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It <br /> ,-ARQEN�HILLS <br /> MEMORANDUM <br /> DATE: February 21, 2012 <br /> TO: Honorable Mayor and City Councilmembers <br /> Patrick Klaers, City Administrator <br /> FROM: Sue Iverson, Director of Finance and Administrative Services v3� <br /> SUBJECT: Economic Development Authority(EDA) <br /> Background <br /> The EDA was created on January 29, 1996, by Resolution No. 96-08 by the City Council (a <br /> public hearing was held on this date and the resolution adopted — the purpose stated in the <br /> City Council minutes was to assist the City with its economic development efforts at the <br /> Gateway Business District and potential TCAAP projects.) The City Council had reviewed <br /> this item at its December 1995 worksession and Bob Deike was the Attorney who helped <br /> establish the authority. The By-laws of the Authority were revised on April 14, 1997. <br /> On April 14, 1997, Resolution 97-18 was passed by the City Council which transferred the <br /> control, authority, and operation of any project as defined in Section 469.174, Subd. 8, or <br /> any other program or project authorized by Sections 469.001 to 469.124 to Section 469.134 <br /> located within the City, from the government agency that established the project to the <br /> Economic Development Authority. At that time the City had Development Dist. No. 1 and <br /> TIF Dist. Nos. 1, 2, and 3. This Resolution transferred to the EDA all activities, programs, <br /> operations, and control of budgeting, financing,property ownership, and personnel related to <br /> the economic development activities taking place within these districts. The EDA currently <br /> has five active funds, The EDA General Fund, Revolving Loan Fund, and TIF Dist 2, 3, and <br /> 4. The EDA met as needed, with the last meeting in 2004 prior to the recent December 2011 <br /> meeting. <br /> The Economic Development Commission (EDC) was established on March 8, 2004 and the <br /> first EDC meeting was help on September 29, 2004. It was stated at that time that the broad <br /> charge of the EDC would center on business connections, marketing and assisting in <br /> developing redevelopment strategies. These areas were outlined in the City Council's <br /> original EDC ordinance. <br /> City Council Meeting <br /> P:\Admin\Council\Agendas&Packet Information\2012\0 1-30-12 Reg Mtg\Packet Information <br /> Page 1 of 4 <br />