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87-063 RES . . . . The City Council for the City of Elk River, Minnesota Resolution No. 87- 63 ENABLING RESOLUTION ESTABLISHING AN ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA. WHEREAS, Minn. Stat. ~ 469.090 et seq. (the Statute) authorizes the City of Elk River (the City) to establish an Economic Development Authority pursuant to the procedures and subject to the restrictions set forth therein; and WHEREAS, the City Council for the City of Elk River (the City Council) finds that it is in the best interest of the City and its residents to establish an Economic Development Authority pursuant to the Statute. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: 1. Establishment of Economic Development Authority. There is hereby established in the City of Elk River an Economic Development Authority (hereinafter referred to as the "Authority"), effective upon passage by the City Council of this resolution. 2. commissioners. a. The members of the City Council of Elk River shall serve as the Commissioners of the Authority. b. The terms of the Commissioners shall coincide with their term of office as members of the City Council. c. commissioners shall be compensated at the rate of One Dollar ($1.00) for each regular or special meeting of the Authority attended. In addition, commissioners shall be reimbursed for actual expenses incurred in doing official business of the Authority. 3. Officers: a. The Authority shall annually elect a president, a vice president, a treasurer, a secretary, and an assistant treasurer. A Commissioner must not serve as president and vice president at the same time. The offices of secretary and assistant treasurer need not be held by a Commissioner. b. The officers shall have the usual duties and powers of their offices, including those set forth in the Statute. . 4. Bylaws and Rules: a. The Authority shall adopt bylaws and rules to govern its procedures and for the transaction of its business. The records of the Authority shall be a public records, as provided by law. b. The Authority shall adopt an official seal. 5. Employees: a. The Authority may employ an executive director and such other employees as it may require, and determine their duties, qualifications, and compensation. b. The Authority may contract for the services of consultants as needed to perform its duties and exercise its powers. c. The Authority shall use the services of the City attorney as its chief legal advisor. . d. The Authority may delegate to its agents or employees such powers or duties as it may deem proper. 6. Conflict of Interest: Except as otherwise provided by law, a Commissioner, officer, or employee of the Authority must not acquire any financial interest, direct or indirect, in any project or in any property included or planned to be included in any project, nor shall the person have any financial interest, direct or indirect, in any contract or proposed contract for materials or services to be furnished or used in connection with any project. 7. Powers: The Authority shall have all powers conferred upon Economic Development Authorities by the Statute, as amended from time to time, including: a. The powers of a housing and redevelopment authority under Minn. Stat. S 469.001 et seq.; . b. The powers of a City under Minn. Stat. S 469.124 et seq.; 2. c. The powers and duties of a redevelopment agency under Minn. Stat. ~~ 469.152 et seq.; . d. The power to create and define the boundaries of economic development districts, as provided by law; e. The power to acquire by lease, purchase, gift, devise, or condemnation proceedings property required to create economic development districts; and to dispose of property acquired, as provided by the Statute; f. The power to sign options to purchase, sell, or lease property; g. The right of eminent domain, as provided by the Statute; h. The power to make contracts for the purpose of economic development, as provided by the Statute; 1. The authority to be a limited partner in a partnership whose purposes are consistent with the Authority's purpose; J . The power to acquire rights or an easement for a term of years, or perpetually, for development of an economic development district; . k. The power to buy the supplies and materials it needs to carry out the purposes of the Statute; 1. The right to receive public property, as provided by the Statute; m. The power to sell or lease land held by it for economic development in economic development districts; n. The power to operate and maintain a public parking facility or other public facility to promote development in an economic development district; o. The right to cooperate with or act as agent for the federal or state government or other public body to carry out the Statute; p. The power to study and analyze economic development needs in the City and ways to meet the needs; to study the desirable patterns for land use for economic development and community growth, and other factors effecting local . 3 . . economic development in the City; to make the result of the studies available to the public and to industry in general; to engage in research and to disseminate information on economic development within the City; q. The power to carry out public relations activities to promote the City and its economic development, as permitted by the Statute; r. The right to accept conveyances of land from all other public agencies, commissions, or other units of government, if the land can be properly used by the authority in an economic development district to carry out the purposes of the Statute; s . . The power to develop and improve the lands in an economic development district to make it suitable and available for economic development uses and purposes; to fill, grade, and protect the property and do anything necessary and expedient, after acquiring the property, to make it suitable and attractive as a tract for economic development; and to lease some or all of its lands or property; and may set up local improvement districts in all or part of an economic development district; t. The power to borrow money in anticipation of bonds, after bonds have been authorized, as provided by the Statute; u. The power to issue general obligation bonds, pursuant to the procedures set forth in and as provided by the Statute, and when authorized by two-thirds (2/3) majority vote of the City Council, to: . 1. Secure funds needed by the Authority to pay for acquired property; or 11. For other purposes as provided 1n the statute. v. The power to issue revenue bonds pursuant to the procedures set forth in and as authorized by the Statute; w. The power to sell or convey property owned by it within the City or an economic development district pursuant to the procedure set forth in the Statute, if it determines that the sale or conveyance is in the best interest of the City or 4 . . x. y. district and its people and that the transaction furthers the Authority's general plan of economic development; The power to advance its general fund money or its credit or both without interest for the objects and purposes of the Statute, as allowed by the Statute; The right to request that the City levy a tax for the benefit of the Authority, pursuant to the procedures and as provided for in the statute. 8. Existinq Projects: a. The Authority shall have no control nor authority over any existing economic development or redevelopment project in the City, unless specifically so provided by subsequent resolution of the City Council. If the City Council adopts a resolution transferring control, authority, and operation of any existing project to the Authority, the Authority shall accept control, authority and operation of the project; . b. When taking control of an existing project, the Authority may exercise all of the powers that the governmental unit establishing the project could exercise with respect to the project and shall covenant and pledge to perform the terms, conditions, and covenants of any bond indentures or other agreements executed with respect to the project. 9. Banks and Audits: a. Every two years the Authority shall name a national or state bank within the state as a depository, in the manner provided by the Statute. b. The financial statements of the Authority shall be prepared, audited, filed, and published in the manner required by the Statute. 10. Annual Reports: . The Authority shall prepare and submit all annual reports required by the Statute, including: a. An annual report stating whether and how this enabling resolution should be modified; b. An annual budget; 5. c. An annual report giving a detailed account of the Authority's activities and its receipts and expenditures during the preceding year. . 11. Modification of Enablinq Resolution: This enabling resolution, or any part thereof, may be modified at any time by the City Council, as provided by the statute. The following Resolution was introduced by Councilmember Schuldt and duly seconded by Councilmember Dobel. The following voted in favor of the Resolution: Mayor Gunkel Councilmember Schuldt Councilmember Dobel The following voted against: The following were absent: Councilmember Holmgren Councilmember Tralle Whereupon the Resolution was adopted: . ADOPTED: October 7, 1987 ChlJJ ~ A-u4J.J Estelle Gunkel, Mayor ATTEST: 1$/ J? a~~/ Pat Klaers, City Administrator . PKB:A06 6 .