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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Economic Development Authority 7.4 <br /> Agenda Section Meeting Date Prepared by <br /> General Business April 19, 2021 Colleen Eddy, Economic Development Specialist <br /> Item Description Reviewed by <br /> Joint Finance Committee Representation Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion,the amended bylaws which reflects the updated representation of the Joint Finance <br /> Committee. <br /> Background/Discussion <br /> The Joint EDA/HRA Finance Committee was created in April of 2018 when the two Authorities combined their <br /> respective Finance Committees to streamline the review of applications for financial assistance. The Committee <br /> consists of two members from each authority and the banking industry,representatives from legal and real estate <br /> industries and an at-large member. <br /> Currently, three members of the HRA sit on the Committee constituting a quorum of the HRA. The Committee <br /> makes non-binding recommendations to the HRA and EDA. At the April 5, 2021, HRA meeting,the <br /> commission adopted the amended HRA bylaws which reflects the change in the committee's representation. As <br /> the Joint Finance Committee is an advisory committee to the HRA and EDA,both commission bylaws need to <br /> be revised to accept the amended change. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The Economic Development Authority for the City of Elk River (the Authority) was created by Resolution No. <br /> 87-63 of the City Council of the City of Elk River and adopted on the 7th day of October 1987 as authorized by <br /> Minnesota Statutes, X469.090-469.1081. The purpose is to serve as an Economic Development Authority pursuant <br /> to Minnesota Statutes and its affairs shall include,but not be limited to,promoting commercial and industrial <br /> growth and development within the City of Elk River. <br /> Attachments <br /> • Amended Bylaws—Redlined <br /> • Amended Bylaws—Clean Version <br /> The Elk River Vision P O N E R E o R Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAfUR <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />