(A) Establishment. There is hereby created in the city an Economic Development Authority which, subject to the provisions of this enabling section, shall have the powers, duties, and responsibilities of an Economic Development Authority created pursuant to the laws of the state. It shall be the role and responsibility of the Economic Development Authority to carry out economic, community, housing, tourism, and industrial development and redevelopment in the city in accordance with such general policies as may from time to time be established by the Council pursuant to such by-laws as may be adopted by the Authority with approval of the Council.
(B) Definitions. For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AUTHORITY. The Economic Development Authority.
CITY. The City of Lake Park, Minnesota.
COUNCIL. The duly elected governing body of the city.
ENABLING ORDINANCE. This section of the city ordinances establishing the Economic Development Authority pursuant to the laws of the state, and all ordinances in amendment thereof.
(C) Name. The Economic Development Authority created by this section shall be known as the Lake Park Economic Development Authority.
(D) Members.
(1) The Lake Park Economic Development Authority will be governed by a five member Board of Commissioners of which two members shall be members of the City Council and three members shall be property owners or residents of the city. The terms of those Commissioners are as follows:
(a) Seat number one: Council member; term expires December 31, 2016;
(b) Seat number two: public member; term expires December 31, 2014;
(c) Seat number three: public member; term expires December 31, 2015;
(d) Seat number four: Council member; term expires December 31, 2015; and
(e) Seat number five: public member; term expires December 31, 2018.
(2) Terms of office are six years. The term of office for Council members will be the same as the member’s elected term of office or after having served six years, which ever first concludes. Terms of office for non Council public members are six years.
(E) Administration. The administration of the Authority shall be as determined in the by-laws of the Authority, which by-laws shall require approval of the Council.
(F) Powers and limitations. The Authority shall have such powers as may be mandated by law and such other powers as may be permitted by state law and conferred by the Council. All permissive powers shall be set forth in the by-laws of the Authority, together with the limitations thereon. Permissive powers enumerated by state law but not expressly set forth in the by-laws shall be deemed withheld from the Authority.
(Ord. 107, passed 9-9-1991; Ord. 107, passed 1-8-2001; Res. 14-209, passed 2-24-2014)