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Housing & Redevelopment Authority <br />March 7, 2005 <br />7. Discuss 2005 HRA Official Depositories <br />Page 3 <br />Commissioner Toth stated that he would like to clarify the reason for him voting against <br />having Riverview Community Bank as one of the official HRA depositories. Commissioner <br />Toth submitted a letter to the HRA regarding his opinions on the depositories. He indicated <br />that he believes that Riverview Community Bank is an asset to their community but that the <br />city should select financial institutions that directly benefit the citizens of Elk River and ones <br />that are not in direct competition with the banks in Elk River. <br />Chair Wilson indicated that the HRA designated the same official depositories as the City <br />Council and the EDA. <br />Commissioner Motin stated that Riverview Community Bank was approved as an official <br />depository and that not all banks listed are actually used as depositories. He stated that <br />Riverveiw Community Bank does a lot within our city and provides funding within our city. <br />Chair Wilson expressed concern with the message that the city is sending if we don't chose a <br />bank simply because it isn't in Elk River. He stated that Riverview Community Bank serves <br />the Elk River community eventhough their physical building is in Otsego. <br />8. Other Business <br />There was no other business. <br />9. Adiournment. <br />There being no further business, MOVED BY COMMISSIONER MOTIN AND <br />SECONDED BY COMMISSIONER TOTH TO ADJOURN THE MEETING. <br />MOTION CARRIED 4-0. <br />The meeting of the Elk River Housing and Redevelopment Authority adjourned at 5:47 p.m. <br />l %L.~!/~ <br />essica Miller <br />Recording Secretary <br />