Loading...
HomeMy WebLinkAboutNovember 16, 1998 7 PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY MEETING Monday, November 16, 1998 5:30 p.m. Fire Station City Council Chambers 1. Call to Order 2. Pledge of Allegiance 3. Approval of Minutes - October 19, 1998 4. Consent Agenda 5. Presentations a) John Mesenbrink and Larry Gensmer - Deerfield Industrial Park Status Report. 6. Public Hearings 7. Old Business a) Review Proposals Received to Prepare Downtown Redevelopment Plan. 8. New Business a) Consider potential lot split in Waterfront Passage Business Office Park. 9. Other Business a) Review 1998/99 EDA Goals and Objectives b) Review EDA Bylaws 10. Announcements or Correspondence a) Reminder: November 17, 1998 - Business Retention Workshop 3:00 p.m. to 5:00 p.m. Council Chambers at the Fire Station 11. Adjournment, 7:00 p.m. L:\98FILES\98EDA \EDAAGEND\ED I I 1698.DOC 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER ECONOMIC DEVELOPMENT AUTHORITY MINUTES Monday, October 19, 1998 5:30 p.m. I. Call to Order: Present were: President Barsness, Commissioners Kedrowski, Schenck, and Underferth, Executive Director Boyles, City Attorney Brokl, Planning Director Rye, Planning Coordinator Kansier, Planner Tovar, Assistant City Manager Woodson, Recording Secretary Oden. II. Pledge of Allegiance: President Barsness led the Pledge of Allegiance and welcomed everyone to the meeting. III. Approval of Minutes - September 21, 1998 MOTION BY KEDROWSKI SECOND BY SCHENCK TO APPROVE THE MINUTES OF THE SEPTEMBER 21, 1998 EDA MEETING. Upon a vote, ayes by Barsness, Kedrowski, Schenck, and Underferth, the motion carried. IV. Consent Agenda: A. None. V. Presentations: A. None. VI. Public Hearings: A. None. VII. Old Business: A. Request for Proposals for Redevelopment Plan Boyles: This RFP focuses on work products: Master Plan, Implementation Strategy, Financial Analysis, Development Timeline, Promotional Marketing Tools. Staffis seeking direction on the RFP, and approval so we can send it out. Proposals will be due by November 20. Kedrowski: What market base will we be sending this to? I:\TEMP\CITYCOUN\EDA\EDIOI998.DOC 1 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER Boyles: He is familiar with two firms, Ellerbe Becket and Lotus. The firms should be local and familiar with the area. Kedrowski: Are these architectural firms? Bovles: Not exclusively. Guenette: There are several firms in the area. They are Planning and Design firms. Suggest shortening deadline to a week earlier. Firms should be able to respond in two or three weeks. He can supply some additional firm names. Barsness: It would be good to have an analysis before the November 16th meeting, and have a brief review at the meeting. Boyles: In order to provide a good analysis, the staff needs sufficient time. Schenck: Suggested a special meeting or workshop on the last Monday of the month in November. Barsness: Executive Director Boyles should determine the deadline. His only concern was the implementation strategy, "less than five years" should perhaps be "less than three years". ' Guenette: Not a concern so much as number two, identification of key projects and locations. Bovles: The implementation strategy includes the plans for immediate (less than a year), short term (two to five years), and long term (five plus). Wanted them to identify the most urgent things, projects which will keep the ball rolling. Barsness: Likes 12 months. 1-3, or can identify in #2 without providing a certain number. Guenette: Wants something to happen in the short term which will signal that the process is underway. Barsness: In the financial analysis, HRA, part ofproject, specifically should be on the list as a contact. Kedrowski: Will it include Shakopee HRA? Barsness: When the proposals come back. Boyles: Is there a benefit in incorporating a multi-family project as part of the research? Guenette: With feedback from developers and Planning Design firms, there should be increased density, and housing components of some kind. To put that in the RFP would help identify it as a goal. The first project will likely include a housing component. MOTION BY KEDROWSKI, SECOND BY UNDERFERTH TO APPROVE THE REQUEST FOR PROPOSAL WITH THE CHANGES DISCUSSED. 1:\ TEMP\CITYCOUN\EDA \ED I 01998.DOC 2 Upon a vote, ayes by Barsness, Kedrowski, Schenck, and Underferth, the motion carried. B. Vacant Lot Inventory Bovles: Refinements to the inventory include a total land inventory for commercial zoning and utilities, graphics legend, identification of various properties, and whether sewer and water are available. Kedrowski: Who is this inventory available to besides us? Boyles: It is a public document. Kedrowski: The Scott County EDA should have a copy. Perhaps it should be sent to developers and Realtors. Boyles: Staff can provide the information to the Chamber, developers and Realtors. Comments from Commissioners: Barsness: The City has parcels, the "parking lot" downtown, should possibly be included. Kedrowski: The City is the majority property owner downtown. Schenck: Parking will need to be provided. Barsness: Wait until we go through the redevelopment proposals. Underferth: We will need to get this to whomever develops a marketing plan downtown. Kedrowski: Is there a list of property owners in the RFP? Boyles: Yes. VIII. New Business: A. None. IX. Other Business A. Review 1998-1999 EDA Goals and Objectives Bovles: Reviewed the 1998-1999 Objectives. Kedrowski: Streetscape and improvement project? First should be the downtown redevelopment. 1:\ TEMP\CITYCOUN\EDA \ED I 01998.DOC 3 Boyles: The goals are only addressing 1998-1999. Underferth: Concerned that streetscape public improvement project for downtown redevelopment project cannot be completed within a one year time frame. He wonders whether it should be modified. Guenette: Depending on the outcome of the redevelopment plan, some things mayor may not be underway during this year. Boyles: The first step of the redevelopment goal (complete downtown redevelopment report) is done. Barsness: Recommends removing the three other bullets. Take out everything and leave in the downtown redevelopment plan. Boyles: Reviewed the remaining goals. Inventory of existing commercial and industrial properties has been completed. Kedrowski: What is the relationship between housing and commercial? Guenette: The Met Council has studied labor force issues. Kedrowski: We should perhaps consider the transportation issue. What about the future ring road? Guenette: A bigger concern is the availability of land for industrial development. Kansier: The alignment needs to be approved. The official map of the ringroad will be considered in December at the earliest by the Planning Commission. Barsness: What about the properties in agricultural preserve; when they come out, where will they be on the list? Rve: With agricultural preserve, there is a time frame. Properties will be out in three years. Until then they are not an option for development. Green Acres establishes a 10% reduction in market value as long as it meets the criteria for use. Barsness: Redevelopment is the primary goal. What else in the interim? Underferth: Ifwe look these over, some of the secondary goals could be touched upon in the marketing plan. Concerned about Deerfield, and what is going to happen there. Barsness: What is the status on that? Boyles: There has been no progress as of yet. Rve: Their last request was City participation in extending Adelmann to the northern boundary. I:\TEMP\CITYCOUN\EDA \ED! 01998,DOC 4 Underferth: Looking at Priordale Mall as a secondary objective, he understands it is fairly fun, with low rents. Should the EDAjust let this goal go? Guenette: Have not talked with the owners recently. Their redevelopment has not gone anywhere. The occupancy is up. They are not getting the rental rates they want. It is not realistic to consider it a priority. Barsness: The Priordale issue can wait until the ring road is resolved. Bovles: The Park Nicollet six acres should be considered as well. Guenette: Talked with Frauenshuh, they want to sell the property. Most likely a sale would be for residential uses. Sight lines and visibility are not that conducive to significant commercial development of the site. It would fragment our efforts if we try to do both this and redevelopment of downtown. Barsness: Is it appropriate for housing? If they are not getting access to other properties, it will never be appropriate for large commercial. Guenette: Not sure. Once the debt is paid off, it could be good to have the six acres for expansive commercial retail. Barsness: Is the towing shop for sale? Guenette: It would be something the City would not have to deal with later. He could negotiate a sale. Bovles: The area needs to be cleaned up. Rve: The asking price is $190K. There is a provision limiting liability in the Super Fund Statutes. B. Scheduling Business Retention Workshop Bovles: UMN Extension is offering 3 Dates for the workshop. The potential dates are Tuesdays November 10th, 17, or 24th. 3:00 p.m. - 5:00 p.m. Barsness: 17th will work . The EDA concurred. X. Announcements or Correspondence Purchase Agreement Guenette: There is an amendment to the purchase agreement between EDA and H & S Investments, which would provide a schedule for payments based upon the actual closing date rather than the originally projected date. MOTION BY KEDROWSKI SECOND BY UNDERFERTH TO ADOPT AN AMENDMENT TO THE PURCHASE AGREEMENT AMENDING THE SCHEDULE OF PAYMENTS. I:\TEMP\CITYCOUN\EDA \EDl 01998.DOC 5 Underferth: Asked for a clarification of the new schedule. ~, Guenette: This will delay the payment schedule for six months. Did not close on property until this Thursday. Upon a vote, ayes by Barsness, Kedrowski, Schenck, and Underferth, the motion carried. A. EDA Vacancy Boyles: Have received four applications and will begin the interview process soon with a representative from the EDA, the Mayor, Councilmember, self, and Planning Director Rye. Guenette: In contact with a developer regarding the multi-housing project proposed for downtown. It is apparent that it would not cash flow well. But the petitioner has secured additional equity partners suggesting he is seriously interested in the project. The site is just under three acres, there are soils issues and with the number of units, they abandoned looking at that project around downtown. Roger wants EDA authorization to expand the scope ofthe housing analysis so the City can work with the developer in hopes he will actually proceed with the project. Barsness: If they have an interest now, why wouldn't you continue to work with them? Guenette: They will need to make assumptions on where they will locate the project. This developer would be in the forefront before the RFP comes in. Underferth: Would encourage that. There are only a few places that a housing component could be in downtown. It would not be that difficult to work around. Rye: For the record, the City has not provided TIF assistance for housing projects. Guenette: There will be costs to them for land acquisition, demolition, and relocation. The EDA will likely have to wrestle with this issue. XI. ADJOURN MOTION BY KEDROWSKI SECOND BY UNDERFERTH TO ADJOURN. Upon a vote, ayes by Barsness, Kedrowski, Schenck, and Underferth, the motion carried. Recording Secretary I:\TEMP\CITYCOUN\EDA \EDl 01 998.DOC 6 OMIC DEVELOPMENT AUTHORITY AGENDA REPORT '(" '"P' ~ r:, MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: DISCUSSION: ALTERNATIVES: NOVEMBER 16, 1998 8A DONALD RYE, PLANNING DIRECTOR CONSIDER POTENTIAL LOT SPLIT IN WATERFRONT PASSAGE BUSINESS OFFICE PARK Presently, the EDA has one parcel remaining in the Business Office Park which is available for development. This is the 4.5 acre parcel on the south side of Cottonwood Lane. Roger Guenette has had conversations with two potential buyers, but neither has indicated a need for the entire parcel.. Consequently, Roger has raised the question whether the EDA would be interested in splitting the parcel into two ' lots and selling one to each prospective user. Staff has some concerns about doing this. The present parcel is oddly shaped and, although the wetland mitigation proposed for the site will improve this to some extent, the parcel will be atypical compared to most other industrial lots, both in the Business Park and elsewhere. Splitting the parcel will result in two long and narrow lots which are not optimal in terms of maximizing the future use of the lots. The result may be a decrease in the long-term value of the parcels, both to the owners and the City. The attached diagram shows the potential configuration of the 4.5 acre lot after wetland mitigation is accomplished and the dotted line down the middle of the parcel shows the potential division of the site into two parcels. On the other hand, splitting the parcels may enable the two parcels to be sold and the Business Park project to be closed out. The issue is whether the short term advantages of splitting the lots outweigh the long term disadvantages. Staff does not believe that splitting the lots is in the best interests ofthe City. 1. Direct Roger Guenette to pursue the sale of two parcels and direct staff to institute an administrative lot split to create the two parcels. 2. Direct Roger Guenette to continue to pursue the sale of the entire parcel to one buyer. 1620Q)gFJ9iJS\~~~~D\Rni@gU\OOcMinnesota 1)5372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER RECOMMENDED MOTION:' REVIEWED BY: Alternative 2 Frank Boyles, Executive Secretary L:\98FILES\98EDA \EDAAGEND\1116988A.DOC 2 OU(jY .,0' " ,,,p .; (" , '\ \.,~..... SJr 'e'" 'Iy <-// I' ""Jr . C' /.' . 1\10 I/}~ 0 ' '::J , . I,>"'I"~ I, t"", 19(;;. 110." (~ '::J I Qb ' I Qo}o: t;:) q,C!'Q' , I .. \ CI'l" l....,..'1 So ~cQ"" 'I D , , ~os '41'M / " <!" ."" c?'>e O.t', ~.rClt> '?:rf!i II' Cj "~Q "c?,_ S~ ~ QJ':' ~"I __ ~-9 I" o.--/)} ~Iy I",;l!' 18~$ .~ l~ l!...- NB9"49'/S"W -- OUTLC .1&1 : . 81~ .00 ....- ..." .8 ;. L~/MO~ I~ 2 ~\ l III' (\I III ~:E2.-~ ;i: ~ J..', ~ S '/.. COItNER OF ,,''''-22 "D teOTT CO. liON . __ - /97/. 7B --. NB902S' 39//\ South line of the Sf//4 of , .it II ley Surveying Co., P A . ECONOMIC DEVELOPMENT AUTHORITY PRIOR LAKE, MINNESOTA MISSION STATEMENT PROMOTE THE BUSINESS ASSETS OF PRIOR LAKE AND FACILITATE A DIVERSIFIED TAX BASE. 1998 -1999 GOALS Develop a proactive strategy for future economic development activities which will build on the efforts to date and further enhance the City's reputation as a place to do business. Continue to explore redevelopment opportunities in the Downtown area. . Receive approval of the improvements outlined in the Downtown Redevelopment Task Force Report. (completed) . Prepare a Downtown Redevelopment Plan, including appraisals, marketing and funding alternatives, and initiate the implementation of this plan, including marketing and the streetscape public improvements. . Support private as well as public redevelopment plans in the Downtown area. Develop a plan to capitalize on traffic generated by Shakopee Mdewakanton Dakota Community and The Wilds. . Revise and advertise the improved access to Prior Lake from 1-35 via CSAH 42 to 1-35 via CSAH 21, bringing traffic through downtown Prior Lake. (completed) . Develop promotional materials cooperatively and create a dialogue with the Mystic Lake Casino and The Wilds Golf Course. Expand Business Office Park . Review EDA Tax Increment Policy to assure that it applies to the Deerfield expansion of the Business Park. . Install signage at Adelmann Street and Fish Point Road which identifies the Business Park (completed) . Advertise the exceptional access to the Business Park from 1-35 and CSAH 21. (completed) Inventory and review existing commercial and industrial properties and develop a position on development possibilities . Develop a recommendation on extension of utilities to old industrial park . Explore the relationship between housing availability and business development . Continue to maintain and update the list of vacant property currently zoned for commercial and industrial development (completed) . Identify potential commercial and industrial properties currently under Green Acres or Agricultural Preserve provisions (completed) 16200 E~gl~net~~~\~~~a~:~~!~f3iLake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER Explore redevelopment opportunities for the Priordale MalllPark Nicollet site to facilitate expeditious redevelopment/development. · Work with private sector developers to complete the Ring Road from Franklin Trail to Tower Street. · Work to identify specific properties in the Priordale Mall area for redevelopment! development. Revised October 19, 1998 1:\econdev\eda\edagoals\goals99.doc 2 OMIC DEVELOPMENT AUTHORITY AGENDA REPORT ~ " ~ tfJ MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: DISCUSSION: AL TERNATIVES: RECOMMENDED MOTION: REVIEWED BY: NOVEMBER 16, 1998 9B DONALD RYE, PLANNING DIRECTOR CONSIDER REVIEW OF BYLAWS AND RECOMMENDED CHANGES Each year, each board and advisory committee to the City Council is asked to review its' Bylaws and to make recommendations to the Council concerning any changes the body feels would be appropriate. Attached is a copy of the EDA bylaws for your review. If there any suggestions for changes, please be prepared to discuss these at the meeting. 1. Make recommendations as determined by the EDA 2. Determiner that no changes are recommended at this time. As determined by the EDA Frank Boyles, Executive Secretary 1620fJJfiagBs\~6'ENQ\Rl1i698tBloocMinnesota 155372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER ,..:.- > ~ BYLAWS OF PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY Amended January 3, 1995 Amended January 2, 1996 Amended February 20, 1996 Amended October 21. 1996 ARTICLE ONE - NAME AND PURPOSE The Prior Lake Economic Development Authority is a public body politic and a political subdivision of the State of Minnesota. The affairs of the Authority shall include, but not be limited to, promoting the growth, development and redevelopment of commercial industrial concerns in Prior Lake. The primary purpose of the Authority is to serve as an Economic Development Authority pursuant to Minnesota Statutes, Section 469.090 to 469.108. The Authority shall be governed by all requirements of said statute, the Enabling Resolution passed by the Prior Lake City Council and any amendments to the Enabling Resolution which may be enacted by the City Council in the future. ARTICLE TWO - OFFICES AND BOUNDARIES 1. The principal office of the Authority shall be in the City Hall of the City of Prior Lake, 16200 Eagle Creek Avenue, County of Scott, State of Minnesota. 2. The Authority may also have offices at such other places as the Commissioners of the Authority may from time to time appoint, or as the business of the Authority may require. 3. The territory in which operations of the Authority are principally to be conducted consists of the City of Prior Lake in Scott County in the State of Minnesota. 4. Meetings of the Authority shall be conducted at the City Council Chambers at Fire Station 1, 16776 Fish Point Road. ARTICLE THREE - BOARD OF COMMISSIONERS 1. The management of all of the affairs, property and business of the Authority shall be vested in a five (5) member Board of Commissioners. The Board shall consist of two members of the Prior Lake City Council together with three persons with business expertise who live in the City of Prior Lake and shall be selected by the Mayor and confirmed by the City Council pursuant to Minnesota Statutes Chapter - 469.095, subdivision 2 (b). EDABYLAW.DOC -2- ~. ~;"'. ..J . I ' 2. The terms of the Commissioners shall be as set forth in the Enabling Resolution. 3. The Board of Commissioners may exercise all powers of the Authority and do all such lawful acts and things as are authorized pursuant to Minnesota State Statutes, the Enabling Resolution or pursuant to these Bylaws. 4. All vacancies in the Board of Commissioners, whether caused by resignation, termination of Councilmembers, death or otherwise, shall be filled by City Council Mayoral appointment with City Council confirmation. ARTICLE FOUR - MEETINGS 1. The Authority shall meet monthly as determined by the authority at the location set forth in Article Two, Section 4. At least seven (7) days written notice of such meetings shall be given to the Commissioners and City Council members: Meetings may be held immediately preceding, during or after the City Council meeting. Notice of a regular meeting shall comply with the requirements of the Minnesota Open Meeting Law. 2. Special meetings of the Board of Commissioners may be called at any time by the President, or, in his/her absence, by the Vice President or by any two (2) Commissioners. Notice of special meetings of the Board of Commissioners shall be given to each Commissioner and the City Council members at least three (3) days prior to the meeting via telephone, telegram, letter or personal contact and shall state the time, place and the business scheduled to come before the Authority. Notice of a special meeting shall comply with the requirements of the Minnesota Open Meeting Law. 3. Three commissioners shall constitute a quorum for the purpose of conducting business. Less than a quorum may, however, adjourn any meeting, which may be held on a subsequent date without further notice, provided a quorum be present at such deferred meeting. Commissioners are to notify the staff prior to the meeting if they are unable to attend. ARTICLE FIVE - OFFICERS 1. The officers of the Authority shall be a President, a Vice President, a Secretary and a Treasurer who shall be elected by the Board to a one year term on a calendar year basis and shall hold office until their successors are elected and qualified. The President, Vice President, and Treasurer shall be members of the Board of Commissioners. The City Manager or his designee may serve as the Secretary. 2. The President shall preside at all meetings of the Authority, shall sign or counter- sign all certificates, contracts and other instruments of the Authority as authorized -- by the Board of Commissioners, shall make reports to the Board of Commissioners, EDABYLAW.DOC - 3 - and shall perform all such other duties as are incident to the office or are properly required by the Board of Commissioners. 3. The Vice President shall exercise all the authority and fulfill all the functions of the President during any absence or disability of the President. 4. The Secretary shall issue notice for all meetings, (except that notice for special meetings called at the request of Commissioners as provided herein) shall keep minutes of all meetings, and shall make such reports and perform such other duties as are incident to the office, or are properly required by the Board of Commissioners. 5. The Treasurer shall have charge of all Authority books and shall perform all duties incident to the office which are properly required by the Board of Commissioners. 6. In the case of the absence or inability to act of any officer of the Authority and of any person herein authorized to act in his or her place, the Board of Commissioners may from time to time delegate the powers or duties of such officer to any other officer, or any Commissioner whom it may select at any regular or special meeting. 7. The salaries of Commissioners of the Authority shall be $40.00 per meeting. ARTICLE SIX - ATTENDANCE AND EXPENSES 1. Any Commissioner who is absent from three (3) consecutive duly called meetings of the Board shall be deemed to have resigned unless the absentee provides a satisfactory explanation to the President and the President so notes in the records of the Authority. 2. Commissioners and officers may be reimbursed for expenses incurred in fulfilling the duties of their office and may be reimbursed for attendance at meetings and in the performance of duties on behalf of the Authority. Schedules of reimbursable expense shall be established by the Authority from time to time. ARTICLE SEVEN - FINANCE AND ADMINISTRATION 1. The monies of the Authority shall be deposited in the name of the Authority in such bank or banks as the Board of Commissioners shall designate, and shall be drawn out only by check signed by persons designated by resolution by the Board of Commissioners. 2. The fiscal year of the Authority shall be the same as the fiscal year of the City of Prior Lake. EDABYLAW.OOC -4- ~ ~,:. ~ ~:, . 3. The nature, number and qualification of the staff required by the Authority to conduct its business according to these Bylaws shall be annually determined by the Board of Commissioners. Any agreement shall set forth in reasonable detail the nature of the Authority services to be performed, the cost basis for such services and the payment to be made by the Authority. 4. The books and records of the Authority shall be kept at the Authority office in the City of Prior Lake, Minnesota. ARTICLE EIGHT - POWERS . 1. The Authority may exercise all of the powers contained in the Enabling Act, Minnesota Statutes, Sections 469.090 to 469.108. 2. The Authority may exercise all of the powers contained in the Housing Act, Minnesota Statutes, Sections 469.001 to 469.047. 3. The Authority may exercise all of the powers of an Agency contained in the Development Act, Minnesota Statutes, Sections 469.124 to 469.134. 4. The Authority may exercise all of the powers of a redevelopment agency contained in the Industrial Bond Act, Minnesota Statutes, Sections 469.152 to 469.165. 5. The Authority may exercise all of the powers of a city contained in the Housing Finance Act, provided authorized to do so by ordinance of the Council pursuant to Section 462C.02, Subdivision of 6 of the Housing Financing Act. 6. The Authority may exercise all of the powers of an Authority contained in the Tax Increment Act, Minnesota Statutes, Section 469.174 to 469.179. 7. 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. ARTICLE NINE - LIMITATION OF POWERS 1. The Authority shall not issue any bonds without the prior approval by the City Council. 2. The Authority shall not participate as a limited partner in a development project without the prior approval of the City Council. 3. All official actions of the Authority must be consistent with the adopted Comprehensive Plan of the City and with any official controls adopted by the City Council to implement the Comprehensive Plan. EDABYLA w.ooc -5- ... 4. The Authority must submit a comprehensive description of its administrative structure, management practices and bylaws, to the City Council for approval. ARTICLE TEN - ANNUAL REPORT AND BUDGET 1. The Authority shall prepare an annual report describing its activities and providing an accurate statement of its financial condition. The annual report shall be prepared and submitted to the City Council by March 1 each year. 2. The Authority shall prepare an annual budget projecting anticipated expenses and sources of revenue. The annual budget shall be prepared and submitted fo the City Manager of the City of Prior Lake by September 1 each year. 3. The financial statements of the Authority must be prepared, audited, filed and published in the manner required for the financial statements of the City of Prior Lake. The financial statement must be filed with the state auditor by June 30 of each year. ARTICLE ELEVEN - NOTICES 1. Whenever the provisions of an applicable statute or these Bylaws require notice to be given to any Commissioner or officer, the provisions shall not be construed to mean personal notice unless explicitly stated; such notice may be given in writing by U.S. Mail, in a postage-paid, sealed wrapper, addressed to the Commissioner or officer at his or her address as appears in the books of the Authority, and the time when the notice is mailed shall be deemed to be the time of the giving of such notice. 2. In the case of special meetings, the presence of any member of the commission at a special meeting shall constitute a waiver of any formal notice of the meeting unless the commissioner attends for the specific purpose of objecting to the holding of such meeting. ARTICLE TWELVE - STAFF 1. The City Manager, who shall act as Executive Director to the Authority, shall utilize City staff as needed for carrying out the purposes of the Authority. 2. In addition, the City Manager as specified and directed by the Board of Commissioners may retain such additional professional assistance as may be necessary to ensure the proper and efficient operation of the Authority. ARTICLE THIRTEEN - SEAL EDABYLAW.DOC - 6- 1. The official seal of the Authority shall be the same as the official seal of the City of Prior Lake. ARTICLE FOURTEEN - INDEMNIFICATION 1. The Authority shall have the power to indemnify any persons, whether officers, Commissioners, employees, agents or other persons acting for or on behalf of the Authority in respect to any and all matters or actions for which indemnification is permitted by the laws of the State of Minnesota, including, without limitation, liability for expenses incurred in defending against actions commenced or threatened.. 2. In the discretion of the Commissioners, the Authority may purchase and maintain insurance against claims arising out of events and made or threatened against persons described in Section 1 above, whether or not the Authority has the power to indemnify such person under the laws of the State of Minnesota. ARTICLE FIFTEEN - AMENDMENT OF BYLAWS 1. Alterations, amendments or repeal of the Bylaws may be recommended to the City Council by a majority vote of the Commissioners entitled to vote at any meeting, if the notice of such meeting contains a statement of the proposed alteration, amendment or repeal. Notice of any alteration, amendment or repeal of the Bylaws shall be given in writing to each Commissioner at least ten (10) days prior to the meeting at which said proposed alteration, amendment or repeal shall be considered. ARTICLE SIXTEEN - MISCELLANEOUS 1. All meetings of the Authority shall be governed by City Council Bylaws. 2. Commissioners of the Authority shall conform to a conflict of interest policy as set forth in the City Council Bylaws which shall be applicable to all actions to be taken by the Commissioners or officers. ARTICLE SEVENTEEN - CODE OF CONDUCT 1. Commissioners will adhere to the following: a) A Commissioners opinions pertaining to a function, organization or specific application or issue shall not be given to the public or media unless there is a clear qualification that the opinion is that of the member and not the official opinion of the Authority or the City, If a Commissioner gives or represents the opinions of the EDA, he/she shall do so only after -.. receiving the official direction from the EDA. EDABYLAWDOC -7- '"'" b) c) EDABYLAW.DOC ... The conduct of Commissioners shall reflect positively upon the EDA, individual member and city. Commissioners shall avoid any actual or apparent impropriety. - 8 -