If such an agency is created, an advisory board shall be established, consisting of not more than five interested citizens who are residents of the city, one of whom shall be a member of the City Council; the board members shall be appointed by and serve at the pleasure of the City Council. It shall be the purpose of the board to formulate plans and projects and otherwise recommend procedures to the Council, which shall promote and encourage the development of tourist, commercial and industrial and recreational facilities within the city, which shall, in fact, promote and benefit the city, its residents and inhabitants. (Ord. 1-1979 § 1 (part), 1979.)