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S <br /> RESOLUTION 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 seq. (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 /> 410 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 />