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<br />o Sale of revenue bonds does not require City Council approval. <br />o Must be consistent with the comprehensive plan and official controls <br />implementing the comprehensive plan. <br />o JOBZ must be approved by the City Council after recommendation by the <br />HRA. <br />o Must submit its plans for development and redevelopment to the City Council <br />for approval; the purchase or disposition of property is included in these <br />plans; therefore, the City Council does have authority over the purchase or <br />disposition of property. <br />Budget <br />2006 annual revenue (budget) - $11 ,829,297 <br />2006 annual expense (budget) - $11,626,497 <br />The primary source of revenue is intergovernmental ($8.2M) including MHRA, <br />HUD CDBG, HUD Section 8. Developer fees total $691,653. Levy is $420,556. <br />Other sources of revenue include interest on investments, property management <br />fees, and real estate sales. The most significant expenses are housing <br />assistance payments, debt service, salaries and benefits, maintenance services <br />and supplies and utilities. <br /> <br />St. Cloud Area Economic Development Partnership "The <br />Partnership II <br /> <br />Structure <br />o Organized in 1985 as a non-profit corporation with powers under MN Statutes <br />S 317 <br />o IRS classification as a 501 (c)4 non-profit corporation (civic organization) <br />o Organizational memberships for cities, counties, utilities, educational <br />institutions, and business organizations (e.g. Chamber of Commerce, St. <br />Cloud Opportunities) <br />o Associate members for businesses <br />o Annual dues for basic membership with Board representation - $7,500 <br />o Board representation based on level of financial support <br />Purpose <br />o "The general purpose and nature for which this corporation is organized <br />shall be for promoting the social welfare and common good of the <br />citizens of the St. Cloud area by coordinating and facilitating a <br />private/public partnership to aid and assist investment decisions that will <br />further the economic development of the St. Cloud area as measured by <br />increased employment, payroll, business volume, tax base and <br />corresponding factors..." <br />o "The corporation shall: assist existing businesses and industries in <br />maintaining, expanding, and upgrading their facilities within the St. Cloud <br />area; seek out, encourage and assist new businesses and industries to <br />locate within the St. Cloud area; and provide technical, research and <br /> <br />9 <br />