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City Council Ordinance 172ORDINANCE AMENDMENT NO. 172 THE CITY COUNCIL OF MONTICELLO HEREBY ORDAINS THAT CHAPTER 31 SECTION 21 PERTAINING TO THE INDUSTRIAL DEVELOPMENT COMMISSION BE DELETED AND THE FOLLOWING SECTION PERTAINING TO THE ECONOMIC DEVELOPMENT AUTHORITY BE ADDED IN ITS PLACE AS FOLLOWS: CHAPTER 3 ECONOMIC DEVELOPMENT AUTHORITY SECTION: 2-3-1: Creation 2-3-2: Officers and Meetings 2-3-3: Staff 2-3-4: Functions, Powers, and Duties 2-3-5: Limitations of Power 2-3-6: Budget and Annual Report 2-3-7: Modification AN ORDINANCE OF THE CITY OF MONTICELLO, WRIGHT COUNTY, MINNESOTA PROVIDING FOR THE CREATION OF AN ECONOMIC DEVELOPMENT AUTHORITY. WHEREAS, the City Council for the City of Monticello (herinafter referred to as the "City") has the authority to establish an Economic Development Authority (hereinafter referred to as the "Authority") pursuant to Sections 469.090 to 469.108, inclusive, as amended, (the "Act") of the Minnesota Statutes; and WHEREAS, all due process requirements for the establishment of the Authority, including the public hearing, have been met; and WHEREAS, based on all information present, the City Council hereby finds that the establishment of an Economic Development Authority is in the best interest of the City. NOW, THEREFORE, THE COMMON COUNCIL FOR THE CITY OF MONTICELLO DO ORDAIN that an Economic Development Authority to be known as "the City of Monticello Economic Development Authority" is hereby established pursuant to Sections 469.090 to 469.108, inclusive, as amended, of the Minnesota Statutes which Authority shall operate according to this ordinance enacted pursuant to the charter of the City on the following terms and conditions which shall be adopted as the By-laws of the EDA. 2-3-1: CREATION: (A) The Economic Development Authority shall be composed of 7 members to be appointed by the Mayor and confirmed by the City Council. (B) Two of the members shall be members of the City Council. The terms of office of the two members of the City Council shall coincide with his/her remaining term of office as a member of the City Council. Ordinance Amendment No. 172 Page 2 (C) The remaining five (5) members shall be initially appointed for terms other than the terms being served by a member of the City Council. Those initially appointed, including Council Members serving on the EDA, shall serve for terms of one, two, three, four, and five years respectively and two members for six years. If the two Council members appointed to the EDA have Council terms that coincide, then their terms of service on the EDA shall also coincide. Thereafter, all commissioners shall be appointed for six-year terms, except that any person appointed to fill a vacancy occurring prior to the expiration of the term which his/her predecessor has been appointed, shall be appointed only for the remainder of such term. Upon the expiration of his/her term of office, the member shall continue to serve until his/her successor is appointed. (D) All members shall serve at the pleasure of the City Council. Vacancies shall be filled by appointment by the Mayor with the confirmation of the City Council. (E) The City Council shall make available to the Authority such appropriations as it deems fit for salaries, fees, and expenses necessary in the conduct of its work. The Authority shall have authority to expend all budgeted sums so appropriated and recommend the expenditures of other sums made available for its use from grants, gifts, and other sources for the purposes and activities authorized by this resolution. (F) A Commissioner may be removed by the City Council for inefficiency, neglect of duty, or misconduct in office. A Commissioner shall be removed only after a hearing. A copy of the charges must be given to the Commissioner at least 10 days before the hearing. The Commissioner must be given an opportunity to be heard in person or by the counsel at the hearing. When written charges have been submitted against the Commissioner, the City Council may temporarily suspend the Commissioner. If the City Council finds that those charges have not been substantiated, the Commissioner shall be immediately reinstated. If a Commissioner is removed, a record of the proceedings together with the charges and findings shall be filed in the office of the City Administrator. 2-3-2: OFFICERS AND MEETINGS: (A) The Authority shall elect a president, vice president, treasurer, assistant treasurer, and secretary annually. A member must not serve as president and vice president at the same time. The other offices may be held by the same member. The offices of the secretary and assistant treasurer need not be held by a member. Ordinance Amendment No. 172 Page 3 2-3-3: (B) The Authority shall adopt rules and precedures not inconsistent with the provisions of the ordinance or as provided in Minnesota Statutes, Section 469.096, and as may be necessary for the proper execution and conduct of the business. The Authority shall adopt by-laws and rules to govern its procedures and for the transaction of its business and shall keep a record of attendance at its meetings and/or resolutions, transactions, findings, and determinations showing the vote of each memeber on each question requiring a vote, or if absent or abstaining from voting, indicating such fact. The records of the Authority shall be a public record, except for those items classified by law as non-public data. (C) The Authority shall meet at least quarterly. Special meetings may be called by the Chairperson as needed. (D) All administrative procedures including contract for services, purchases of supplies, and financial transactions and duties shall be outlined in the By-laws of the Authority. STAFF: (A) The Economic Development Director shall be designated as Executive Director of the Authority. (B) Subject to limits set by the appropriations or other funds made available, the Authority may employ such staff, technicians, and experts as may be deemed proper, and may incur such other expenses as may be necessary and proper for the conduct of its affairs. 2-3-4: FUNCTIONS, POWERS, AND DUTIES: (A) Except as specifically limited by these provisions in Section 5 of this Ordinance, the Authority shall have the authority granted it pursuant to Minnesota Statutes 469.091 - 469.107, or other law. (B) The Authority shall manage the Greater Monticello Enterprise Fund (the "Fund") the purpose of which is to encourage economic development by making loans to private businesses. The EDA shall make loans to eligible businesses and such loan(s) shall serve a public purpose as defined in the Greater Monticello Enterprise Fund Guidelines (Fund Guidelines). The Fund Guidelines are hereby adopted by reference and included in the By -Laws of the EDA. No changes to the Fund Guidelines shall be made without approval of the City Council. (C) The Authority may be a limited partner in a partnership whose purpose is consistent with the Authority's purpose. Ordinance Amendment No. 172 Page 4 (D) The Authority may issue general obligation bonds and revenue bonds when authorized by the City Council and pledge as security for the bonds and the full faith, credit and resources of the City or such revenues as may be generated by projects undertaken by the Authority. (E) The Authority may cooperate with or act as agent for the federal or state government or a state public body, or an agency or instrumentality of a government or other public body to carry out the powers granted it by the act or any other related federal, state, or local law in the area of economic development district improvement. (F) The Authority may annually develop and present an economic development strategy and present it to the City Council for consideration and approval. (G) The Authority may join an official, industrial, commercial, or trade association, or other organization concerned with such purposes, hold reception of officials who may contribute to advancing the City and its economic development, and carry out other appropriate public relations activities to promote the City and its economic development. (H) The Authority may perform such other duties which may be lawfully assigned to it by the City. All City employees shall, upon request and within a reasonable time, furnish the Authority or its employees or agents such available records or information as may be required in its work. The Authority or its employees or agents may, in the performance of official duties, enter upon lands and make examinations or surveys in the same manner as other authorized City agents or employees, and shall have such other powers as are required for the performance of official functions in carrying out the purposes of this Resolution. 2-3-5: LIMITATIONS OF POWER: (A) The Authority may not exercise any specific powers contained in the Act, or Minn. Stat. 462, and Minn. Stat. 469.124-469.134 without the prior approval of the City Council. (B) Except when previously pledged by the Authority, the City Council may, by resolution, require the Authority to transfer any portion of the reserves generated by activities of the Authority, that the City Council determines are not necessary for the successful operation of the Authority, to the debt service funds of the City, to be used solely to reduce tax levies for bonded indebtedness of the City. Ordinance Amendment No. 172 Page 5 (C) All official actions of the authority must be consistent with the adopted comprehensive plan of the City and any official controls implementing the comprehensive plan. (D) The sale of all bonds or obligations issued or levying of taxes by the Authority shall be approved by the City Council before issuance. (E) The affairs of the Authority shall be limited to promoting the growth and development of commercial and industrial concerns in the City of Monticello. (F) The Authority must submit administrative structure and management practices to the City Council for approval. (G) The Authority shall submit all planned activities for influencing the action of any other governmental agency, subdivision or body to the City Council for approval. 2-3-6: BUDGET AND ANNUAL REPORT: (A) The Authority shall prepare an annual budget projecting anticipated expenses and sources of revenue. The Authority must follow the budget process for City Departments as provided by the City and as implemented by the City Council and Mayor. (B) The Authority shall prepare an annual report describing its activities and providing an accurate statement of its financial condition. Said report shall be prepared and submitted to the City of Monticello by March lst each year. 2-3-7: MODIFICATIONS: (A) All modifications of this ordinance must be in written form and must be adopted in accordance with the charter of the City. Adopted this 10th day of April, 1989. 'Rep -,,'Maus, Mayor 2) AZMI-- Rick Wo fs ller City Administrator