Agenda - Council - 12/10/1991 - Laserfiche WebLink

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I I I I I I I I I ,I I I I I I I I I I CASE #~' CREATION OF AN ECONOMIC DEVELOPMENT AUTHORITY By: Ryan R. Schroeder, City Administrator Background: Attached for your review is the October 8, 1991 Council case which discussed creation of an Economic Development Authority. This issue next appeared on the October 22, 1991 Council agenda at which time a public hearing was scheduled for December 10, 1991. Upon the holding of the public hearing, it is recommended that the City Council adopt a resolution establishing the Ramsey Economic Development Authority and pass a motion to authorize the transferral of tax increment assets to funds administered by the Economic Development Authority and also to authorize the establishment of an Economic Development Account. It should be noted that it is proposed that the Council sit as the Economic Development Authority and upon its first meeting, the Economic Development Authority would be requested to authorize receipt of assets, authorize creation of an Economic Development Account, authorize specific operations of the development account and authorize expenditures from that account in the amount proposed by the City Council as a staff expenditure for 1992 within the City Council 1992 budget. Recommendation: City Staff recommends adopting the resolution establishing the Econon-fic Development Authority, authorizing transfer of assets, and authorizing establishment of an Economic Development Account. Council Action: Motion to adopt Resolution #91-12- establishing the Economic Development Authority. - and - Motion to authorize transfer of tax increment assets to funds administered by the Economic Development Authority. - and - Motion authorizing establishment of an Economic Development account. Review Checklist: City Administrator Finance Officer Project Manager City Attorney CC: 12/10/91