EDA Meeting Packet 01-21-2025 - Laserfiche WebLink

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y. The right to request that the City levy a tax for the benefit of the Authority, pursuant to the procedures and as provided for in the Statute. 8. Existing Projects a. The Authority shall have no control nor authority over any existing economic development or redevelopment project in the City, unless specifically so provided by subsequent resolution of the City Council. If the City Council adopts a resolution transferring control, authority, and operation of any existing project to the Authority, the Authority shall accept control, authority and operation of the project; b. When taking control of an existing project, the Authority may exercise all of the powers that the governmental unit establishing the project could exercise with respect to the project and shall covenant and pledge to perform the terms, conditions, and covenants of any bond indentures or other agreements executed with respect to the project. 9. Banks and Audits a. Every two years the Authority shall name a national or state bank within the state as a depository, in the manner provided by the Statute. b. The financial statements of the Authority shall be prepared, audited, filed, and published in the manner required by the Statute. 10. Annual Reports The Authority shall prepare and submit all annual reports required by the Statute, including: a. An annual report stating whether and how this enabling resolution should be modified; b. An annual budget; c. An annual report giving a detailed account of the Authority's activities and its receipts and expenditures during the preceding year. 11. Modification of Enabling Resolution This enabling resolution, or any part thereof, may be modified at any time by the City Council, as provided by the Statute. Summarized 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 36 of 45