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Request for Action <br />ToItem Number <br />Economic Development Finance Committee7.4 <br />Agenda Section Meeting DatePrepared by <br /> <br />General BusinessMay 1, 2017Amanda Othoudt, EDD <br />ItemDescription <br />Reviewed by <br />Reorganization of the EDA Finance CommitteeCal Portner, City Administrator <br />Reviewed by <br /> <br />Action Requested <br /> <br />Reviewchanges to the HRA Bylawsfor the creation of a joint finance committee with the EDAfor <br />consideration at the next HRA meeting. <br /> <br />Background/Discussion <br /> <br />At their March 3 meeting, the Housing and Redevelopment Authorit <br />Finance Committee to review all financial applications of the HR <br />Over the past two years, the HRA has developed two new financial policies and have recently received <br />applications for housing TIF assistance and redevelopment TIF asall <br />HRA applications are reviewed by the HRA for recommendation to tCouncil for final action. <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 appro <br />The Finance Committee currently consists of 8 members, two EDA members and two at large members <br />representing 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 />At their April 17, 2017, meeting, the EDA discussed the HRAs request of creatinga joint finance <br />committee to review all financial applications and directed stafseek a recommendation from the EDA <br />Finance Committee on the structure of the new committee. <br />At their April 25, 2017, meeting, the EDA Finance Committee recothe structure of <br />committee to establish a joint committee consisting of 9 membersadvising both boards. Two members <br />will be represented by the EDA and appointed by the EDA, two mem <br />HRA and appointed by the HRA, two members will be representatives of the banking industry, one <br />member will be representatives of the real estate industry, one member will be representative of the law <br />industry, and one member representing the community at large. The Finance Committee will be <br />