Sec. 12.1-4. Board of directors.

 

(a)  The land bank shall be governed by a board of directors, as provided in the Act.

 

(b)  The board shall consist of an odd number of voting members, totaling at least seven (7) appointed by the chief executive officers of the municipalities that created the land bank, as mutually agreed to by such chief executive officers and confirmed by a two-thirds (2/3) vote of the governing body of each municipality that created the land bank; and the following nonvoting members:

 

(1)       The planning director of each municipality that created the land bank, or his or her designee, or if there is no planning director for any municipality that created the land bank, a person designated by the governing body of such municipality;

 

(2)       One (1) member of the governing body of each municipality that created the land bank, appointed by such governing body; and

 

(3)       Such other non-voting members as are appointed by the chief executive officers of the municipalities that created the land bank, as mutually agreed to by such chief executive officers, and confirmed by a two-thirds (2/3) vote of the governing body of each municipality that created the land bank;

 

(c)  Each voting member of the board shall be a resident of one of municipalities that created the land bank.

 

(d)  The voting members of the board shall have, collectively, verifiable skills, expertise, and knowledge in market-rate and affordable residential, commercial, industrial, and mixed-use real estate development, financing, law, purchasing and sales, asset management, economic and community development, and the acquisition of tax sale certificates. 

 

(1)       The voting members of the board shall include:
 
a.    At least one member representing a chamber of commerce;
b.    At least one member with experience in banking;
c.    At least one member with experience in real estate development;
d.    At least one member with experience as a realtor;
e.    At least one member with experience in nonprofit or affordable housing; and
f.     At least one member with experience in large-scale residential or commercial property rental.

 

(2)       A single voting member may satisfy more than one of the requirements provided above if he or she has the required qualifications. It is not necessary that there be a different member to fulfill each such requirement.

 

(e)  The initial members of the board, and their initial respective terms of office shall be determined by resolution approved by two-thirds (2/3) vote of the governing body of the municipality.

 

(f)  After the initial term of an initial board member, the term of the subsequent board members shall be three (3) years. A board member shall continue to serve until his or her successor is appointed and confirmed.

 

(g)  Meetings of the board shall be publicized and conducted as public meetings.

 

Source:  Ord. No. 5861, § 1, 12-18-23;