There is hereby created in and for the city, a Citizen Advisory Review Committee as authorized by the Municipal Economic Development Act, Neb. Rev. Stat. §18-2715. This Committee shall be composed of seven (7) members who shall be registered voters of the city of Grand Island. Four (4) members shall constitute a quorum. The members shall be appointed by the Mayor subject to the approval of the City Council. Three (3) at-large members will be recommended by the Economic Development Corporation to the Mayor. At least one member of the committee shall have expertise or experience in the field of business, finance or accounting.