4B, Economic Development Authority (EDA) 2013 Work Plan

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i --ARZEN HILLS ( MEMORANDUM DATE: February 21,2012 TO: Honorable Mayor and City Councilmembers Patrick Klaers,City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services SUBJECT: Economic Development Authority(EDA) Background The EDA was created on January 29 1996, by Resolution No. 96-08 by the City Council (a public hearing was held on this date and the resolution adopted — the purpose stated in the City Council minutes was to assist the City with its economic development efforts at the Gateway Business District and potential TCAAP projects.) The City Council had reviewed this item at its December 1995 worksession and Bob Deike was the Attorney who helped establish the authority. The By-laws of the Authority were revised on April 14, 1997. On April 14, 1997, Resolution 97-18 was passed by the City Council which transferred the control, authority, and operation of any project as defined in Section 469.174, Subd. 8, or any other program or project authorized by Sections 469.001 to 469.124 to Section 469.134 located within the City, from the government agency that established the project to the Economic Development Authority. At that time the City had Development Dist. No. 1 and TIF Dist. Nos. 1, 2, and 3. This Resolution transferred to the EDA all activities, programs, operations, and control of budgeting, financing,property ownership, and personnel related to the economic development activities taking place within these districts. The EDA currently has five active funds, The EDA General Fund, Revolving Loan Fund, and TIF Dist 2, 3, and 4. The EDA met as needed, with the last meeting in 2004 prior to the recent December 2011 meeting. The Economic Development Commission(EDC) was established on March 8, 2004 and the first EDC meeting was help on September 29, 2004. It was stated at that time that the broad charge of the EDC would center on business connections, marketing and assisting in developing redevelopment strategies. These areas were outlined in the City Council's original EDC ordinance. City Council Meeting P:\Admin\Council\Agendas&Packet Information\2012\01-30-12 Reg Mtg\Packet Information Page 1 of 4