(A) The Town Council now deems it to be in the best interest of the town and its citizens to establish and create a redevelopment authority as a separate body corporate and politic and as an instrumentality of the town with all of the powers under I.C. 36-7-14.5 (“the Act”) to be known as the “Town of Fortville Redevelopment Authority” (the “Redevelopment Authority”), which Redevelopment Authority is hereby created.
(B) Pursuant to the Act, the Redevelopment Authority shall be governed by a Board of Directors (the “Board”) composed of three members, each of whom must be residents of the town. The President of the Town Council (the “President”) shall appoint the members of the Board. Members of the Board shall serve for a term of three years and may be reappointed for subsequent terms. The President shall fill any vacancy on the Board by appointing a new member for the remainder of the vacated term. Any Board member may be removed for cause by the President. Board members shall not receive a salary, and no profit or money of the Redevelopment Authority shall inure to the benefit of a member.
(C) Upon their appointment by the President, the members of the Board shall take and subscribe an oath of office under I.C. 5-4-1, which shall be endorsed upon the certificate of appointment and filed with the records of the Redevelopment Authority.
(D) The Board shall hold its meetings and carry out all of its functions, powers and purposes in accordance with and pursuant to the Act, as it may be amended from time to time.
(Ord. 2021-9B, passed 9-7-21)