A. Money derived from property assessments and participant fees imposed under this Chapter shall be spent only for economic improvements described in the economic improvement plan and for the costs of City administration of the EID, including formation expenses.

B. An assessment ordinance adopted under this Chapter may require creation of an advisory committee for each EID to recommend to the council, from time to time, how expenditures of moneys for economic improvements pursuant to the economic improvement plan shall be allocated. The Council shall consider the recommendations and may, by resolution, amend the expenditure provisions of the assessment ordinance. If an advisory committee is created, the Council shall, in appointing members to the committee, give strong preference to those property owners and business owners within the EID.