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<br />(' <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />RESOLUTION 90 - 5 <br /> <br />A RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION MODIFYING RESOLUTION 87-63 <br />ESTABLISHING AN ECONOMIC DEVELOPMENT AUTHORITY <br />FOR THE CITY OF ELK RIVER <br /> <br />Minnesota Statute 469.090 et seq. (the Statute) <br />authorizes the City of Elk River (the City) to <br />establish an Economic Development Authority <br />pursuant to the procedures and subject to the <br />restrictions set forth therein; and, <br /> <br />on October 7, 1987, the City Council for the City <br />of Elk River adopted Resolution 87-63 creating <br />the City of Elk River Economic Development <br />Authority (the Authority); and, <br /> <br />the City Council for the City of Elk River (the <br />City Council) finds that it is in the best <br />interest of the City and its residents to expand <br />the Authority to broaden the representation on <br />the Authority. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br />of Elk River, Minnesota, as follows: <br /> <br />1. Commissioners <br /> <br />a. The members of the City Council of Elk <br />River shall serve as the Commissioners <br />of the Authority together with two <br />residents of the City of Elk River <br />appointed by the Mayor with the <br />approval of the City Council, to serve <br />"at large". <br /> <br />b. The terms of the Commissioners shall <br />coincide with their term of office as <br />members of the City Council. One of <br />the at large Commissioner's initial <br />term shall expire on 12/31/91 and the <br />other Commissioner's initial term shall <br />expire on 12/31/93. Thereafter, all at <br />large Commissioners shall serve six (6) <br />year terms. <br />