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<br />138/138/213135 139:38 <br /> <br />5123375572 <br /> <br />BURSTEIN LAW FIRr...l <br /> <br />PAGE 135 <br /> <br />2.03. The EDA shall consist ofa governing body of five commissioners. Two of the <br />commissioners shall be members of the City CowlcillCounty Commissioners. All commissioners <br />shall be appointed by the Mayor with the approval of the City Council/County Commissioners. <br />Those initially appointed shall be appointed for tenllS of two, three, four, five, and six years <br />respectively. Thereafter all commissioners shall be appointed for six year teITIls. A vacancy is <br />created in the m.embership of the commission when a City Council/County Conunissioners member <br />of the Authority ends Council membership. <br /> <br />Section 3. Limits of Powers. <br /> <br />3.01. The following limits shall apply to the Economic Development Authority of the City <br />of Wate.rtown and its operation; <br /> <br />(a) The sale of all bonds or other obligations issued by tbe EDA shall be first approved by <br />the City Council/County Commissioners. <br /> <br />(b) The EDA shall follow the budget process for City Departments as maybe provided by <br />the City and in accordance with City policies. <br /> <br />(c) Development and redevelopment plans of the EDA shall be consistent with the City <br />Comprehensive Plan and official controls implementing the Comprehensive Plan. <br /> <br />(d) The EDA shall obtain approval of its proposed plans for development and <br />redevelopment from the City Council/County Commissioners. <br /> <br />3.02. This Enabling Resolution may be modified to make any changes as authorized by the Act. <br /> <br />3.03. As provided in the Act it is the intention ofthe City Council/COlmty Commissioners <br />that nothing in this Resolution nor any activities of the EDA shall be construed to impair the <br />obligations of the City under any of its contracts or to affect in any detrimental m.anner the rights <br />and privileges of a holder of a bond or other obligation heretofore issued by the City. The City <br />Council/County Commissioners sball not modify any Umit in effect at the time any bonds or <br />obligations are issued or contracts executed to the detriment of the holder of the boods or <br />obligations or any contracting party. <br /> <br />Section 4. Transfer.ofAuthority oLWatcrtown Housing.and Redevelopment..Authority <br />(BRA). (Effecti ~e_as_of.Jan u ary. .1....J9.93.) <br /> <br />4.01. Pursuant to the authorization of Minnesota Statutes Section 469.094, the City of <br />Watertown does by this Resolution hereby transfer to the Economic Development Authority of the <br />City of Watertown established by this Resolution, all activities, programs, operations and authority <br />of the existing City of Watertown Housing and Redevelopment Authority, including the transfer of <br />the control, authority and operation of any project as defined in Section 469.174, Subdivision. 8, or <br />any oUler program or project authorized by Sections 469.001 to 469.047 or 469.124 to 469.134 <br />located within the City of Watertown. The EDA shall accept the control, authority, and operation <br />of all projects, programs or activities of the HRA. The EDA shall exercise all of the powers that thc <br />HRA. could exercise. This transfer of authority from tbe HRA to the EDA shall be effective January <br />I, 1993. <br />