(A) A corporate partnership between the public and the private sectors should be formed to carry on the revitalization effort of the historic downtown area which is essential to the welfare of the community.
(B) The Board of Directors of this corporation should be made up of six appointees from the government sector, six appointees from the private sector, and a chairman chosen by mutual consent of both sectors.
(1) The public sector directors shall be appointed by the Mayor with the advice and consent of the Common Council.
(2) Three of the Board of Directors shall have terms of two years in order to stagger the appointments to insure continuity. Hereafter, all terms of the Board of Directors shall be for a period of three years. (Res., passed 1-18-88)
(C) The corporation shall make annual reports to the Common Council so that the Council may be kept advised of the corporation's activities and finances.
(Ord. 2689, passed 11-2-87)