(A) Composition. There shall be in the city a Board, known as the Rent Equity Board, consisting of five residents of the city appointed by the Mayor, including two tenants of rental housing units, who own no dwelling units; two landlords, one of whom owns or manages at least 20 rental dwelling units in the city, and one who owns or manages more than three, but less than 20 rental dwelling units in the city; and one member representing the public interest, who shall have no prior involvement in advocacy on behalf of tenants or landlords, but shall represent a broad and unbiased public interest. The Administrator, with the approval of the Mayor, may serve as a public member of the Board. Members of the Board shall be appointed for a term expiring on the first Monday of the January following the next biennial municipal election at which a Mayor is elected. To the extent possible the Board shall reasonably reflect the racial composition of the city. The Administrator, if a member of the Board, shall not serve as Chairperson of the Board. The Board shall elect one of its members as Chairperson to serve in that capacity for a term of one year. Vacancies shall be filled by the Mayor for the unexpired term. The Mayor may remove any member of the Board in accordance with the provisions of Subsection 5-5.13.