EDA Packet 01-20-2026 - Laserfiche WebLink

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Amended Res. 23-01 Amended January 2024 in accordance with the procedural and voting requirements established by these bylaws or by resolution of the Authority. 5.2) Existing Projects - The Authority shall have no control or authority over any existing economic development or redevelopment project in the City unless specifically so provided by 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. When taking control of an existing project the Authority may exercise all for the powers that the governmental unit established in 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. Article 6 Committees 6.1) Committees - The Authority may establish and maintain committees to advise and enhance the work of the Authority and to work with the executive director of the Authority and City staff on assignments if needed. Composition of any committee may include Authority Commissioners, members at-large, or any combination of membership as the Authority finds suitable. 6.2) Establishment of Committees - Committees established for the purpose of a specific task or initiative may be created by motion specifying the name and purpose of the committee, the composition of membership, expected duration, and other direction the Authority finds necessary. Appointments to a committee shall be by motion of the Authority unless otherwise stated. 6.3) Standing Committees - Committees which are expected to provide continual support and advice to the Authority may be established and articulated through these bylaws as standing committees. The Authority has established the following standing committees, as amended: (01) Joint Finance Committee - A joint Finance Committee of the Authority and Housing and Redevelopment Authority (HRA) to provide input and advice to the Authority, HRA, and City Council on financing, incentives, and other similar activities. Composition of the committee shall be comprised of (i) two HRA Commissioners appointed by the HRA, (ii) two Authority Commissioners appointed by the Authority, and (iii) up to five at-large members with a residential or business connection to the Elk River community. When possible, appointment of at-large members should give preference to professional representation such that there are two members of the banking profession, one member of the legal profession, one member of the real estate profession and one member of the community at large, each of whom shall be appointed, as needed, by the then-existing members of the Finance Committee to fill any vacancy consistent with foregoing community categories. The professional distinction or expertise of a HRA or Authority Commissioner Page 21 of 40