(A) IC 36-7-13-5 requires that the Mayor must appoint an Advisory Commission on Industrial Development and IC 36-7-13-5 also mandates the Commission shall be composed of five members, including at least one representative of the local industrial development committee and one representative of a local utility company and one at-large member.
(B) IC 36-7-13-5 also stipulates that the City Council shall request the Commission's recommendations. The Council may not conduct any business requiring expenditures from the industrial development fund or make any sale or lease of property acquired by the city under this subchapter without the approval, in writing, of a majority of the members of the Commission.
(C) IC 36-7-13-6 states that all costs for the acquisition and improvement of real property under this subchapter shall be paid from the industrial development fund and all proceeds from the sale of real property under this subchapter shall be deposited in that fund.
(D) IC 36-7-13-7 states that title to all real property acquired under this chapter shall be taken in the name of the municipality and shall be conveyed by warranty deed executed by the presiding officer of the legislative body and attested to by the Clerk-Treasurer.
(Ord. 1983-1, passed 5-16-83)