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Request for Action <br />ToItem Number <br />Economic Development Authority8.2 <br />Agenda Section Meeting DatePrepared by <br /> <br />Work SessionApril 17, 2017Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />EDA Finance CommitteeCal Portner, City Administrator <br />Reviewed by <br /> <br />Action Requested <br /> <br />Discuss potential changes to the EDA Finance Committee. <br />Background/Discussion <br />At their March 3 meeting, the Housing and Redevelopment Authority discussed establishing an HR <br />Finance Committee to review all financial applications of the HRA. <br />Over the past two years, the HRA has developed two new financialrecently received <br />applications for housing TIF assistance and redevelopment TIF assistance. Under theall <br />HRA applications are reviewed by the HRA for recommendation to t <br />The HRA is seeking a more in depth review of their financial app- <br />committee. Economies of Scale could be attained by utilizing the EDA Financ <br />financial applications and provide a recommendation to the appropriate board. The HRA has directed <br />staff to discuss this option with the EDA. <br />The Finance Committee consists of 8 members, two EDA members and at large members representing <br />various disciplines. Current members are: <br />EDA: Dan TveiteLaw: Open <br />EDA: Bryan ProvoReal Estate: Ryan Hardin <br />Banking: Chad Vitzthum At Large: Larry Toth <br />Banking: Nate Ovall At Large: Jim Gromberg <br />Currently, two HRA members already sit on the Committee. Changes to the EDA bylaws couldbe made <br />to establish a joint committee which advises both boards. Changes t the bylaws could reflect the <br />appointment of two members of the EDA and two members of the HRA <br />Each board would be responsible for appointingtwoof their members to the Finance Committee. The <br />EDA Finance Committee could be generally renamed to Finance Committee. <br />Financial Impact <br />None <br /> <br />Attachments <br /> <br />None <br />