EDA RES 87-63 ESTABLISHING EDA - Laserfiche WebLink

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The City Council for the City of Elk River, Minnesota Resolution No. 87- 63 ENABLING RESOLUTION ESTABLISHING AN ECONOMIC DEVELOPMENT • AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA. WHEREAS, Minn. Stat. § 469 . 090 et seq. (the Statute) authorizes the City of Elk River (the City) to establish an Economic Development Authority pursuant to the procedures and subject to the restrictions set forth therein; and WHEREAS, the City Council for the City of Elk River (the City Council) finds that it is in the best interest of the City and its residents to establish an Economic Development Authority pursuant to the Statute. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows : 1 . Establishment of Economic Development Authority. There is hereby established in the City of Elk River an Economic Development Authority (hereinafter referred to as the "Authority" ) , effective upon passage by the City Council of this resolution. 2 . Commissioners . a. The members of the City Council of Elk River shall serve as the Commissioners of the Authority. b. The terms of the Commissioners shall coincide with their term of office as members of the City Council . c. Commissioners shall be compensated at the rate of One Dollar ( $1 .00) for each regular or special meeting of the Authority attended. In addition, Commissioners shall be reimbursed for actual expenses incurred in doing official business of the Authority. 3 . Officers : a. The Authority shall annually elect a president, a vice president, a treasurer, a secretary, and an assistant treasurer. A Commissioner must not serve as president and vice president at the same time. The offices of secretary and assistant treasurer need not be held by a Commissioner. •