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4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
February 16, 2010 ~
:~ank Boyles, Executive Direc~~
CONSIDER APPROVAL OF A RESOLUTION DESIGNATING A
DEPOSITORY FOR THE ECONOMIC DEVELOPMENT AUTHORITY (EDA)
FOR 2010-2013
Introduction
The purpose of this item is to request that the EDA designate U.S. Bank as its
official depository.
Historv
EDA bylaws provide that the EDA should designate an official depository every
four years. The EDA designated U.S. Bank in 2007.
Current Circumstances
Earlier this year, the staff solicited proposals for banking services. Following an
evaluation of the proposals together with interviews, U.S. Bank was appointed.
The appointment is for three years with three one-year extensions.
Conclusion
The EDA should determine if it wishes to adopt a resolution designating U.S.
Bank as its official depository from January 1, 2010 through December 31,
2013.
Technically, the resolution adopted in 2007 would continue in force through the
end of this year. Staff believes that adopting the resolution is appropriate as it
will name an official depository through 2013 to coincide with the banking
services appointment made by the City Council.
U. S. Bank was determined to be the least costly and most sophisticated
electronically. There are minimal costs and there is benefit in working with one
banking institution.
1. Adopt a resolution designating U.S. Bank to be the official depository for the
EDA through December 31, 2013.
2. Take no action.
RECOMMENDED Alternative #1.
MOTION:
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www.cityofpriorlake.com
R!l'},la~a9Si2:;447.9800 / Fax 952.447.4245
4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
RESOLUTION 10-xxEDA
A RESOLUTION TO APPROVE DESIGNATION OF DEPOSITORY FOR
ECONOMIC DEVELOPMENT AUTHORITY FUNDS
Motion By:
Second By:
WHEREAS, The City has an Economic Development Authority, with the powers granted through
Minnesota Statutes; its Bylaws and Enabling Resolution require the EDA to designate
an official depository every four (4) years for the deposit of Economic Development
Authority funds, and
WHEREAS, The designation and appointment of the official bank for City funds takes place every
four (4) years, and
WHEREAS, In order to coincide with the current appointment by the City of the official bank for City
funds, the Economic Development Authority designates U.S. Bank as depository for its
funds effective the date of this resolution through December 31,2013.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE ECONOMIC DEVELOPMENT
AUTHORITY OF PRIOR LAKE, MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The official depository of the Economic Development Authority shall be U.S. Bank through
December 31,2013.
PASSED AND ADOPTED THIS 16th OF FEBRUARY 2010.
YES
NO
Erickson
Hedberg
Keenev
I Millar
I Myser
Erickson
Hedberg
Keenev
Millar
Mvser
Frank Boyles, Executive Director
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www.cityofpriorlake.com
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Phone 952.447.9800 / Fax 952.447.4245