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CASE <br /> <br /> ECONOMIC DEVELOPMENT AUTHORITY <br />By: Sandra Ashley Helling, Finance Officer <br /> <br />Background: <br /> <br />From time to time past councils have discussed the advantages and disadvantages of establishing an <br />Economic Development Authority. While in the past, some Council members have felt that an EDA would <br />duplicate the functions of the Economic Development Company, this concern is lessened today due to the <br />inactivity of the Company. As an EDA is viewed as a powerful economic development tool by some <br />cries, the current City Council may want to revisit this subject. <br /> <br />Attached hereto: <br /> <br />1) <br />2) <br />3) <br /> <br />4) <br /> <br />5) <br /> <br />September 13, 1988 City Council minutes of a discussion regarding establishing an EDA. <br />July 17, 1990 memo from Chris Thibodeau, an intern, regarding a survey of surrounding cities. <br />February 28, 1991 memo from Ken Wagner, Chairperson of the Economic Development <br />Commission, conceming formation of a committee to review and recommend in this regard. <br />March 13, 1991 Economic Development Commission minutes regarding the Economic <br />Development Company. <br />Information regarding Economic Development Authorities legislation. <br /> <br />It should be noted that the September 13, 1988 minutes state a special meeting was to be established to <br />research an EDA in more detail and it was on the agenda for a City Council/Planning and Zoning <br />Commission meeting of December 5, 1988. The records indicate the case was tabled as the hour was <br />late. The case was not rescheduled. <br /> <br />Observations: <br /> <br />A comprehensive review of the advantages and disadvantages of an EDA will require a significant time <br />commitment on the part of certain staff members and members of an EDA Committee. It is likely that this <br />has been the primary factor as to why the subject has not been thoroughly addressed in the past. In <br />addition, the current and future status of the Economic Development Company will be a factor in this <br />review. More information on the status should be available in the next few months. <br /> <br />Recommendation: <br /> <br />To provide appropriate staff support, it is recommended the City Council establish an Economic <br />Development Authority Committee after the new City Administrator has joined staff. <br /> <br />Council Action: <br /> <br />Based on discussion. <br /> <br />Review Checklist: <br /> <br />City Attomey <br />Finance Officer <br /> <br />CC: 04/09/91 <br /> <br /> <br />