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HomeMy Public PortalAbout2011-085 Resolution Enabling Resolution Est. Medina Economic Development AuthorityMember Weir introduced the following resolution and moved its adoption. CITY OF MEDINA RESOLUTION NO. 2011-85 ENABLING RESOLUTION ESTABLISHING THE MEDINA ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED by the city council of the city of Medina, Minnesota (the "City") as follows: Section 1. Background and Findings. 1.01. The City is authorized by Minnesota Statutes, sections 469.090 through 469.1081 (the "Act') to establish an economic development authority in Medina to coordinate and administer economic development and redevelopment plans and programs in the community. 1.02. It is found and determined by the city council that the encouragement and financial support of economic development and redevelopment in the City is vital to the orderly development of the City and in the best interests of the health, safety, prosperity and general welfare of the citizens of the City. 1.03. It is further found and determined that the economic development and redevelopment of the City can best be accomplished by the establishment of an economic development authority as authorized by the Act. 1.04. In accordance with the requirements of the Act, the city council provided notice and conducted a public hearing on September 20, 2011 concerning the establishing of an economic development authority, at which hearing all persons desiring to express their views were heard. Section 2. Enabling Resolution. 2.01. The Medina Economic Development Authority ("MEDA") is hereby established pursuant to this enabling resolution (the "Enabling Resolution"). MEDA is a public body corporate and politic and a political subdivision of the state of Minnesota. 2.02. MEDA shall have all the powers under the Act, and the powers of a housing and redevelopment authority under Minnesota Statutes, sections 469.001 to 469.047 and of a city under Minnesota Statutes, sections 469.124 to 469.134, as such laws may be amended from time to time, except as limited by this Enabling Resolution. Resolution No. 2011-85 September 20, 2011 2.03. MEDA shall consist of a governing body of five commissioners. The five commissioners shall be the members of the Medina city council. These commissioners' terms shall coincide with their terms of office as members of the city council. Section 3. Limits of Powers. 3.01. MEDA shall be subject to the following limitations in the exercise of its authority: a. The sale of all bonds or other obligations issued by MEDA must be approved by the city council before issuance. b. MEDA must follow the budget process for City departments in accordance with City policies, resolutions and ordinances. c. All actions of MEDA must be consistent with the City comprehensive plan and official controls implementing the comprehensive plan. d. MEDA must obtain approval of its proposed plans for development and redevelopment from the city council. 3.02. This Enabling Resolution may be modified from time to time by the city council in the manner prescribed by the Act. 3.03. As provided in the Act, it is the intention of the city council that nothing in this Enabling Resolution nor any activities of MEDA be construed to impair the obligations of the City under any of its contracts or to affect in any detrimental manner the rights and privileges of a holder of a bond or other obligation heretofore issued by the City. MEDA shall not modify any covenant or obligation in effect at the time any bonds or obligations were issued or contracts executed to the detriment of the holder of the bonds or obligations or any contracting party. Section 4. Officers, Organization. 4.01. MEDA may adopt bylaws and rules of procedure and shall adopt an official seal. 4.02. MEDA shall elect a president, vice president, treasurer, secretary, and assistant treasurer who shall have such duties and powers as prescribed by the Act. The president, treasurer, and secretary shall be elected annually. No commissioner shall serve as president and vice-president at the same time. The offices of secretary and assistant treasurer need not be held by a commissioner. 4.03. MEDA shall appoint an executive director and secure the services of such other persons as it deems necessary or convenient to perform its functions. Resolution No. 2011-85 2 September 20, 2011 4.04. MEDA may by resolution appoint one or more advisory committees to MEDA. Section 5. Audit. 5.01. The financial statements of MEDA must be prepared, audited, filed, and published or posted in the manner required for the financial statements of the City. 5.02. The report must be filed with the state auditor by June 30`h of each year. Section 6. Bonds. 6.01. MEDA may issue its general obligation bonds in the principal amounts authorized by two-thirds majority vote of the city council. a. The bonds may be issued in anticipation of income from any source and used to secure funds needed to pay for acquired property or for other purposes authorized by the Act. b. The bonds must be in the amount and form and bear interest at the rate set by the city council. c. The first installment shall be due in not more than 3 years and the last in not more than 30 years from the date of issuance. d. The bonds shall not impose any personal liability on a member of MEDA. e. The bonds shall be secured by the full faith, credit and resources of the City only if the city council specifically authorizes MEDA to do so. 6.02. MEDA may issue revenue bonds for such purposes and following such procedures as are specified in the Act. Section 7. Tax Levy. 7.01. The City may, at the request of MEDA, levy a tax in any year for the benefit of MEDA in an amount not more than 0.01813 percent of taxable market value of property within Medina or such other amount as allowed by the Act. The levy may be increased by resolution of the city council following a public hearing and published notice in accordance with the Act. 7.02. MEDA may, when exercising its powers as a housing and redevelopment authority, levy a tax in accordance with Minnesota Statutes, section 469.033. The levy shall be in an amount approved by the city council but shall not exceed 0.01815 percent of taxable market value or such other amount as authorized by law. Section 8. Implementation. Resolution No. 2011-85 3 September 20, 2011 8.01. The city council may from time to time adopt such ordinances and resolutions as may be necessary or convenient to give full effect to this Enabling Resolution. 8.02. The mayor, city administrator and other City officials are authorized and directed to take such actions and execute and deliver such documents necessary or convenient to give full effect to this Enabling Resolution. Dated: September 20, 2011. ATTEST: Scott T. Johnson, City Administrator -Clerk T.M. Crosby, Jr., 1V ajor The motion for the adoption of the foregoing resolution was duly seconded by member Martinson and upon vote being taken thereon, the following voted in favor thereof: Crosby, Martinson, Pederson, Siitari, Weir And the following voted against same: None Whereupon said resolution was declared duly passed and adopted. Resolution No. 2011-85 September 20, 2011 4