(A) Chairperson. The director, or the director's designee, shall serve as chairperson of the authority. After the authority has approved tax credits for a project, the chairperson or a professional employee of the department of development to whom the chairperson has delegated such authority shall execute all agreements with the business entities for tax credits and all agreements with the landlords for annual payments.
(B) Vice-chairperson. The authority shall annually elect one of its members to serve as vice-chairperson. In the absence of the chairperson or the chairperson's designee, the vice-chairperson shall act as chairperson of the authority. In the absence of the chairperson or the chairperson's designee and the vice-chairperson, the members of the authority present at a meeting may elect one of its members to chair the meeting.