Who Will Really Be in Charge of the "Municipal Service District?"

I've written about the proposed "municipal service district" elsewhere (1, 2, 3), but some new information has come out that is interesting.

StarNews:

The proceeds [of the municipal service tax] could also be used to pay for public health and safety services at events, the publication of a comprehensive shopping and dining guide and $10,000 for the annual Battleship Blast Fireworks presentation. The money could also be used for economic development, such as business recruitment or a matching grant for the improvements to the exterior of buildings.

Under this proposal, the revenue would be managed by the WDI Board and a property owners advisory committee.

[...]The proposal suggests WDI's executive committee select the advisory committee.

So, the group deciding where an estimated $385,093 annually will be spent will be composed of the WDI board and a group picked by the WDI board? 
 
Last I checked WDI has not been elected to public office, and it seems suspect that we would put them in charge of such a large amount of public funds.