Loading...
HomeMy WebLinkAbout9A Amend EDA Enabling Resolution o � rRro� ti � v � 4646 Dakota Street SE Prior Lake, MN 55372 't CITY COUNCIL AGENDA REPORT MEETING DATE: February 11, 2013 AGENDA #: 9A PREPARED BY: Casey McCabe, Community Development Specialist PRESENTED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION AMENDING RESOLUTIONS 10- 097, 00-119, 96-99 AND 89-17 WHICH ESTABLISHED THE PRIOR LAKE '� ECONOMIC DEVELOPMENT AUTHORITY PURSUANT TO THE PROVISIONS OF MINNESOTA STATUTES, CHAPTER 469 DISCUSSION: Introduction The purpose of the public hearing is to solicit resident input regarding a proposal to amend the enabling resolution of the Prior Lake Economic Development Authority (EDA) to expand the EDA from five to seven members as well as additional amendments for correction and clarification purposes. Hi StOry A special City Council meeting was held on December 3, 2012 to interview finalists for a position on the Economic Development Authority. Given the caliber of applicants, the number of people interested and recognizing that additional members could represent added resources for accomplishing economic development objectives, City Council members discussed increasing the size of the EDA from five to seven members. On December 10, 2012, in addition to confirming David Chromy to the EDA, the City Council directed staff and the City Attorney to modify the EDA Bylaws as necessary to expand the EDA from five to seven members. The City Attorney has completed proposed modifications to the EDA Bylaws, subject to approval of amendments being approved to the EDA Enabling Resolution by the City Council. Minnesota Statutes 469.095 Subdivision 3 provides for an increase in commission members. The subdivision states, "An authority may be increased from three to five or seven members, or from five to seven members by a resolution adopted by the city council following the procedure provided for modifying the enabling resolution in section 469.093." The statutory requirements set out in Minnesota Statutes 469.093, Procedural Requirement, state: Subd. 1. Enabling Resolution. The creation of an authority by a city must be by written resolution referred to as the enabling resolution. Before adopting the enabling resolution, the city council shall conduct a public hearing. Notice of the time and place of hearing, a statement of the purpose of the hearing, and a summary of the resolution must be published in a newspaper of general circulation within the city once a week for two consecutive weeks. The first publication must appear not more than 30 days from the date of the public hearing. Subd. 2. Modifications. All modifications to the enabling resolution must be by written resolution and must be adopted after notice is given and a public hearing conducted as required for the original adoption of the enabling resolution. On January 22, 2013, the EDA directed the City Attorney to prepare a resolution amending the EDA Enabling Resolution to expand the EDA from five to seven members for City Council review and consideration. Current Circumstances As presently constituted, the EDA is composed of five members; two members appointed from among the City Council and three members appointed from among individuals who either live in the City or who own a controlling interest in a business located within the City. The proposal is to revise the composition of the EDA to include seven persons, i two of whom are City Council members and five of whom are residents or business persons in Prior Lake. The City Council should conduct the public hearing to determine if new information is offered in favor of or against expanding the size of the EDA. Once all persons have been heard, the city council should deliberate regarding the proposed amendments to the enabling resolution. Conclusion The City Council should determine if it concurs with the proposed amendments to the EDA Enabling Resolution which will increase the size of the EDA from five to seven members. ISSUES: Should the City Council approve the amendments to the enabling resolution and later at this meeting adopt bylaw amendments, the staff anticipates the following timeline for filling the vacancies. Public Hearing - City Council review and approval of EDA Enabling Resolution 2/11/2013 and EDA Bylaw amendments A enda Item11C . 2/11/2013 Chair of the EDA declares EDA vacancies and advises the Mayor.(Agenda Item 11D 2/12/2013 City advertises the vacancy information concerning how interested individuals may obtain applications and the deadline for applications. 2/16/2013 Notice advertising vacancies appear in Prior Lake American. 3/11/2013 Deadline for applications. The City Manager, Mayor and one non-Council member of the EDA ("Screening Committee") review all applications and select candidates for interviews and 3/15/2013 further consideration. The Screening Committee narrows the non-Council candidates to three (3) or more finalists and City Council interviews are scheduled. The finalists are interviewed by the entire Council and allowed to make a five 3/25/2013 minute presentation regarding their qualifications and reasons for seeking the appointment. 4/8/2013 The Mayor appoints two finalists and the Council votes on approval. 4/15/2013 First EDA meeting for new members , FINANCIAL If the size of the EDA is expanded to seven members, the per diem cost will IMPACT: increase by a modest amount which will be charged to the EDA Budget. ALTERNATIVES: 1. Motion and second to adopt Resolution 13-XXX amending the Economic Development Authority Enabling Resolution as proposed or with further amendments. 2. Take no action and provide direction to staff. RECOMMENDED Alternative No. 1. MOTION: ATTACHMENTS: 1. Resolution amending the EDA Enabling Resolution O� p ��+P ti � u r� 4646 Dakota Street SE �rNxESO'��' Prior Lake, MN 55372 RESOLUTION 13-xxx A RESOLUTION AMENDING RESOLUTIONS 10-097, 00-119, 96•99 AND 89-17 WHICH ESTABLISHED THE PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY PURSUANT TO THE PROVISIONS OF MINNESOTA STATUTES, CHAPTER 469 Motion By: Second By: WHEREAS, The Minnesota State Legislature has enacted Minnesota Statues, Sections 469.090 to 469.108 authorizing any statutory or home rule charter city to establish an economic development authority having the powers contained in the Enabling Act and a housing and redevelopment authority established under Minnesota Statutes, Sections 469.001 to 469.047 or other law, and a city under Minnesota Statutes, Sections 469.124 to 469.134 or other law; and WHEREAS, In 1989, the City Council of Prior Lake established such an economic development authority by adoption of Enabling Resolution 89-17; and thereafter amended the Enabling Resolution in 1996 by adoption of Resolution 96-99, in 2000 by adoption of Resolution 00-119 and in 2010 by adoption of Resolution 10-097; and WHEREAS, The City Council desires to further amend the Enabling Resolution to provide for a seven (7) member Economic Development Authority; and WHEREAS, This Enabling Resolution defines the relationship between the Economic Development Authority and the City Council; and WHEREAS, It is intended that this resolution may be amended from time to time as required to further define or redefine the respective roles of the Economic Development Authority and the City Council regartling development and redevelopment within the City; and WHEREAS, This resolution and the actions taken hereunder provide for the City Council to establish broad policies for public assisted development within the City and delegate that the implementation of such policies will be the responsibility of the Economic Development Authority; and WHEREAS, The City Council believes that adoption of this resolution and the creation of an economic development authority will result in a conscientious and coordinated effort to encourage and precipitate future development within the City so as to increase the tax base, promote employment antl enhance the health, safety and welfare of city residents; and WHEREAS, The City has complied with the statutory requirements set out in the Enabling Act pertaining to making a change in the composition of the Economic Development Authority; to wit: (1) legal notice of the time and date of the public hearing was duly published and mailed in accordance with State Statute and City; and (2) the City Council conducted a public hearing on February 11, 2013 to provide an opportunity for those interested in this amendment to the Enabling Resolution to express their views. NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows: 1. The recitals set forth above are incorporated herein. 2. Establishment. There is hereby created in the City an Economic Development Authority which, subject to the provisions of this Enabling Resolution, shall have all of the powers, duties and responsibilities of any economic development authority created pursuant to the Enabling Act, or other law, a housing and redevelopment authority created pursuant to the Housing Act, or other law and which shall constitute an "Agency" pursuant to the Development Act. It shall be the role and responsibility of such economic development authonty to carry out economic, housing and industrial development and redevelopment within the City in accordance with such general policies as may from time to time be established by the City Council. 3. Definitions. A. "Authority" means the Prior Lake Economic Development Authority. B. "City" means the City of Prior Lake, Minnesota. C. "Council" means the duly elected goveming body of the city. D. "Enabling Act" means Minnesota Statutes, Sections 469.090 to 469.108, authorizing the City of Prior Lake to create an economic development authority. E. "Enabling Resolution" means this resolution of the Council establishing the Prior Lake Economic Development Authority pursuant to the Enabling Act. F. "The Development Act" means the City Development Districts, Minnesota Statutes, Sections 469.124 to 469.134. G. "Federal Tax Law" as defined in Section 474A.02, Subdivision 8 and as may from time to time be defined in other state laws. H. "The Housing Act" means Municipal Housing and Redevelopment Authorities, Minnesota Statutes, Sections 469.001 to 469.047. I. "The Housing Bond Act" means the Municipal Housing Program Act, Minnesota Statutes, Chapter 462C. J. "Industrial Bond Act" means the Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.165. K. "Project Area Plan" means an outline for the development or redevelopment of a geographic area of ' Authority concentration which contains a statement of objectives for improvement of the area as well as a description of public facilities to be constructed, and estimated schedule of the open space to be created, the environmental controls to be applied, the property to be publicly acquired and the condition under which the Authority shall exercise the right of eminent domain, if any, the proposetl reuse of pnvate property and the general standards of development. Said plan shall be sufficiently complete to constitute a"development I program" pursuant to Section 469.125, Subdivision 3 of the Development Act and a"redevelopment plan" pursuant to Section 469.002, Subdivision 16 of the Housing Act. L. "Project Budget" means a financial budget containing the sources and uses of public funds to be expended in carrying out the public costs associated with a Project Plan or Project Area Plan. In the event any or all such public costs are to be paid with tax increment, the Project Budget shall constitute a"tax increment financing plan" as descnbed in Section 469.175 of the Tax Increment Act. M. "Project Plan" means a description of the development or redevelopment of property, including an estimated schedule, the property to be publicly acquired and the condition under which the Authority will exercise its right of eminent domain, if any, description of the public facilities to be constructed, and the proposed reuse of private property. N. "Tax Increment Act" means Tax Increment Financing, Minnesota Statutes, Sections 469.174 to 469.179. 4. Legal Status. The Authority shall be a public body politic and corporate and a political subdivision of the State of Minnesota. It shall not be considered a department of the City nor shall the City be liable for its obligations, unless assumed by the City in writing. Its relationship to the Council and Mayor shall be govemed by the Enabling Act, this Enabling Resolution and the various statutes under which it operates, including the Enabling Act, the Housing Act, the Development Act, the Industrial Bontl Act, the Housing Bond Act and the Tax Increment Act; provided, that in the event there is a conflict between the terms of this Enabling Resolution and 2 any such statute, the statute shall control;; provided further, that a statute granting authority shall not be deemed to be in conflict with a statute that grants less or no such authority. 5. Name. The economic development authority created by the Enabling Act and this Enabling Resolution shall be known legally as the Prior Lake Economic Development Authority (EDA) or "Authority." 6. Goveming Body. The governing body ("board") of the Authority shall be vested in a seven (7) member board, a majority of whom shall constitute a quorum for all purposes. A. The governing board of the Authority shall be made up of seven (7) members. Two (2) of the members shall be appointed from the City Council and the remaining five (5) members shall be appointed from among individuals who either live in the City or who own a controlling interest in a business located within the City ("community members"). B. The Mayor shall appoint the Authority commissioners with the approval of the City Council. C. Terms of office, removal and filling vacancies shall be set out in the EDA Bylaws. D. The Authority shall establish bylaws, with the approval of the City Council, to govem the operation of the Authority. E. The conduct and actions of EDA commissioners shall be governed by a Code of Conduct and Ethics and Conflict of Interest provisions set out in the EDA Bylaws. 7. Officers of the Authority. The commissioners of the Authority shall elect o�cers as provided in Section 469.096 of the Enabling Act. The City Manager shall be Executive Director to the Authority. 8. Authority Staff. A. The Authority shall be empowered to hire such employees, agents and consultants as deemed proper and as further provided by the Enabling Act. Such employees, agents and consultants shall assist the commission in performing the following powers and duties: 1. To see that all resolutions, rules, regulations, or orders of the Authority are enforced. 2. To appoint and remove upon the basis of inerit and fitness, all subordinate officers and regular employees of the Authority. 3. To present to the Authority plans, studies and reports prepared for Authority purposes and recommend to the commissioners for adoption such measures as deemed necessary to enforce or carry out the powers and duties of the Authority or the efficient administration of the affairs of the Authority. 4. To recommend for adoption such rules and regulations as deemed necessary for the efficient operation of the Authority's functions. 5. To perform such other duties as may be prescribed by the Authonty. 6. The City Attomey shall serve as counsel to the EDA. 9. Reports. A. At least once annually, the Authority shall submit a report to the members of the City Council and public regarding the operational status of the Authority. Such report shall comply with Minnesota statutes Section 469.100, Subdivision 4 and shall include a description of current and proposed projects as well as general development goals for the city. B. The Authority shall be responsible for all filings and reports requiretl by the various statutes under which it operates. Copies of all such reports shall be provided to the City Council and Mayor and shall be available to members of the public unless classified as private or non-public under the Minnesota Data Practices Act or classified as private or non-public by a state of federal statute classifying the data as private or non- public. 10. Account, Budget and Fiscal Year. A. The accounting, maintenance of books and records, establishment and maintenance of funds and accounts, investment of cash surpluses, disbursement of monies and other necessary financial matters of the Authority shall be the responsibility of the Authoriry Treasurer. The Authority accounting, investment, fund maintenance and disbursement shall be consistent with City procedures. B. On or before July 30 of each year the Authority shall submit its annual budget to the City Manager in a form prescribed by the City Manager. Such budget shall include a detailed wntten estimate of the amount of 3 money that the Authority expects to need from the City for Authority business dunng the next fiscal year and shall otherwise comply with Minnesota Statute Section 469.100, Subdivision 1 of the Enabling Act. The City Council may impose such conditions as it deems appropriate and prudent upon the issuance of obligations by the City for the purpose of funding the Authority's budget. The City Manager, in consultation with the City Finance Director shall review and consider including the proposed Authority budget as a part of the City budgetary process. The Authority shall appear before the City Council to explain and discuss the content of the proposed Authority budget. Upon approval of such budget, the Authority shall not exceed total budgeted expenditures without approval of corresponding budget amendments by the City Council; provided, however, that this provision shall not preclude the Authority from unilaterally making line-item changes as it tleems appropriate. C. The fiscal year of the Authority shall be the same as the fiscal year of the City of Prior Lake. 11. Powers. A. The Authority may exercise all of the powers contained in the Enabling Act and the Enabling Resolution. B. The Authority may exercise all of the powers contained in the Housing Act. C. The Authority may exercise all of the powers of an Agency contained in the Development Act. D. The Authority may exercise all of the powers of a redevelopment agency contained in the Industrial Bond Act. E. The Authority may exercise all of the powers of a city contained in the Housing Finance Act, provided it has been authorizetl to do so by ordinance of the City Council pursuant to Section 462C.02, Subdivision 6 of the Housing Financing Act. F. The Authority may exercise all of the powers of an authority contained in the Tax Increment Act. G. The Authority may exercise such powers as may be contained in other laws applicable to economic development authonties or housing and redevelopment authorities not specifically described herein. H. The Authority may appoint subcommittees as it deems necessary to carry out its other powers and duties. All subcommittees shall comply with the Minnesota Open Meeting Law. 12. Limit of Powers. A. The sale of all bonds issued by the Authonty must be approved by the City Council before issuance. B. The ability of the Authority to participate as a limited partner in a development project must have prior approval of the City Council. 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 Authority must submit its bylaws, administrative structure and management practices to the City Council for approval. E. The Authonty may exercise tax increment financing authority powers only with the prior approval of the City Council. PASSED AND ADOPTED THIS 11T" DAY OF FEBRUARY, 2013. YES NO Hedber Hedber Keene Keene Souku Souku Morton Morton McGuire McGuire Frank Boyles, City Manager 4 � uc� i� O � PRlp� / � � � s � � r'►ew..P,o2 v's u �, 4646 Dakota Street SE � Prior Lake, MN 55372 — - - RESOLUTION 13-xxx A RESOLUTION AMENDING RESOLUTIONS 10-097, 00-119, 96-99 AND 89-17 WHICH ESTABLISHED THE PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY PURSUANT TO THE PROVISIONS OF MINNESOTA STATUTES, CHAPTER 469 Motion By: Second By: WHEREAS, The Minnesota State Legislature has enacted Minnesota Statues, Sections 469.090 to 469.108 authorizing any statutory or home rule charter city to establish an economic development authority having the powers contained in the Enabling Act antl a housing and redevelopment authority established under Minnesota Statutes, Sections 469.001 to 469.047 or other law, and a city under Minnesota Statutes, Sections 469.124 to 469.134 or other law; and WHEREAS, In 1989, the City Council of Prior Lake established such an economic development authority by adoption of Enabling Resolution 89-17; and thereafter amended the Enabling Resolution in 1996 by adoption of Resolution 96-99, in 2000 by adoption of Resolution 00-119 and in 2010 by adoption of Resolution 10-097; and WHEREAS, The City Council desires to further amend the Enabling Resolution; and WHEREAS, This Enabling Resolution defines the relationship between the Economic Development Authority and the City Council; and WHEREAS, It is intended that this resolution may be amended from time to time as required to further define or redefine the respective roles of the Economic Development Authority and the City Council regarding development and redevelopment within the City; and WHEREAS, This resolution and the actions taken hereunder provide for the City Council to establish broad policies for public assisted development within the City and delegate that the implementation of such policies will be the responsibility of the Economic Development Authority; and WHEREAS, The City Council believes that adoption of this resolution antl the creation of an economic development authority will result in a conscientious and coordinated effort to encourage antl precipitate future development within the City so as to increase the tax base, promote employment and enhance the health, safety and welfare of city residents; and WHEREAS, The City has complied with the statutory requirements set out in the Enabling Act pertaining to making a change in the composition of the Economic Development Authority; to wit: (1) legal notice of the time and date of the public hearing was duly published and mailed in accordance with State Statute and City; and (2) the City Council contlucted a public hearing on February 11, 2013 to provide an opportunity for those interested in this amendment to the Enabling Resolution to express their views. NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows: 1. The recitals set forth above are incorporated herein. 2. Establishment. There is hereby created in the City an Economic Development Authority which, subject to the provisions of this Enabling Resolution, shall have all of the powers, duties and responsibilities of any economic development authority created pursuant to the Enabling Act, or other law, a housing and redevelopment authority created pursuant to the Housing Act, or other law and which shall constitute an "Agency" pursuant to the Development Act. It shall be the role and responsibility of such economic development authority to carry out economic, housing and industrial development and redevelopment within the City in accordance with such general policies as may from time to time be established by the City Council. 3. Definitions. A. "Authority" means the Prior Lake Economic Development Authority. B. "City" means the City of Prior Lake, Minnesota. C. "Council" means the duly elected goveming body of the city. D. "Enabling Act" means Minnesota Statutes, Sections 469.090 to 469.108, authorizing the City of Prior Lake to create an economic development authority. E. "Enabling Resolution" means this resolution of the Council establishing the Prior Lake Economic Development Authority pursuant to the Enabling Act. F. "The Development AcY' means the City Development Districts, Minnesota Statutes, Sections 469.124 to 469.134. G. "Federal Tax Law" as defined in Section 474A.02, Subdivision 8 and as may from time to time be defined in other state laws. H. "The Housing Act" means Municipal Housing and Redevelopment Authorities, Minnesota Statutes, Sections 469.001 to 469.047. I. "The Housing Bond Act" means the Municipal Housing Program Act, Minnesota Statutes, Chapter 462C. J. "Industrial Bond AcY' means the Municipal Industrial Development Act, Minnesota Statutes, Sections 469.152 to 469.165. K. "Project Area Plan" means an outline for the development or redevelopment of a geographic area of Authority concentration which contains a statement of objectives for improvement of the area as well as a description of public facilities to be constructed, and estimated schedule of the open space to be created, the environmental controls to be applied, the property to be publicly acquired and the condition under which the Authority shall exercise the right of eminent domain, if any, the proposed reuse of private property and the general standards of development. Said plan shall be sufficiently complete to constitute a"development program" pursuant to Section 469.125, Subdivision 3 of the Development Act and a"redevelopment plan" pursuant to Section 469.002, Subdivision 16 of the Housing Act. L. "Project Budget" means a financial budget containing the sources and uses of public funds to be expended in carrying out the public costs associated with a Project Plan or Project Area Plan. In the event any or all such public costs are to be paid with tax increment, the Project Budget shall constitute a"tax increment financing plan" as described in Section 469.175 of the Tax Increment Act. M. "Project Plan" means a description of the development or redevelopment of property, including an estimated schedule, the property to be publicly acquired and the condition under which the Authority will exercise its right of eminent domain, if any, description of the public facilities to be constructed, and the proposed reuse of private property. N. "Tax Increment Act" means Tax Increment Financing, Minnesota Statutes, Sections 469.174 to 469.179. 4. Legal Status. The Authority shall be a public body politic and corporate and a political subdivision of the State of Minnesota. It shall not be considered a department of the City nor shall the City be liable for its obligations, unless assumed by the City in writing. Its relationship to the Council and Mayor shall be govemed by the Enabling Act, this Enabling Resolution and the various statutes under which it operates, including the Enabling Act, the Housing Act, the Development Act, the Industrial Bond Act, the Housing Bond Act and the Tax Increment Act; provided, that in the event there is a conflict between the terms of this Enabling Resolution and any such statute, the statute shall control;; provided further, that a statute granting authonty shall not be deemetl to be in conflict with a statute that grants less or no such authority. 2 5. Name. The economic development authority created by the Enabling Act and this Enabling Resolution shall be known legally as the Prior Lake Economic Development Authority (EDA) or "Authority." 6. Goveming Body. The governing body ("board") of the Authority shall be vested in a five (5) member board, a majority of whom shall constitute a quorum for all purposes. A. The goveming board of the Authority shall be made up of five (5) members. Two (2) of the members shall be appointed from the City Council and the remaining three (3) members shall be appointed from among individuals who either live in the City or who own a controlling interest in a business located within the City ("community members"). B. The Mayor shall appoint the Authority commissioners with the approval of the City Council. C. Terms of office, removal and filling vacancies shall be set out in the EDA Bylaws. D. The Authority shall establish bylaws, with the approval of the City Council, to govem the operation of the Authority. E. The conduct and actions of EDA commissioners shall be govemed by a Code of Conduct and Ethics and Conflict of Interest provisions set out in the EDA Bylaws. 7. Officers of the Authority. The commissioners of the Authority shall elect officers as provided in Section 469.096 of the Enabling Act. The City Manager shall be Executive Director to the Authority. 8. Authority Staff. A. The Authonty shall be empowered to hire such employees, agents and consultants as deemed proper and as further provided by the Enabling Act. Such employees, agents and consultants shall assist the commission in performing the following powers and duties: 1. To see that all resolutions, rules, regulations, or orders of the Authority are enforced. 2. To appoint and remove upon the basis of inerit and fitness, all subordinate officers and regular employees of the Authority. 3. To present to the Authority plans, studies and reports prepared for Authority purposes and recommend to the commissioners for adoption such measures as deemed necessary to enforce or carry out the powers and duties of the Authority or the efficient administration of the affairs of the Authority. 4. To recommend for adoption such rules and regulations as deemed necessary for the efficient operation of the Authority's functions. 5. To perform such other duties as may be prescribed by the Authority. 6. The City Attomey shall serve as counsel to the EDA. 9. Reports. A. At least once annually, the Authority shall submit a report to the members of the City Council and public regarding the operational status of the Authority. Such report shall comply with Minnesota statutes Section 469.100, Subdivision 4 and shall include a description of current and proposed projects as well as general development goals for the city. B. The Authority shall be responsible for all filings and reports required by the various statutes under which it operates. Copies of all such reports shall be provided to the City Council and Mayor and shall be available to members of the public unless classified as pnvate or non-public under the Minnesota Data Practices Act or classified as private or non-public by a state of federal statute classifying the data as private or non- public. 10. Account, Budget and Fiscal Year. A. The accounting, maintenance of books and records, establishment and maintenance of funds and accounts, investment of cash surpluses, disbursement of monies and other necessary financial matters of the Authority shall be the responsibility of the Authority Treasurer. The Authority accounting, investment, fund maintenance and disbursement shall be consistent with City procedures. B. On or before July 30 of each year the Authority shall submit its annual budget to the City Manager in a form prescribed by the City Manager. Such budget shall include a detailed written estimate of the amount of money that the Authority expects to need from the City for Authority business during the next fiscal year and shall otherwise comply with Minnesota Statute Section 469.100, Subdivision 1 of the Enabling Act. The City Council may impose such conditions as it deems appropriate and prudent upon the issuance of obligations 3 by the City for the purpose of funding the Authority's budget. The City Manager, in consultation with the Ciry Finance Director shall review and consider including the proposed Authority budget as a part of the City budgetary process. The Authority shall appear before the City Council to explain and discuss the content of the proposed Authority budget. Upon approval of such budget, the Authority shall not exceed total budgeted expenditures without approval of corresponding budget amendments by the Ciry Council; provided, however, that this provision shall not preclude the Authoriry from unilaterally making line-item changes as it deems appropriate. C. The fiscal year of the Authority shall be the same as the fiscal year of the City of Prior Lake. 11. Powers. A. The Authority may exercise all of the powers contained in the Enabling Act and the Enabling Resolution. B. The Authority may exercise all of the powers contained in the Housing Act. C. The Authority may exercise all of the powers of an Agency contained in the Development Act. D. The Authority may exercise all of the powers of a redevelopment agency contained in the Industrial Bond Act. E. The Authority may exercise all of the powers of a city contained in the Housing Finance Act, provided it has been authorized to do so by ordinance of the City Council pursuant to Section 462C.02, Subdivision 6 of the Housing Financing Act. F. The Authority may exercise all of the powers of an authority contained in the Tax Increment Act. G. The Authority may exercise such powers as may be contained in other laws applicable to economic development authorities or housing and redevelopment authorities not specifically described herein. H. The Authority may appoint subcommittees as it deems necessary to carry out its other powers and duties. All subcommittees shall comply with the Minnesota Open Meeting Law. 12. Limit of Powers. A. The sale of all bonds issued by the Authority must be approved by the City Council before issuance. B. The ability of the Authority to participate as a limited partner in a development project must have prior approval of the City Council. 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 Authority must submit its bylaws, administrative structure and management practices to the City Council for approval. , E. The Authority may exercise tax increment financing authonry powers only with the prior approval of the City Council. PASSED AND ADOPTED THIS 11T" DAY OF FEBRUARY, 2013. YES NO Hedber Hedber Keene Keene Souku Souku Morton Morton McGuire McGuire Frank Boyles, City Manager 4