HomeMy WebLinkAbout96-02 - ADMIN Resolution - Economic Development Authority - 1996/03/04Resolution EDA 96-02
RESOLUTION AUTHORIZING DISBURSEMENTS OF EDA FUNDS
BY AN AGENT OF THE AUTHORITY.
WHEREAS, the Economic Development Authority ("EDA") has acquired a
commercial property at 4820 Excelsior Boulevard in St. Louis Park (the "Property") and
has retained the services of Frauenshuh Management Company ("Property Manager") to
manage, operate and maintain the property on behalf of the EDA; and
WHEREAS, a bank account has been established for collecting the monthly rents
and paying the monthly operating expenses of property; and
WHEREAS, to efficiently operate the property, the Property Managers would be
authorized to make deposits into and disbursements from the account on behalf of the
EDA subject to the following conditions:
1. The Property Manager provides proof of insurance in an amount
necessary to cover any potential improprieties in the expenditure of
funds from the account; and
2. No single disbursement for any transaction exceed $1,000 to any
single vendor for any single claim without prior consent of the EDA.
3. The Property Manager will provide monthly financial reports which
detail the monthly operations of the property for review and approval
of the EDA.
NOW, THEREFORE, BE IT RESOLVED by the EDA that the Property
Manager be authorized to make disbursements from the EDA's bank account for the
purpose of managing, operating, and maintaining the property and that the Executive
Director of the Economic Development Authority be directed to monitor the accounting
and operating procedures of the account and the Manager.
Adopted by the EDA March 4, 1996
President aun
ATT ST:
Executive Director