeds of the bond issues.
(Prior Code, § 32.138)
(J) Revolving fund designation. The fund, mentioned in division (H) above shall be considered a revolving fund and shall not revert to the General Fund at the close of any calendar year.
(Prior Code, § 32.139)
(K) Executive director. The Business Development Director shall serve as the executive director of the Economic Development Commission at no additional salary.
(Prior Code, § 32.140)
(Ord. 3233, passed - -1979; Ord. 3267, passed - -1981; Ord. 3269, passed - -1981; Ord. 3428, passed - -1986)