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------S <br /> 111RESOLUTION 90 -. 5 <br /> A RESOLUTION FOR THE CITY OF ELK RIVER <br /> A RESOLUTION MODIFYING RESOLUTION 87-63 <br /> ESTABLISHING AN ECONOMIC, DEVELOPMENT AUTHORITY <br /> FOR THE CITY OF ELK RIVER <br /> WHEREAS , Minnesota Statute 469 . 090 et sec. (the Statute) <br /> authorizes the City of Elk River (the City) to <br /> establish an Economic Development Authority <br /> pursuant to the procedures and subject to the <br /> restrictions set forth therein; and, <br /> WHEREAS., on October 7 , 1987 , the City Council for the City <br /> of Elk River adopted Resolution 87-63 creating <br /> the City of Elk River Economic Development <br /> Authority (the Authority) ; and, <br /> WHEREAS , the City Council for the City of Elk. River (the <br /> City Council) finds that it is in the best • <br /> interest of the City and its residents to expand <br /> the Authority to broaden the representation on <br /> the Authority. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br /> - of Elk River, Minnesota, as follows : <br /> 1 . Commissioners <br /> a . The members of the City Council of Elk <br /> River shall serve as the Commissioners <br /> of the Authority together with two <br /> residents of the City of Elk River <br /> appointed by the Mayor with the <br /> approval of the City Council , to serve <br /> ".at large" . <br /> b. The terms of the Commissioners shall <br /> coincide with their term of office as <br /> members of the City Council . One of <br /> the at large Commissioner' s initial <br /> term shall expire on 12/31/91 and the <br /> other Commissioner' s initial term shall <br /> expire on 12/31/93 . Thereafter, all at <br /> large Commissioners shall serve six ( 6 ) • <br /> year terms . <br />