6.2 EDSR 05-15-2017 - Laserfiche WebLink

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Request for Action ToItem Number Economic Development Authority6.2 Agenda Section Meeting DatePrepared by General BusinessMay 15, 2017Amanda Othoudt, EDD Item Description Reviewed by Reorganization of the EDA Finance CommitteeCal Portner, City Administrator Reviewed by Action Requested Reviewchanges to the EDABylawsfor the creation of a joint finance committee with the HRAfor consideration at the next EDA meeting. Background/Discussion At their March 3 meeting, the HRA discussed establishing an HRA Finance Committee to review financial applications.Over the past two years, the HRA has developed two new financial have recently received applications for housing TIF assistance and redevelopment the current policy, all HRA applications are reviewed by the HRA for recommendation to t Council for final action. The HRA is seeking a more in depth review of their financial applications through a separate sub- committee. Economies of Scale could be attained by utilizing the EDA Financ financial applications and provide a recommendation to the appro The Finance Committee currently consists of 8members, twoEDA members and two at large members representing various disciplines. Current members are: EDA: Dan Tveite Law: Open EDA: Bryan ProvoReal Estate: Ryan Hardin Banking: Chad VitzthumAt Large: Larry Toth Banking: Nate Ovall At Large: Jim Gromberg At their April 17, 2017, meeting, the EDA discussed the HRAs request of creatinga joint finance committee to review all financial applications and directed stafseek a recommendation from the EDA Finance Committee on the structure of the new committee. At their April 25, 2017, meeting, the EDA Finance Committee recommended committee to establish a joint committee consisting of 9 membersadvisingboth boards. Two members will be represented by the EDA and appointed by the EDA, two memrs will be represented by the HRA and appointed by the HRA, two members will be representative member will be representatives of the real estate industry, one member will be representative of the law industry, and one member representing the community at large. The Finance Committee will be responsible for recruiting and recommending member appointments to the HRA and EDA representing the banking, law, real estate industry and a community member.