I had thought the Election page was pretty clear on this - apologies if that isn't the case. This is a standard Stack Exchange election, to elect moderators. We have these any time moderators step down, or we feel we need more moderators as the load increases. Small sites tend to have 3 mods.
This election is partly to bring the number of mods back up to 3 as one stepped down, and partly as up until now, we have been pro-tem mods: this is our first election since graduation so mods need to be elected by the community.
The nomination phase allowed up to 10 candidates to nominate themselves for these 3 positions. We have 5 candidates, so the election is valid. You can see from the top of the election page that we have 5 candidates for 3 positions.
The community can vote on their 1st, 2nd, 3rd, 4th and 5th choices, and at the close of the election votes will be counted using OpaVote.
The possible effects: As I am the only one of the current mods standing, you will definitely gain 2 new mods. And if 3 others get more votes than I, you may have an entirely new mod team.