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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Economic Development Authority <br />Item Number <br />7.3 <br /> <br />Meeting Date <br />January 21, 2025 <br />Prepared By <br />Joshua Mollan, Economic Development Specialist <br /> <br />Item Description <br />Designation of Official Depository <br />Reviewed by <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Designate, by motion, The Bank of Elk River as the official depository for the EDA for 2025 and 2026. <br /> <br /> <br />Background/Discussion <br />As per the EDA enabling resolution, the designation of the official depository for EDA funds is required every <br />two years, determined at the annual meeting. <br /> <br />Historically, the EDA has designated the depository also designated by the City Council, the Bank of Elk River. <br />For the next two-year cycle, the EDA is asked to continue to use The Bank of Elk River as the depository for <br />its funds. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Per the EDA enabling resolution, the designation of official depository will be confirmed at the EDA annual <br />meeting. <br /> <br />Attachments <br />None <br /> <br /> <br />Page 23 of 45