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<br />Attachment C Attachment C <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: February 21, 2012 <br /> <br />TO:Honorable Mayor and City Councilmembers <br /> <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> <br /> <br />SUBJECT:Economic Development Authority (EDA) <br /> <br /> <br /> <br />Background <br /> <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 /> <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 /> <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 />original EDC ordinance. <br /> <br /> <br /> <br />City Council Meeting <br />P:\Admin\Council\Agendas & Packet Information\2012\01-30-12 Reg Mtg\Packet Information <br />Page 1 of 4 <br /> <br />