§ 2.176.050. District management corporation.

A.

There is hereby authorized a district management corporation to be chartered pursuant to the provisions of the Nonprofit Corporation Act of Tennessee for the purpose of administering the special assessment revenues and the activities within and for the district, the making of improvements within and for the district, and the provision of services and projects within and for the district.

B.

The district management corporation shall be governed by a board of directors consisting of at least eight members, but no more than thirteen members. At least three members shall be appointed as provided in sub-section C below. All members shall be property owners or have offices within the district. At least two of these members shall be large property owners, at least two shall be small property owners, as defined in the Amended and Restated Bylaws of The Gulch Business Improvement District, Inc., at least one of the members shall be a commercial tenant and at least one of the members shall be the owner-occupant of a residence in the district. Board members serve a three-year term. At the end of the terms, these seats shall then be filled at an annual meeting upon nomination by the outgoing board members and confirmation by a majority of the owners of real property in the district voting in the election. A property owner may vote by proxy vote. The executive director of the metropolitan development and housing agency shall serve a recurring term as a voting member.

C.

The Speaker of the Senate of the State of Tennessee shall appoint the senator whose senate district includes the majority of the area contained within the GCBID to serve as an ex officio member, and the Speaker of the House of Representatives of the State of Tennessee shall appoint the representative whose house district includes the majority of the area contained with the GCBID as an ex officio member. In addition, any member of council whose council district includes any of the area contained within the GCBID shall serve as an ex officio member. The ex officio members shall serve for the term for which they are elected and shall not be counted in determining the presence of a quorum.

D.

Vacancies on the board for elected members shall be filled by the remaining board members present and voting to fill the vacancy.

(Ord. BL2015-67 § 1, 2016; Ord. BL2006-1123 § 1, 2006)