(A) A Department of Economic Development is hereby established under IC 36-7-12-4 to be controlled by a commission known as the City Economic Development Commission, with the powers, duties and responsibilities as provided by law as now in effect and may be in effect from time to time, including but not limited to the powers and duties set forth in this section.
(B) The membership of the City Economic Development Commission shall be in accordance with IC 36-7-12-5, as amended from time to time, and the City Economic Development Commission shall consist of five members. Each Commissioner shall serve for a term of four years. A Commissioner shall hold over after the expiration of his/her term until his/her successor is appointed and has qualified.
(C) In addition to the powers, duties and responsibilities of the City Economic Development Commission as set forth in IC 36-7-12 et seq., the Commission shall also:
(1) Review and make recommendations to the City Board of Public Works and Safety who shall make decisions regarding the use and administration of industrial incentive program funds under the control of the city commonly known as the Revolving Loan Fund (RLF), which excludes UDAG special funds under the U.S. HUD programs; and which was previously administered through the Huntington Economic Incentive Advisory Board, under Resolution 8-R-84;
(2) Report directly to Common Council regarding its recommendations as to the Revolving Loan Fund;
(3) Review and make recommendations to Common Council regarding the requirements, impact, and use of tax abatement; and
(4) Review and make recommendations to the appropriate governing body of the city regarding the use and administration of any and all economic development incentives available to, or utilized by, the city for its economic needs and development.
('75 Code, § 23.40) (Am. Ord. 3-C-87, passed 2-10-87)