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El REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Economic Development Authority 6. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> November 13, 2012 Annie Deckert, Director of Economic <br /> Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Department of Trade and Economic Development(DTED) Cal Portner, City Administrator <br /> fund balance REVIEWED BY <br /> ACTION REQUESTED <br /> None. <br /> BACKGROUND/DISCUSSION <br /> At the September 10, 2012,meeting, the EDA authorized a subcommittee consisting of Commissioners <br /> Dwyer,Provo and Tveite to work with staff to put together the framework on how to proceed with the <br /> use of the DTED fund balance,present the framework (guidelines) to the EDA Finance Committee and <br /> for the EDA Finance Committee to recommend guidelines to the EDA by the end of 2012. <br /> Since then, staff has had several conversations with staff from the MN Department of Employment and <br /> Economic Development (MNDEED, formerly DTED) and has met with the subcommittee twice to <br /> discuss the framework. Staff has compiled a draft policy and guidelines and is the process of receiving <br /> final approval from the state. Upon final approval from MNDEED,we will review the policy with the <br /> city attorney, and bring to the EDA Finance Committee for comments. <br /> Despite our most timely efforts,MNDEED approval has taken longer than anticipated. We intend to <br /> bring for the policy to the EDA consideration as soon as we can. <br /> ATTACHMENTS <br /> • Staff report dated 9-10-12 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> P6 <br /> INAflJPJ <br />