[1]
Editor’s note–Former section 1.08.035 pertaining to mayor to be ex-officio member of board of directors and deriving form Ordinance 2015-12-18-01 adopted 12/18/15, was repealed and deleted in its entirety by Ordinance 2017-01-12-01, sec. 3, adopted 1/12/17.
An economic development corporation shall he created as a nonprofit corporation authorized by the state for the purpose of administering the sales and use tax revenues collected under the Development Corporation Act of 1979, as amended, as a type B corporation for economic development of the city.
(Ordinance 2015-12-18-01 adopted 12/18/15)
(a) 
The organization and appointment of members of the board of directors of the economic development corporation is set forth in and governed by chapter 1 "general provisions", article 1.04 "boards, commissions, and committees", of the city code.
(b) 
The board of directors shall conduct its meetings within the city limits.
(Ordinance 2018-05-14-01 adopted 5/14/18; Ordinance 2022-12-14-04 adopted 12/14/2022)
The directors shall be appointed by the city council, and after such appointment are authorized to file the proposed articles of incorporation with the state, which articles are hereby approved, and to propose to the governing body of the city bylaws for the corporation's organization.
(Ordinance 2015-12-18-01 adopted 12/18/15)
The nonprofit corporation created under the authority of this division shall have such authority as provided to type B corporations under the Development Corporation Act, chapter 501, et seq., Local Government Code, and the nonprofit corporation statutes of the state, as now existing or as may he amended.
(Ordinance 2015-12-18-01 adopted 12/18/15)