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A expansive than an EDA or HRA. Unlike those two bodies,, a Port Authority can issue general 305 obligation bonds without holding an election. 306 Economic Development Auth An EDA is created by a City or County to facilitate 307 development by taking advantage of the some of the Port Authority powers and all of the HRA 308 powers. By combining and utilizing the HRA , ED A, and City power, the community is able to 309 create flexible business assistance and development programs. EDAs are allowed to buy and 3 10 sell property, make loans and grants to businesses, provide guarantees or other credit 3 11 enhancements,, and to sell bonds. The City may consolidate the EDA with an existing HRA or 3 12 the City may establish the EDA as a separate entity. EDAs may also exercise eminent domain 3 13 powers. 3 14 See Attachment J for more detailed information on the tools available for these policy boards. 3 1 w,, egulatory Changer — As an outcome of the discussion on what policies are barriers or missing in 3 16 furthering the City's economic development efforts, there most likely will be a need to change City's 3 1 7 regulations, specifically the zoning code. These changes cannot be determined at this time, but would 3 need to take place as part of an overall economic development effort. 3 19 Role of Public — It is unknown at this time of what, if any, role the general public should have in 3Z,,:-) assisting the economic development efforts. Certainly, as part of the information gathering and creation 32 1 of the economic development plan, the public should be involved. The opportunity for public 322 involvement may be limited when the economic development efforts are being implemented, with the 323 exception of serving on the policy boards. 324 Regional Initiatives In the past few years, there has been a renewed interest in regional economic 3Z, development for the Twin Cities Metro Area. The Pasca Project is a business-led regional economic 326 development effort whose goals are to build a thriving economy and quality of life for the region and 327 reduce and eliminate socioeconomic disparities. The new Regional Economic Development 32, Partnership (REDP) was created in March 2011 to set a strategic regional economic development 329 vision for the Twin Cities,, to brand and market the region, and to retain current businesses in the 33�,,:-� region. The REDP is a public-private partnership is funded through businesses and governments. The 33 'i REDP released a Minneapolis — St. Paul Business plan which is included in Attachment K. This 332 document describes many issues that the whole region needs to address to keep the area economy in 333 good health. One item is to gain a better understanding of what "clusters of industry"' the region has 334 and concentrate on expanding those types of industry. The report identifies the top three as Medical 33,, Devices,, Distribution Services,, and Financial Services. The concentration of businesses attract similar 336 firms and labor force to the area,, which is something Roseville should be aware of as we move forward 337 with its economic development efforts. 338 The bottom line with these regional initiatives is that the City needs to be directly involved within these 339 organizations; meaning financial support as well as the involvement of staff and policy makers with 34('_) these organizations. Page 9 of 10