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RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION AMENDING AND RESTATING RESOLUTION 87-63 ESTABLISHING AN ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA, AS AMENDED WHEREAS, Minnesota Statutes 469.090 et seq. (the Statute) authorizes The City of Elk River (the City) to establish an Economic Development Authority pursuant to the procedures and subject to the restrictions set forth therein; and, WHEREAS, on October 7, 1987, the City Council for the City of Elk River (the City Council) adopted Resolution No. 87-63 creating the City of Elk River Economic Development Authority (the Authority); and, WHEREAS, on February 12, 1990, the City Council adopted Resolution No. 90-5 to expand the Authority from five (5) to seven (7) Commissioners by including, along with the City Council, two (2) residents to serve the Authority at-large, and to adjust the compensation of the Commissioners from One Dollar ($1.00) for each regular or special meeting of the Authority attended to One Hundred Dollars ($100.00) for each full month of service; and, WHEREAS, on November 21, 1994, the City Council adopted Resolution No. 94-122 to change the composition of the Authority from five (5) City Councilmembers and two (2) residents to: the Mayor of the City of Elk River; three (3) additional City Councilmembers of the City of Elk River; and three (3) residents of the City of Elk River who are not members of the city Council; and, WHEREAS, on September 15, 1997, the City Council adopted Resolution No. 97-95 to adjust the compensation of the Commissioners from One Hundred Dollars ($100.00) for each full month of service to One Hundred Fifty Dollars ($150.00); and, WHEREAS, on January 3, 2011, the City Council adopted Resolution No. 11-04 to change the composition of the Authority from: the Mayor of the City of Elk River; three (3) additional City Councilmembers of the City of Elk River; and three (3) residents of the City of Elk River who are not members of the city Council to: four (4) City Councilmembers and three (3) residents of the City of Elk River who are not members of the city Council; and, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. Establishment of Economic Development Authority There is hereby established in the City of Elk River an Economic Development Authority (hereinafter referred to as the "Authority"), effective upon passage by the City Council of this resolution. WORKING SUMMARY OF THE ENABLING RESOLUTION OF THE ELK RIVER ECONOMIC DEVELOPMENT AUHTORITY Res. 87-63, as Amended by Res. 90-5, 94-122, 97-95 and 11-04 (Official Resolutions on File at Elk River City Hall) Page 32 of 45