CCP 01-13-1997 - Laserfiche WebLink

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I I CITY OF ARDEN HILLS " MEMORANDUM 1 DATE: January 8, 1997 I TO: Brian Fritsinger, City Administrator Terrance Post, City Accountant @ FROM: I SUBJECT: 1997 Economic Development Authority (EDA) Budget I I Background The Arden Hills City Council passed and adopted Resolution No. 96-08, "Resolution Enabling the Establishment of an Economic Development Authority", on January 29, 1996. The EDA was I established under the authorization of Minnesota Statues sections 469.090 to 469.108. Although dormant in 1996, it was contemplated that the EDA may be involved in various economic development activities including federal grants at TCAAP, state grants through the Minnesota .. Investment Fund (MIF) and site acquisition in the Gateway Development District. Need for Budgetarv Action 1 At the January 2, 1997 regular council meeting, the Arden Hills City Council authorized the City Administrator to execute an Agreement for Loan of Economic Recovery Funds / Small Cities Development Program Funds with Cardiac Pacemakers Incorporated (CPI). As this forgivable I $300,000 loan agreement is completed, the need to distinctly account for this 1997 transaction is necessary . In addition, further discussions between the State of Minnesota, the City and the I Developer (CPI) concerning Phase II of this assistance program have begun. Statutorv Reauirements I In creating a 1997 budget for the EDA, there are several additional ancillary statutory requirements which also need to be addressed. 1 1. 469.099 Depositories. Default: Collateral subd. 1. - Every two years EDA shall name bank within the state as depository. Before acting as depository, named bank must give EDA a surety bond I conditioned for safekeeping of deposits. The surety must be at least equal to the maximum sum expected to be deposited at anyone time. 1 subd. 2. - The EDA may deposit all of its money from any source in one bank account. it I