Laserfiche WebLink
<br />Attachment A <br /> <br />Randall and Goodrich, RL. C <br /> <br />Memo <br /> <br />To: Ramsey BRA <br />From: William K. Goodrich, City Attorney <br />Re: Town Center Economic Development Company <br />Date: October 1, 2009 <br /> <br />This memorandum is intended to address the process by which an Economic Development <br />Corporation could be formed in order to assist in the development of City owned property in Ramsey <br />Town Center. <br /> <br />Typically development corporations are formed under the non-profit corporation section of Minnesota <br />Statutes which is Chapter 317 A. The process is relatively simple, inexpensive ($150.00 filing fee) and <br />quick. <br /> <br />The initial document is the Articles of Incorporation. The Articles require that the corporation's <br />purpose be stated. The corporation may be formed for any lawful purpose. The Articles could <br />provide that the general purpose of the corporation shall be to aid, assist and promote growth, <br />expansion and development within the City of Ramsey. The Articles would then have provisions as <br />follows: <br /> <br />1. The corporation will not afford pecuniary gain to its members; the term "member" is used in a <br />non-profit corporation as opposed to shareholders for a profit corporation; <br /> <br />2. Its duration will be perpetual; <br /> <br />3. Its business to be managed by a specified number of directors; <br /> <br />4. Members shall be exempt from personal liability for corporation obligations; <br /> <br />5. One class of members, each entitled to one vote; <br /> <br />6. Non-capital stock corporation. <br /> <br />The Articles are signed by one or more natural persons and filed with the Secretary of State with the <br />filing fee. <br /> <br />The second important corporation document is the Bylaws. Bylaws are not required by statute, but are <br />highly recommended, especially in light ofthe quasi public purposes ofthe proposed corporation. <br />