TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act regarding Resolution 25-21 to repeal, replace and approve the Bylaws of the Westlake Development Corporation, Inc. (EDC 4B) and to resolve related matters. (Town Manager Wade Carroll)
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STAFF: Town Manager Wade Carroll
SUMMARY:
The Westlake Development Corporation, Inc. (EDC 4B) and the ½ cent sales tax designated for qualified EDC 4B projects was approved by voters in an election held in 1995. A Certificate of Incorporation was approved by the Secretary of State on July 7, 1995.
In anticipation of the Westlake Development Corporation, Inc. resuming activity, a review of the records for the Board was conducted. Minutes for the EDC 4B indicate that the Board was active between 1996 and 2003 and that they approved bylaws on January 8, 1996. After an extensive search by staff, it has been determined that the Town does not have a copy of the approved bylaws. Therefore, the resolution before you is for consideration to repeal and replace any existing EDC 4B bylaws with the attached bylaws that have been prepared by staff and reviewed by legal counsel. The bylaws will also be presented to the Westlake Development Corporation, Inc. Board for ratification of approval at their next meeting (schedule pending).
STAFF RECOMMENDATION:
The Town Attorney has reviewed and approved the EDC bylaws. Staff recommends Town Council approve Resolution 25-21 as presented.
ATTACHMENT(S):
Resolution 25-21
Proposed Westlake Development Corporation, Inc.(EDC 4B) Bylaws
TOWN COUNCIL ACTION/OPTIONS:
1) Motion to approve
2) Motion to amend with the following stipulations (please state stipulations in motion)
3) Motion to table
4) Motion to deny