The Economic Development Tax Board to consists of five (5) members to be appointed as follows:
1. One (1) member shall be appointed by the school districts included within any economic development plan or area funded by the sales tax referenced in this Chapter in any manner agreed upon by the affected districts;
2. Three (3) members shall be appointed by the Mayor with the consent of the majority of the City Council; and
3. One (1) member shall be appointed by the St. Louis County Council.
The Board may, subject to approval of the City Council, shall consider economic development plans, economic development projects or designations of an economic development area and shall hold public hearing and provide notice of any such hearings. The Board shall vote on all proposed economic development plans, economic development projects or designations of an economic development area and amendments thereto within thirty (30) days following completion of the hearing on any such plan, project or disignation and shall make recommendations to the City Council within ninety (90) days of the hearing concerning the adoption of or amendment to economic development plans, economic development projects or designations of an economic development area. The City Council shall have the final determination on use and expenditure of any funds received from the tax.
The Board may consider consider and recommend using funds received from the tax for plans, projects or area designations outside the boundaries of the City if and only if:
a. The City or the State receives significant economic benefit from the plan, project or area designation; and
b. The Board establishes an agreement with the Governing Bodies of all Cities and Counties in which the plan, project or area designation is located detailing the authority and responsibilities of each Governing Body with regard to the plan, project or area designation.
Notwithstanding any other provision of law to the contrary, the economic development sales tax when imposed within a special taxing district, including, but not limited to, a tax increment financing district, neighborhood improvement district or community improvement district, shall be excluded from the calculation of revenues available to such districts and no revenues from the economic development sales tax shall be used for the purposes of any such district unless recommended by the Economic Development Tax Board and approved by the City Council.