(a) There is hereby created the Richmond Economic Department Commission.

(b) The Commission shall consist of five members, all which to be appointed by the Mayor, but who shall be nominated as follows:

(i) two members to be nominated by the Mayor for a term to expire January 31, 2000.

(ii) One member to be nominated by the Mayor for a term to expire on January 31, 1998.

(iii) One member shall be nominated by the Common Council for a term to expire on January 31, 1999.

(iv) One member shall be nominated by the Wayne County Council for a term to expire on January 31, 1998.

Upon completion of the original terms of office, subsequent appointees shall serve terms of four (4) years with each term to expire of January 31 of the appropriate years.

(c) Members of the Commission (the “commissioners”) shall serve without compensation, but the Common Council of the City may provide in the Department of Economic Development budget for reimbursement of travel, telephone and other expenses incurred by the Commissioners in the performance of their duties.

(d) The selecting or nominating authorities shall make their selections or nominations in the manner prescribed by the enabling Act and the Mayor, being the executive of the City, shall furnish a certificate of appointment for each person appointed and such appointees shall take and subscribe an oath of office as required by the Act.

(e) The Commission shall meet within thirty (30) days after its creation and shall at that first meeting elect a president, vice president, and secretary who shall serve form the date of their respective elections until January 31 after their respective elections, and until their respective successors are elected and qualified, and who shall immediately undertake the duties imposed upon such Commissioners by the Act. The commission shall hold reorganization meetings during February of each year and the Commission and its members shall have al the powers and duties imposed by the Act and this ordinance and by amendments to either such statute or ordinance. The Commission may adopt such by-laws and rules as are not prohibited by law and as are found desirable to facilitate the conduct of its business and the accomplishment of its purpose.

(f) Any Commissioner having a financial interest in, or having been employed by, any firm or corporation contracting or negotiating with the Commission shall disclose his interest to the Commission and such disclosures shall be made a part of the records of the Commission. Any contract or agreement with any firm or corporation in which a Commissioner has direct financial interest shall be void from its inception unless the nature of that financial interest has been made a part of the record of the Commission. No Commissioner shall vote on any matter in which he has a financial interest. (Ord. 71-1996)