Sec. 5. (a) This section applies to second and third class cities that establish a department of economic development.
(b) The members of the economic development commission shall be appointed by the city executive. One (1) of the members shall be selected by the city executive, one (1) shall be nominated by the fiscal body of the county in which the city is located, and one (1) shall be nominated by the city fiscal body.
(c) The economic development commissioners shall take office upon their appointment, and their terms run from February 1 after their original appointment, for a period of:
(1) three (3) years, if selected by the city executive;
(2) two (2) years, if nominated by the city fiscal body; and
(3) one (1) year, if nominated by the county fiscal body.
(d) If the ordinance of the city fiscal body establishing the department of economic development provides for a five (5) member commission, or if the fiscal body later adopts an ordinance increasing the membership from three (3) to five (5), two (2) additional members shall be selected and appointed by the city executive, one (1) for a term of three (3) years and one (1) for a term of one (1) year from February 1 after their appointment.