(1) Effective July 1, 1996, the Colorado economic development commission is abolished and the terms of the members of the commission serving as such immediately prior to June 30, 1996, are terminated.

(2) There is hereby created the Colorado economic development commission in the Colorado office of economic development, referred to in this article as the "commission".

(3) (a) The commission shall consist of the governor or the governor's designee and eight members who shall be appointed no later than August 1, 1996, as follows: Four members shall be appointed by the governor; two members shall be appointed by the speaker of the house of representatives; and two members shall be appointed by the president of the senate.

(b) On and after September 1, 2013, the commission includes two additional members to represent advanced industries. The speaker of the house of representatives and the president of the senate shall each appoint one member, and these members must have advanced industry business and research experience. In making these appointments, the speaker and the president shall give preference to a person whose experience is in more than one advanced industry.

(c) No member of the general assembly shall be appointed as a member of the commission. The governor shall appoint at least one person from west of the continental divide and one person from the eastern slope predominately from the rural area. Members shall serve at the pleasure of their appointing authority.

(d) As used in this subsection (3), "advanced industry" means the following industries:

(I) Advanced manufacturing;

(II) Aerospace;

(III) Bioscience;

(IV) Electronics;

(V) Energy and natural resources;

(VI) Infrastructure engineering; and

(VII) Information technology.

(4) No later than July 1, 2018, and each July 1 thereafter, the commission shall schedule an orientation with office of economic development staff in order to receive an official overview of the statutory requirements for a production company to earn a performance-based incentive for film production in Colorado as set forth in sections 24-48.5-114 and 24-48.5-116.