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ITEM ~' 3.7 <br />City <br />E <br />:1-~iver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: January 10, 2011 <br />SUBJECT: Designation of Official Depositories <br />In the past the EDA has designated depositories similar to those designated by the City <br />Council. For 2011, the EDA 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 />• TCF Bank <br />Recommendation <br />Staff recommends the EDA designate the above-referenced banks and institutions as official <br />depositories for the EDA for 2011. <br />