Proposal:

We archive the Promotion Procedure page.
We update the Promotions Policy to this version: Updated Promotions Policy. This has a few substantive changes as well as some tweaks in formatting and wording.

Notable Changes to the Promotions Policy:

Nominees would need to be posted on the Staff Site and Mainsite in order to allow for comments on nominees. This would allow any opposition to or support for nominees to be voiced prior to voting so that the community can have a voice in the process. It will also allow all voters to make a potentially more informed decision.
Promotions to Administrator would now be officially tied to the promotion cycle. In practice they have been, but the previous policy calls it out in such a way that they shouldn't have been happening at the same time. They may still happen outside of the cycle if needed.
The week in which the promotion voting period occurs has been changed from a general "Second Week of February" format to a clearer "Second Full Week of February" format. This is what I've been doing anyway, but it is technically a change. This section also now only lists the week in which voting occurs since the previous format could lead to variable schedules depending on how "last" and "second" were interpreted.
The promotion cycle would be one week longer to allow for commentary on nominees.
Added a "Mandatory events in each promotion cycle are:" section.
Added a "Promotions Schedule Table" to clearly document which dates events will happen on.

NOTE: This policy does not contain the rules of decorum for the community discussion of candidates. There will be rules, but enshrining them here as policy can make them difficult to change. It will be better to have them handled and changed as needed by the promotions cycle organizer. Please see the previous discussion for an idea of the rules.