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<br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 2-8-88 <br />ITEt-l NO.: A - J <br /> <br />Depart~val: <br /> <br /> <br /> <br /> <br />Item Description: <br /> <br />Manager Reviewed: <br /> <br />Agenda Section: <br /> <br />Reports & Recommendations <br /> <br />Approval of Resolutions 1 - 5 for~ulating the Roseville <br />Local Development Corporation. <br /> <br />At previous work sessions, Staff and Council have discussed the formulation <br />of a Local Development Corporation, which will allow the City to properly <br />manage the HOD grant money for the Villa Park low interest loan project. A <br />number of concerns were discussed at a previous work session, relating to <br />some language in the bylaws, and the potential liability of the <br />corporation's directors. Letters from Briggs & Morgan, and Peterson, Bell & <br />r0nverse are attached, relating to these concerns. Briggs and Morgan is <br />Jating that in view of the fact that the Local Development Corporation <br />cannot exercise any powers above and beyond what the Board of Directors deem <br />appropriate, that the broad purposes clause continue to be utilized. With <br />respect to legal liability, both Briggs & Morgan, and Peterson, Bell & <br />Converse reference Minnesota statute 317.201. which protects the directors. <br />In addition, the City code indemnifying City Board member s appl ies to the <br />Local Development Corporation in Hr. Bell's opinion. <br /> <br />COUNCIL ACTION REQUESTED: <br /> <br />Motion approving/denying the Approval of <br />Resolutions 1-5 formulating the Roseville <br />Local Development Corporation. <br /> <br />'- <br />