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1f <br /> Gty of <br /> Elk Request for Action <br /> VE <br /> To Item Number <br /> Economic Development Finance Committee 4.2 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session Aril 25, 2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Reorganization of the EDA Finance Committee Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Discuss potential changes to the EDA Finance Committee and provide a recommendation on <br /> reorganization of the committee to the EDA and the HRA. <br /> Background/Discussion <br /> At their March 3 meeting, the Housing and Redevelopment Authority discussed establishing an HRA <br /> Finance Committee to review all financial applications of the HRA. <br /> Over the past two years, the HRA has developed two new financial policies and have recently received <br /> applications for housing TIF assistance and redevelopment TIF assistance. Under the current policy, all <br /> HRA applications are reviewed by the HRA for recommendation to the City Council for final action. <br /> The HRA is seeking a more in depth review of their financial applications through a separate sub- <br /> committee. Economies of Scale could be attained by utilizing the EDA Finance Committee to review all <br /> financial applications and provide a recommendation to the appropriate board. <br /> The Finance Committee consists of 8 members, two EDA members and at large members representing <br /> various disciplines. Current members are: <br /> EDA: Dan Tveite Law: Open <br /> EDA: Bryan Provo Real Estate: Ryan Hardin <br /> Banking: Chad Vitzthum At Large: Larry Toth <br /> Banking: Nate Ovall At Large:Jim Gromberg <br /> Currently, two HRA members already sit on the Committee. Changes to the EDA and HRA bylaws <br /> could be made to establish a joint committee which advises both boards. Changes to the bylaws could <br /> reflect the appointment of two members of the EDA and two members of the HRA to the Finance <br /> Committee. Each board would be responsible for appointing two of their members to the Finance <br /> Committee. The EDA Finance Committee could be generally renamed to Finance Committee. <br /> At their April 17,2017, meeting, the EDA discussed the creation of a joint finance committee to review <br /> all financial applications and directed staff to discuss this at the next EDA Finance Committee meeting <br /> and provide a recommendation to the EDA and HRA on the new structure of the committee. <br /> NATURE <br />