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(1) The Board of Property Assessment Appeals Nominating Panel ("Nominating Panel") is hereby created. It shall consist of seven members, one each appointed by the Mayor, the Council President, the Philadelphia Bar Association, the Building Industry Association of Philadelphia, the Housing Association of Delaware Valley, the Greater Philadelphia Association of Realtors, and the Southeast Chapter of the Assessors' Association of Pennsylvania. If any of the designated appointing organizations ceases to exist, or formally notifies the other organizations that it declines to participate, the remaining members of the Nominating Panel shall by a majority vote replace the appointing organization with another organization of a similar nature.
(2) The Nominating Panel shall nominate candidates for appointment to the Board of Property Assessment Appeals, and for that purpose shall follow the procedure set forth in Section 3-1003 of the Philadelphia Home Rule Charter, provided that at least thirty days before making nominations, the Nominating Panel by public notice shall solicit applicants to serve on the Board, and provided further that the Nominating Panel shall make nominations only from among those who have applied.