To promote economic development in the City of Lindale and to promote or develop municipal infrastructure related to the development or expansion of business enterprise
Directors shall exercise ordinary business judgment in managing the affairs of the corporation. In acting in their official capacity as directors of the corporation, directors shall act in good faith and take actions they reasonably believe to be in the best interests of the corporation or which would be lawful and shall refrain from actions not in the best interest of the corporation or which would be unlawful. A director shall not be liable if, in the exercise of ordinary care, the director acts in good faith relying on written financial and legal statements provided by an accountant or attorney retained by the corporation.
The time commitment varies somewhat, based on projects being undertaken. Normally, 12 meetings are held annually, typically lasting 2 to 3 hours in duration. Some outside reading and study will be required.
Five members are appointed by the City Council. It is preferred each director reside within the City of Lindale but not required. The mayor, city administrator and members of the Lindale City Council shall be ex-officio directors of the corporation. Ex-officio directors shall be given notice of all meetings of the board, may participate in discussions at board meetings, but shall not be entitled to vote on matters considered by the board.
Members serve 3-year terms, as provided by the LEDC By-Laws.