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5.2) Existing Projects The Authority shall have no control nor authority over any existing <br />economic development or redevelopment project in the City unless specifically so provided by <br />resolution of the City Council. If the City Council adopts a resolution transferring control, authority <br />and operation of any existing project to the Authority, the Authority shall accept control, authority, <br />and operation of the project. When taking control of an existing project the Authority may exercise <br />all for the powers that the governmental,unit established in the project could exercise with respect to <br />the project and shall covenant and pledge to perform the terms, conditions, and covenants of any <br />bond indentures or other agreements executed with respect to the project. <br />5.3) Advisory Committees -The Authority shall maintain, at their discretion,volunteer <br />advisory committees which will act in an advisory capacity to the Authority. <br />01)The advisory committees will include without limitation: <br />a) A joint EDA/HRA Finance Committee which shall consist of(i) two HRA <br />Commissioners appointed by the HRA, (ii) two EDA Commissioners appointed by <br />the EDA, and (iii) five members of the Elk River community consisting of two <br />members of the banking profession, one member of the legal profession, one <br />member of the real estate profession and one member of the community at large <br />each of whom shall be approved, as needed,by the then-existing members of the <br />Finance Committee to fill any open seat consistent with foregoing community <br />categories; <br />b) A marketing committee; <br />c) A prospecting committee; <br />d) A research and development committee; <br />e) A beautification committee <br />02) All members of the advisory committees will be appointed by the Authority. <br />03) The responsibility of the advisory committees shall be to advise and assist the Authority and to <br />work with the executive director of the Authority and the economic development coordinator of the <br />City on assignments if needed. <br />Adopted this <br />15th day of May, 2017 <br />1 -/ C--, r---;- - -C, -'' <br />Dan Tveite,President <br />Al, 7---- <br />Jferaer, e President <br />f