(A)   The members of the Economic Development Commission shall be appointed by the Town President as follows:  one of the members shall be selected by the Town President, one shall be nominated by the fiscal body of the county in which the town is located, and one shall be nominated by the Town Council.
   (B)   The Economic Development Commissioners shall take office upon their appointment, and the terms run from February 1 after their original appointment, for a period of:
      (1)   Three years, if selected by the Town President;
      (2)   Two years, if nominated by the Town Council; and
      (3)   One year, if nominated by the County Council.
(IC 36-7-12-6)