(a)    The Tax Increment Financing Commission of the City of Columbia, Missouri is hereby established.  

    (b)    The TIF Commission shall consist of eleven (11) members.  Six (6) members shall be appointed by the Mayor with the consent of the City Council.  Two (2) members shall be appointed by the Board of Education of the Columbia School District.  Two (2) members shall be appointed by the Presiding Commissioner of Boone County, Missouri with the consent of the Boone County Commission.  One (1) member shall be appointed, in any manner agreed upon by the affected districts, to represent all other districts levying ad valorem taxes within the area selected for a redevelopment project or the redevelopment area, excluding representatives of the City Council.  

    (c)    Of the members first appointed by the Mayor, two shall serve terms of two (2) years, two shall serve terms of three (3) years and two shall serve terms of four (4) years.  Thereafter, the members appointed by the Mayor shall serve terms of four (4) years.  Vacancies shall be filled for unexpired terms in the same manner as the original appointments.

    (d)    Members who are appointed by taxing districts other than the City shall serve on the TIF Commission for a term to coincide with the length of time a redevelopment project, redevelopment plan or designation of a redevelopment area is considered for approval by the TIF Commission.  Such terms shall terminate upon final approval of the project, plan or designation of the area by the City Council.  If any taxing jurisdiction fails to appoint members of the TIF Commission within thirty (30) days of receipt of written notice of a proposed redevelopment plan, redevelopment project or designation or redevelopment area, the remaining members shall proceed to exercise the power of the TIF Commission.

    (e)    All members shall serve without compensation.

    (f)    The TIF Commission shall elect from among its members a chair, vice-chair and secretary.  Meetings of the TIF Commission shall be open to the public to the extent provided by law and a record of each meeting shall be kept.  The TIF Commission shall have the authority to establish rules and procedures not in conflict with City ordinances or policies or the Act and shall meet as required to fulfill its obligations set forth in the Act.  

    (g)    The TIF Commission shall serve as an advisory body to the City Council as it relates to the consideration of tax increment financing proposals submitted by interested parties or initiated by any public agency in accordance with the Act. The TIF Commission shall hold public hearings and give notice pursuant to Sections 99.825 and 99.830 of the Act on proposed redevelopment plans, redevelopment projects and designation of redevelopment areas and amendments thereto. The TIF Commission shall vote on all proposed redevelopment plans, redevelopment projects and designations of redevelopment areas and amendments thereto, within thirty (30) days following completion of a hearing on any such plan, project, designation or amendment and shall make recommendations to the City Council within ninety (90) days of a hearing referred to in Section 99.825 of the Act concerning adoption of or amendment to redevelopment plans, redevelopment projects or designation of redevelopment areas.