Sec. 5. (a) An approved center must establish a local advisory board. The advisory board shall establish operating policies and select entities to locate in the center in accordance with the selection guidelines established by the local advisory board. A local advisory board must include an appointee of the following:
(1) The executive of the city or town in which the proposed center is located or the county in which the proposed center is located if the center is not located in a city or town.
(2) The president of the affiliated university.
(3) Representatives of local business, industry, and labor.
(b) Except as provided in subsection (a), the size and membership of a center's local advisory board are at the discretion of the center.