Sterling Industrial Development Commission
There is hereby established the city industrial development commission to provide guidance, direction and control for the further industrial development of the city and territory beyond the corporate limits not included in any other municipality.
The industrial development commission shall consist of three voting members. The Mayor and one member of the City Council appointed by the mayor shall constitute two of the members. The member of the City Council appointed by the Mayor shall serve from May 1 of each year through April 30 of the following year. The member of the City Council appointed by the Mayor shall be appointed annually at the second meeting of the City Council held during the month of April. The Mayor with approval of the Council shall appoint the third member of the Commission for a three-year term. The Mayor shall chair the Commission. Further, those members of the Industrial development commission currently serving on the commission pursuant to Ordinance No. 83-4-12, passed by the city council on April 4, 1983, and approved by the mayor on April 4, 1983, shall remain in office until the members of the Industrial Development Commission created by this division are appointed by the Mayor and the effective date of the appointment determined by the Mayor.
Members of the Industrial Development Commission shall serve without compensation. Members may be reimbursed for actual out-of-pocket expenses incurred in the performance of their duties.
The industrial development commission shall have the following powers and duties:
(1) To exercise those powers enumerated in 65 ILCS 5/11-74-4(1), (3) and (6), expressly including the power to acquire, hold title to, develop and sell real estate to promote and enhance the purpose of the Industrial Project Revenue Bond Act, 65 ILCS 5/11-74-1 et seq.
(2) To enter into an agreement with a private organization to provide industrial and economic development services to the commission and to the city consistent with the provisions of subsection (1) of this section, including but not limited to the administration of the Eastwood Industrial Park, the Small Business and Technology Center, and the revolving loan fund