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freight. The powers of a Port Authority are more expansive then those of an <br /> HRA or an EDA in one significant respect, Port Authorities have the ability to <br /> issue General Obligation Bonds with the City Council approval. <br /> • Economic Development Authority (EDA): EDAs were created to facilitate a <br /> well-rounded development program by taking advantage of some of the Port <br /> Authority powers and all of the HRA powers. By combining and utilizing <br /> HRA,EDA, and City powers, community leaders are able to create flexible <br /> business assistance and development programs. EDAs for example, are <br /> allowed, to buy and sell property; make loans and grants to businesses; provide <br /> guarantees or other credit enhancements; and to sell bonds. <br /> These agencies are important players in the business of economic development. While <br /> they may seem irrelevant because Hugo decided to go with an EDA, they are still <br /> important and must be noted. An important task for the EDA to complete will be <br /> partnering with these other organizations in order to work in collaboration towards <br /> economic development. A close relationship with these other agencies will provide the <br /> EDA with access to tools and networks that it would not have on its own, making it <br /> essential that EDA seek out their involvement <br /> Why an Economic Development Authority? <br /> The Hugo City Council on July 19, 2004 passed the Enabling Resolution <br /> Modifying the Hugo EDA. The City, technically already had formed an EDA that was <br /> composed of City Council. However, this EDA was only utilized in a few specific <br /> instances. The reformation of the EDA is a result of the renewed interest in the City <br /> Council for fostering development in Hugo, along with the desire to have more public <br />