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DRAFT AS RECOMMENDED BY EDA ON 01-17-2023 <br />DOCSOPEN\EL185\13\850482.v1-1/12/23 <br />There is hereby established in the City of Elk River an Economic Development Authority <br />(hereinafter referred to as the "Authority"), effective upon passage by the City Council of this <br />resolution. <br />2.Commissioners <br />a.The Commissioners of the Authority shall include; four (4) members of the City Council and <br />three (3) residents of the City of Elk River who are not members of the City Council. The mayor <br />shall make all appointments to the Authority, with the approval of the City Council. <br />b.The terms of the Commissioners who are members of the City Council shall coincide with their <br />term of office, unless a Commissioner resigns earlier. Commissioners who are not City Council <br />members shall serve six (6) year terms. <br />c.The Commissioners shall be compensated at the rate of One Hundred Fifty Dollars ($150.00) <br />for each full month of service. In addition, Commissioners shall be reimbursed for actual <br />expenses incurred in doing official business of the Authority. <br />3.Officers <br />a.The Authority shall annually elect a president, a vice president, a treasurer, a secretary, and an <br />assistant treasurer. A Commissioner must not serve as president and vice president at the same <br />time. The offices of secretary and assistant treasurer need not be held by a Commissioner. <br />b.The officers shall have the usual duties and powers of their offices, including those set forth in <br />the Statute. <br />4.Bylaws and Rules <br />a.The Authority shall adopt bylaws and rules to govern its procedures and for the transaction of <br />its business. The records of the Authority shall be a public records, as provided by law. <br />b.The Authority shall adopt an official seal. <br />5.Employees <br />a.The Authority may employ an executive director and such other employees as it may require, <br />and determine their duties, qualifications, and compensation. <br />b.The Authority may contract for the services of consultants as needed to perform its duties and <br />exercise its powers. <br />c.The Authority shall use the services of the City attorney as its chief legal advisor.