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Amended Res. 23-01 <br />Amended January 2024 <br />Bylaws <br />of <br />The Economic Development Authority <br />in and for <br />the City of Elk River, Minnesota <br /> <br /> <br />Preamble <br /> <br />The Economic Development Authority for the City of Elk River (the Authority) was created by <br />Resolution No. 87-63 of the City Council of the City of Elk River and adopted on the 7th day of <br />October 1987 as authorized by Minnesota Statutes, Sections 469.090-469.1081. The purpose is to <br />serve as an Economic Development Authority pursuant to Minnesota Statutes and its affairs shall <br />include, but not be limited to, promoting commercial and industrial growth and development within <br />the City of Elk River. <br /> <br /> <br />Article 1 <br /> <br />Authority <br /> <br />1.1) Name - The legal name of the Authority is "The Economic Development Authority for the <br />City of Elk River." <br /> <br />1.2) Principal Office - The principal office of the Authority shall be the City of Elk River City <br />Hall unless otherwise determined by resolution of the Authority. <br /> <br />1.3) Enabling Authority - The Authority shall exist and operate under the supervision of the City <br />of Elk River, Minnesota (the City), in accordance with Minnesota Statutes Sections 469.090 <br />through 469.1081 as amended and revised (the Statute) and Resolution No. 87-63 of the City <br />Council of the City of Elk River (the Enabling Resolution), as amended from time to time. <br /> <br />1.4) General Powers and Duties - The Authority shall be a public body corporate and politic and <br />shall have all the powers necessary or convenient to carry out the purposes of an economic <br />development authority, including the powers granted by the Statute. <br /> <br /> <br />Article 2 <br /> <br />Meetings <br /> <br />2.1) Open to the Public - All meetings of the Authority shall be open to the public and governed <br />by the Minnesota Open Meeting Law, Minn. Stat. Section 471.705. <br /> <br />2:2) Quorum - A majority of the commissioners in office at any time shall constitute a quorum <br />for all purposes. There shall be a quorum to conduct business at all meetings. If a quorum <br />is not present for the annual meeting, those present shall adjourn the meeting and the <br />Page 15 of 40