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RESOLUTION FOR THE CITY OF ELK RIVER <br />A RESOLUTION AMENDING AND RESTATING RESOLUTION 87-63 ESTABLISHING <br />AN ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br />MINNESOTA, AS AMENDED <br />WHEREAS, Minnesota Statutes 469.090 et seq. (the Statute) authorizes The City of Elk <br />River (the City) to establish an Economic Development Authority pursuant to <br />the procedures and subject to the restrictions set forth therein; and, <br />WHEREAS, on October 7, 1987, the City Council for the City of Elk River (the City Council) <br />adopted Resolution No. 87-63 creating the City of Elk River Economic <br />Development Authority (the Authority); and, <br />WHEREAS, on February 12, 1990, the City Council adopted Resolution No. 90-5 to <br />expand the Authority from five (5) to seven (7) Commissioners by including, <br />along with the City Council, two (2) residents to serve the Authority at-large, <br />and to adjust the compensation of the Commissioners from One Dollar <br />($1.00) for each regular or special meeting of the Authority attended to One <br />Hundred Dollars ($100.00) for each full month of service; and, <br />WHEREAS, on November 21, 1994, the City Council adopted Resolution No. 94-122 to <br />change the composition of the Authority from five (5) City Councilmembers <br />and two (2) residents to: the Mayor of the City of Elk River; three (3) <br />additional City Councilmembers of the City of Elk River; and three (3) <br />residents of the City of Elk River who are not members of the city Council; <br />and, <br />WHEREAS, on September 15, 1997, the City Council adopted Resolution No. 97-95 to <br />adjust the compensation of the Commissioners from One Hundred Dollars <br />($100.00) for each full month of service to One Hundred Fifty Dollars <br />($150.00); and, <br />WHEREAS, on January 3, 2011, the City Council adopted Resolution No. 11-04 to change <br />the composition of the Authority from: the Mayor of the City of Elk River; <br />three (3) additional City Councilmembers of the City of Elk River; and three (3) <br />residents of the City of Elk River who are not members of the city Council to: <br />four (4) City Councilmembers and three (3) residents of the City of Elk River <br />who are not members of the city Council; and, <br />COMBINED AMENDMENTS OF THE ENABLING RESOLUTION <br />OF THE ELK RIVER ECONOMIC DEVELOPMENT AUHTORITY <br />(Res. 87-63, as Amended by Res. 90-5, 94-122, 97-95 and 11-04 <br />) <br />(Official Resolutions on File at Elk River City Hall) <br />Page 8 of 40