8.2. EDSR 01-17-2023
Request for Action
To Item Number
Economic Development Authority 8.2
Agenda Section Meeting Date Prepared by
General Business January 17, 2023 Joshua Mollan, Economic Development Specialist
Item Description Reviewed by
Designation of Official Depositories Brent O’Neil, Economic Development Director
Reviewed by
Cal Portner, City Administrator
Action Requested
Designate, by motion, The Bank of Elk River as the official depository for the EDA for 2023.
Background/Discussion
As per the EDA enabling resolution, the designation of the official depository for EDA funds is required every
two years and determined at the Annual Meeting.
Historically, the EDA has designated the depository also designated by the City Council and has been the Bank
of Elk River. For the next two-year cycle, the EDA is asked to continue to use The Bank of Elk River as the
depository for its funds.
Financial Impact
N/A
Mission/Policy/Goal
Per the EDA Bylaws Designation of Official Depository will be confirmed at the EDA Annual Meeting.
Attachments
None
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity