(A) There is hereby established a department of economic development for the town, to be controlled by a commission known as the “Monon Economic Development Commission”.
(B) The Town Economic Development Commission shall consist of three members, appointed as follows. All successor members shall serve a four-year term.
(1) One member shall be selected by the President of the Town Council, who shall be considered the town executive for purposes of this section.
(2) One member shall be nominated by the County Board of Commissioners.
(3) One member shall be nominated by the Town Council.
(C) The terms of office of the members of the Town Economic Development Commission shall begin upon their appointment and continue for:
(1) Three years from 2-1-1987, in the case of the member selected by the town executive;
(2) Two years from 2-1-1987, in the case of the member selected by the County Board of Commissioners; and
(3) One year from 2-1-1987, in the case of the member selected by the Town Council.
(D) Successor members shall be selected in the same manner as the original members of the Town Economic Development Commission.
(E) The Town Economic Development Commission shall be governed by and conform to the economic development statutes, I.C. 36-7-12-1, as amended, insofar as procedural matters are concerned.
(F) The Town Economic Development Commission shall have all the powers provided for at law and specifically those stated in I.C. 36-7-12-8, as amended, as originally enacted by Acts, 1981, Pub. Law No. 309, § 31.
(G) Within 30 days of its initial meeting and on January 31 of each subsequent year, the Town Economic Development Commission shall file its report with the Town Council and the State Department of Commerce on the form prescribed by the Department and pursuant to I.C. 36-7-12-36.
(1998 Code, § 4-8)