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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />10.5 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Work Session <br />March 1, 2021 <br />Colleen Eddy, Economic Development Specialist <br />Item Description <br />Reviewed by <br />Joint Finance Committee HRA Members <br />Cal Portner, City Administrator <br />Reviewed by <br />Action Requested <br />Receive information and provide staff direction. <br />Background/Discussion <br />The Joint EDA/HRA Finance Committee was created in April of 2018 when the two Authorities combined <br />their respective Finance Committees to streamline the review of applications for financial assistance. The <br />Committee consists of two members from each authority and the banking industry, representatives from legal <br />and real estate industries and an at large member. <br />Currently, three members of the HRA sit on the Committee constituting a quorum of the HRA. The <br />Committee makes non -binding recommendations to the HRA and EDA. <br />Financial Impact <br />N/A <br />Mission/Policy/Goal <br />The Housing and Redevelopment Authority in and for the City of Elk River was created by an act of legislature <br />of State of Minnesota entitled the "Municipal Housing and Redevelopment Act," Minnesota Statutes, Sections <br />462.411 — 462.712. <br />Attachments <br />■ HRA Bylaws <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional,` 01 e <br />service, and community engagement that encourages and inspires pi ospei ly INAMIRE1 <br />