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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 8.2 <br />Agenda Section Meeting Date Prepared by <br />General Business January 17, 2023 Joshua Mollan, Economic Development Specialist <br />Item Description Reviewed by <br />Designation of Official Depositories Brent O’Neil, Economic Development Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Designate, by motion, The Bank of Elk River as the official depository for the EDA for 2023. <br /> <br />Background/Discussion <br />As per the EDA enabling resolution, the designation of the official depository for EDA funds is required every <br />two years and determined at the Annual Meeting. <br /> <br />Historically, the EDA has designated the depository also designated by the City Council and has been the Bank <br />of Elk River. For the next two-year cycle, the EDA is asked to continue to use The Bank of Elk River as the <br />depository for its funds. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Per the EDA Bylaws Designation of Official Depository will be confirmed at the EDA Annual Meeting. <br /> <br />Attachments <br /> None <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />