(A) Under the applicable provisions of the state code, there is hereby created a Municipal Department of Development, which shall be controlled by the Commission known as the city’s Economic Development Commission.
(B) The City Economic Development Commission shall consist of three members to be appointed as follows:
(1) One member shall be appointed by the Mayor for a term expiring February 1, 1985;
(2) One member shall be appointed by the Common Council, for a term expiring February 1, 1984; and
(3) One member shall be appointed by the County Council for a term expiring February 1, 1983.
(C) Upon completion of the original terms of office, subsequent appointees shall serve terms of four years with each term to expire on February 1, of the appropriate year.
(D) Any vacancies occurring on the Commission shall be filled by appointment by the authority having made the appointment in which the vacancy occurs and such appointment shall be made for the completion of any unexpired term.
(E) Commissioners shall serve without compensation, but the Common Council may provide in the Development Department budget for reimbursement of travel, telephone, and other expenses incurred by the Commissioners in the performance of their duties.
(F) The appointing authorities shall make their appointments in the manner prescribed by law and shall furnish certificates of appointment for each person appointed, and such appointees shall qualify as required by law.
(G) The Commission shall meet within 30 days after its creation and shall elect a President, Vice-President, and Secretary and shall immediately undertake the duties imposed upon such Commissioners by law. The Commissioners shall hold reorganization meetings during February of each year and the Commission and its members shall have all the powers and duties imposed by statute and this section and by amendments to either such statute or ordinance. The Commission may adopt such bylaws and rules as are not prohibited by law and as are found desirable to facilitate the conduct of its business and the accomplishment of its purpose.
(H) Any Commissioner having a financial interest in, or having been employed by, any firm or corporation contracting or negotiating with the Commission shall disclose his or her interest to the Commission and such disclosures shall be made a part of the records of the Commission. Any contract or agreement in which a Commissioner has a financial interest or any contract or agreement with any firm or corporation in which a Commissioner has direct financial interest shall be void from its inception, unless the nature of the financial interest has been made a part of the record of the Commission. No Commissioner shall vote on any matter in which he or she has a financial interest.
(I) Any person, firm, or corporation whose request for the issuance of economic development commission bonds has been successful and for whom such bonds have been issued, shall pay a fee of $100, payable from bond proceeds, to the city. Such fee shall be in addition to the reimbursement of any costs incurred by the city in the issuance of bonds.
(J) (1) The city may enter into a transfer agreement between the city and Jasonville Local Development Corporation, whereby the city agrees to sell the section 601 real estate to the Corporation for the amount determined by the United States Government Act by and through the U.S. Department of Agriculture Rural Development.
(2) The Mayor is authorized to execute all documents to effectuate the above transfer agreement and the consequent real estate sale.
(2003 Code, § 2.24.020) (Ord. 81-6, passed 4-13-1981; Ord. 1981-7, passed 4-13-1981)