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Item.# 3.6. <br />cty <br />E: <br />t~ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: January 7, 2008 <br />SUBJECT: Designation of Official Depositories <br />In the past the HRA has designated depositories similar to those designated by the City <br />Council. For 2008, the HRA is asked to designate the following banks and institutions as <br />depositories for its funds: <br />• First National Bank of Elk River <br />• 4M Fund <br />• Wells Fargo Bank <br />• The Bank of Elk River <br />• USBank <br />• Riverview Community Bank (in Otsego) <br />Recommendation <br />Staff recommends the HRA designate the above-referenced banks and institutions as official <br />depositories for the HRA for 2008. <br />