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M�UNDS VIEW ECONOMIC DEVELOPNIENT AUTHORITY <br />REQUEST FOR EDA CONSIDERATION <br />STAFF REPORT <br />EDA NtEETING DATE MARCH 28, � 994 <br />EDA Action: <br />❑ Special Order of Business Agenda Section: 6A <br />❑ Public Hearings Report Number• 4 DA- � <br />❑ Cunsent Agencla Report Date: ARCH 24, <br />X CDA 13usincss 1994 <br />[tctii Dcscriptioii: Resolution Organizing the Mounds View Economic Development Authority <br />and Accepting the Transfer of Certain Projects of the City, Including the Tax Increment <br />Executive Direcror's Review/Recommendation: <br />- I�fo contmen[s to supplement this report <br />- Commcnts attac;c�cci <br />Expiautl[t011/SUilllllary �:�uach supplement sheets :u nca;ssary) <br />SUN[MARY: <br />The attached resolution accomplishes two important actions required by an <br />EDA: <br />1. Adopts the required organizational By—laws and appoints <br />Officers of the EDA Board of Commissioners. <br />2. Formally accepts the terms, conditions and all obligations <br />associated with the transfer from the City to the EDA of <br />Economic Development District Nos. 1,2 and 3< <br />The By-laws which are included in the Resolution as Exhibit A provide the <br />organizational and operational structure for the newly formed EDA. The <br />structure is consistent with the requirements and restrictions provided in <br />Minnesota law. Because the EDA Board of Commissioners and the City Council <br />are one in the same, the limitations that are often placed on an EDA are <br />not applicable with the establishment of the Mounds View EDA, i.e., Council <br />approval prior to bond sales, Council approval prior to development plans, <br />etc. <br />The By-laws are consistent with by-laws of EDA organizational structures <br />in which the Council and EDA are the same. <br />� <br />Samanth�' Ord <br />REC01�iNiENDATION: ' <br />�� � �� �� � <br />o, Ci y Administ �tor <br />