Sec. 2. (a) The executive of a qualified municipality may designate one (1) entrepreneur and enterprise district in the qualified municipality. (b) The territory of a district designated under subsection (a) may not exceed the greater of: (1) four (4) square miles; or (2) ten percent (10%) of the territory of the qualified municipality. (c) A district is established only if the legislative body of the qualified municipality approves the action taken by the executive of the qualified municipality under subsection (a). (d) After the legislative body of the qualified municipality approves the action taken by the executive of the qualified municipality under subsection (a), the mayor of the qualified municipality shall designate the board of directors of the district by doing one (1) of the following: (1) Designate the urban enterprise association established under IC 5-28-15-13 for an enterprise zone in the city as the board of directors of the district. (2) Appoint a board of directors of the district consisting of seven (7) members as follows: (A) Four (4) members selected by the mayor of the qualified municipality. (B) Three (3) members selected by the fiscal body of the qualified municipality.
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