§ 2-4-8. Verona Economic Development Commission.

(a)

Purpose. The objective of the Verona Economic Development Commission (VEDC) is to administer a revolving loan fund to encourage business development within the City.

(b)

Membership. The VEDC shall consist of five (5) members that shall include:

•

The City of Verona Mayor or his or her designee.

•

The City of Verona Finance Committee Chairperson.

•

A Verona Area Chamber of Commerce Member selected by the Board of the Chamber of Commerce.

•

A City of Verona business person selected by the Mayor in consultation with the Executive Director of the Verona Area Chamber of Commerce.

•

A City of Verona resident who shall be chosen by a majority vote of the VEDC.

Members shall serve for terms of one (1) year commencing on May 1 of each year.

(c)

Organization. The Commission shall elect a Chairperson and other officers deemed necessary. The Commission shall adopt its own guidelines, rules, and procedures.

(d)

Meetings. Meetings of the Commission shall be scheduled as necessary. Three (3) members shall constitute a quorum.

(e)

Duties. The Commission shall act as the Loan Committee to review applications for economic development loans and make a recommendation of Common Council who shall have the final authority to approve or disapprove a loan agreement and the appropriation of funds.

(f)

Reports. Periodically at the request of the Common Council and at least annually, the Commission shall report to the Common Council on the status of any outstanding or pending loans, the balance of funds in the Economic Development Loan program, and the program guidelines.

(Ord. No. 12-815, 2-27-12)