EDSR MEMORANDUM 01-11-1993 -(j A.
�cyof
River TO: ECONOMIC DEVELOPMENT AUTHORITY
lk
FROM: WILLIAM RUBIN, ED COORDINATOR q
DATE: JANUARY 6, 1993 ((��vv
SUBJECT: AGENDA MEMO FOR JANUARY 11, 1993
MEETING
5 . FINANCIAL UPDATE
Finance Director Lori Johnson has provided summaries on the
following topics: Statement of Cash Activity, Revolving Loan
Fund (year end balance) and information on existing EDA loans .
A separate memo has been prepared for this agenda item.
These are informational items only and no action is requested.
6 . ANNUAL MEETING ITEMS
Per the EDA's by-laws, the second Monday of January has been
designated as the Authority' s annual meeting date. At the
annual meeting, elections for the following offices occur:
- President
- Vice President
- Treasurer
- Secretary
- Assistant Treasurer
Current EDA Commissioners were elected to the following
positions at the 1992 annual meeting:
- Jeff Gongoll, President
- Patrick Dwyer, Vice President
- Roger Holmgren, Assistant Treasurer
Executive Director: Patrick Klaers is the current Executive
Director, but reappointment, in accordance with the by-laws,
must occur annually. Despite previous conversations regarding
this position, it is in order to reappoint Patrick Klaers as
Executive Director.
Official Newspaper: The EDA's official newspaper is the Elk
River Star News, and it is in order to redesignate the Star
News as the EDA's official newspaper.
411
Official Depositories: At the 1992 annual meeting, EDA
Commissioners designated the same depositories that are used by
720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420
• the City of Elk River. The Elk River HRA adopted the same
practice. For 1993, the City of Elk River has designated the
following banks as the depositories for its funds:
- The Bank of Elk River
- First National Bank of Elk River
- Metropolitan Federal of Elk River
- Primevest ( formerly Bankers Systems Investment Centers)
- Merrill Lynch
- Prudential Bache
- Shearson Lehman Hutton
- Norwest Bank
- Dain Bosworth
- Paine Webber
Following past practice, it is in order to designate the
above-referenced banks as the depositories for EDA funds in
1993 .
Committee Appointments-Assignments: The EDA currently has
three Committees: Finance, Marketing, and Research and
Development. Membership on the respective Committees is
outlined on a separate attachment in the agenda packet. Past
practice has been to reappoint the same persons to these
Committees - assuming that the Committee members desire to
remain on their respective Committees.
By-laws-Enabling Resolution: The annual meeting also provides
an opportunity to review the EDA's by-laws and Enabling
Resolution for suggested changes if any. However, subject to
proper notice, amendments to the by-laws may be made during the
year as well . In addition, the Enabling Resolution may be
modified throughout the year.
7 . EXPIRATION OF EXTENSION TO EXCLUSIVE OPTION
On December 14, 1992, the EDA authorized a 30-day extension to
its Exclusive Option with R.E.P. Ltd. This extension is
scheduled to expire on January 11, 1993. At the writing of
this memo, staff is not in receipt of specifics from R.E.P.
Therefore, no information is available for review by EDA
Commissioners.
8 . LOAN REQUEST FROM ALLEGIANCE REALTY
A separate memo has been prepared for this agenda item.
• 9 . TIF FUNDING ALTERNATIVES
A separate memo has been prepared on this agenda item.
111 10. 1993 WORK PROGRAM
A carry over item from the December, 1992 meeting, is the 1993
work program. An additional item, labeled "public information
to community", has been added to the work program.
11 . PROSPECT STATUS REPORT
The Prospect Status Report has been sent under separate cover.
•
•