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Bi_q Lake EDA <br />Structure <br />^ Established 1990 <br />^ 7 members including 2 members of the City Council, appointed by the Mayor <br />with approval of the City Council <br />^ Members must be residents of Big Lake or business owners in Big Lake <br />^ 2 members appointed by the township board who are ex-officio at all times, <br />except when discussing matters related to a joint powers industrial <br />development project, at which time they become full voting members <br />^ 2 city members become non-voting when township members have voting <br />rights; at no time are there more than 7 voting members <br />^ Staggered terms initially; then 6-year terms, except city council members and <br />elected township officials whose term coincides with their existing term as an <br />elected city or town official <br />Functions, Powers and Duties <br />^ Hire staff, engineers and consultants to perform duties and exercise powers <br />^ Purchase materials and supplies needed to carry out functions <br />^ Use the services of the City Attorney and City's purchasing department <br />^ Exercise the powers granted to carry out its purpose <br />^ Create & define the boundaries of an Economic Development District <br />^ Related to Joint Powers agreement with township <br />^ Acquire property by lease, purchase, gift, devise or condemnation <br />proceedings, the needed right, title and interest in the property to create <br />Economic Development Districts <br />^ May sign options to purchase, sell or lease property; make contracts; be a <br />limited partner in project consistent with Authority's purpose <br />^ May acquire rights and easements for a term of years <br />^ May receive property from other units of government <br />^ May operate and maintain a public parking facility or other public facilities to <br />promote development in an Economic Development District <br />Limitations of power <br />^ Sale of bonds or obligations shall be issued and approved by the City Council <br />^ Must be consistent with the comprehensive plan <br />^ Obligations <br />o Must submit budget annually to the City Council <br />^ City of Big Lake sets the levy annually for the purpose of the BLEDA, <br />separate from the City's general fund. <br />Budget <br />The Big Lake EDA has total assets of $762,058. Operating revenues for 2006 <br />total $143,500; operating expenses for 2006 total $18,500. Sources of income <br />include grant proceeds, net lease revenue after debt service, and interest. <br />Expenses include legal and professional services, engineering, advertising and <br />property related expenses. <br />5 <br />