25.02 TERM OF OFFICE.

The term of office of the members of the Board shall be three years. The term of not more than one member shall expire in any one year.

25.03 VACANCIES.

If any vacancy shall exist on the Board caused by resignation, or otherwise, a successor for the remainder of said term shall be appointed in the same manner as the original appointee.

25.04 COMPENSATION.

All members of the Board shall serve without compensation, except their actual expenses, which shall be subject to the approval of the Council.

25.05 POWERS AND DUTIES.

The Board shall have and exercise the following powers and duties:

1.   Selection of Officers. The Board shall choose annually at its first regular meeting one of its members to act as Chairperson and another to act as Secretary.

2.   Review of Applications. The Board shall consider Tax Increment Financing applications from the public and then make recommendations to the Council. The applications shall be in writing, signed, dated, and contain a plat or drawing depicting the proposed TIF-related construction, or as otherwise established by the Board.

3.   Public Hearing. The Board shall set a time and date for hearing within 30 days of receiving an application. Public notice of the hearing and due notice to the applicant will be sent by the Board Secretary to the Clerk for appropriate distribution. At the hearing, any person may appear in person or by agent. The hearing will be conducted informally by the Board Chairperson.

4.   Recommendation to the Council. Within as short a time as possible, the Board may recommend the use of TIF funds/debt to the Council upon any terms and conditions that it deems to be in the community’s interest. The Board may consider other similar circumstances in which TIF issues have been resolved, but the Board need not be bound by precedent in making its recommendations. The recommendations shall be made to the Council in writing and signed by the Board Chairperson.