02-10-25 - EDA Agenda Packet - Laserfiche WebLink

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which department shall have the responsibility for administering the finances of the EDA as it does the finances of the City; provided that the Administration may require reasonable reimbursement by the EDA for costs associated with the provision of such services by the finance department. 11. There is attached hereto as Exhibit "A" a list of municipal development districts created by the Council pursuant to Minnesota Statutes Sections 460.124 through 469.134 and tax increment districts created by the Council pursuant to Minnesota Statutes Sections 469.174 through 469.179, or its predecessors, the control, authority and operation of which are hereby transferred to the EDA. The EDA shall accept the transfer of these projects and districts and shall pledge to perform the terms, conditions and covenants of all agreements outstanding with respect thereto. 12. With respect to the projects and districts transferred to the EDA from the City, there is no litigation involving the City, no agreements to which the City is a party nor real or personal property owned by the City. 13. The City shall appropriate and transfer to the EDA such funds as it deems necessary from time to time to ensure that the EDA has adequate funds to carry out its activities. 14. City officials and staff are hereby authorized and directed to execute such deeds, assignments, requisitions, directives and agreements as may be necessary and appropriate to carry out the terms, conditions and intensions of this enabling resolution. 15. The EDA may request the City to levy a tax up to the maximum tax for the benefit of the EDA as specifically set forth in Section 469.107 of the EDA Act. 16. Nothing shall prevent the City from modifying this enabling resolution to impose limits on the powers of the EDA or provide for other matters as authorized in the EDA Act or other law. 17. This resolution shall become effective when the EDA holds its first meeting and accepts the transfers herein described. 18. Notwithstanding any provision herein to the contrary, the authority granted to the EDA pursuant to paragraph 2 above shall not be exercised until the EDA has established an advisory board which shall be comprised of all of the members of the City's Economic Development Commission. 3