I.C. 36-7-14.5 authorizes the Common Council of the City of Richmond, Indiana to create by ordinance a redevelopment authority as a separate corporate and political instrumentality of the City to finance local public improvements for lease to the Richmond Redevelopment Commission.

(a) There is hereby created the Richmond Redevelopment Authority (the “Authority”) as a separate body corporate and politic and as an instrumentality of the City, for the purposes and with all powers and duties now or hereafter granted to it by the Act.

(b) Composition
(1) The Authority shall be under the control of a Board of Directors (the “Board”) consisting of three (3) members, who must be residents of the City appointed by the Mayor of the City.

(2) A member is entitled to serve a three (3) year term. A member may be reappointed to subsequent terms.

(3) If a vacancy occurs on the Board, the Mayor of the City shall fill the vacancy by appointing a new member for the remainder of the vacated term.

(4) A Board member may be removed for cause by the Mayor of the City.

(5) Each member, before entering upon the duties of office, must take and subscribe an oath of office under I.C. 5-4-1, which shall be endorsed upon the
certificate of appointment and filed with the records of the Board.

(6) A member may not receive a salary, and no profit or money of the Authority inures to the benefit of a member.

(c) Severability

If any part of this Ordinance shall be adjudged to be invalid by a Court of proper jurisdiction, it shall be conclusively presumed that the Common Council of the City would have passed the remainder of the Ordinance without such invalid part.

(d) Effective Date

This Ordinance shall be in full force and effect immediately from and after its passage by the Common Council and approval by the Mayor in the manner provided by law. (Ord. 58-90).