(A) Purpose.
(1) The village recognizes the need to establish an economic development advisory board that will take the lead in developing a climate for buoyant economic growth that is commensurate with the needs and desires of it residents.
(2) The Lakemoor Development Commission, composed of regional residents from various professional disciplines shall make available to the Mayor and Village Board, pertinent information and proposals relative to the monitoring, assessing and strengthening of existing economic development strategies and to develop new strategies of economic development for the village.
(B) Lakemoor Development Commission.
(1) Membership. The Lakemoor Development Commission shall be composed of no more than seven members who shall be appointed by the Mayor with the majority consent of the Village Board.
(2) Terms. A majority of the advisory board shall be appointed to one-year terms, with the balance of the board, appointed to two-year terms. Each subsequent term shall be for two years or less in order to maintain the original rotation.
(3) Vacancy. In the event of a vacancy in the membership of the advisory board, the Mayor shall appoint, with majority consent of the Village Board, a replacement to serve out the remainder of the unexpired term.
(4) Removal. Only after a public hearing and "for cause" as stated in writing and made part of the public record, the Mayor, with majority consent of the Village Board, may remove a sitting member of the Lakemoor Development Commission.
(C) Duties and responsibilities. The duties and responsibilities of the board shall include but are not limited to:
(1) Advising the Mayor and Village Board on matters relating to economic development issues and those specific tasks referred to the board by the Village Board;
(2) Coordinate with other local and regional agencies to maximize economic development opportunities;
(3) Develop activities and procedures to maximize economic development opportunities;
(4) Coordinate and work with individuals, organizations and institutions in the pursuit of economic development projects;
(5) Coordinate local, state, and federal programs, activities, and funding sources for economic development projects;
(6) Additional duties as assigned by the governing body that impact the village's economic development.
(D) Organization.
(1) Officers. The Lakemoor Development Commission shall elect from its members a chairperson, vice-chairperson and secretary, each for a one-year term. Officers may be elected for an indefinite number of terms.
(2) Conduct of business. The Lakemoor Development Commission shall adopt and publish such rules, regulations and procedures for the conduct of business as seems appropriate to its members. A quorum shall be a majority of the membership of the Lakemoor Development Commission.
(3) Meetings. The Lakemoor Development Commission shall hold regularly scheduled meetings at least once a quarter, and such meetings will be open to the public in accordance with the Open Meetings Act, ILCS Ch. 5, Act 120 et seq. The advisory board may hold special meetings, also open to the public, as may be called by the chairperson or vice-chairperson with at least 48 hours public notice
(4) Records. A public record shall be kept of all actions and considerations undertaken by the Lakemoor Development Commission. The records shall be filed with the Village Clerk and kept available for public inspection during normal business hours in the Office of the Village Clerk.
(E) Compensation. Each Commission member shall be compensated at a rate of $50 for each meeting attended by that Commission member, but in no event will a Board member be paid for greater than three meetings per month.
(Ord. 15-O-33.5, passed 10-8-2015)