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8. Staff Report-Farmers Market Fiscal Agent Staff Report Date of Meeting: May 11, 2015 To: Economic Development Authority From: Kristina Handt, Executive Director Re: Scandia Farmers Market Fiscal Agent Background: As you may remember from the last meeting, Pam Arnold from the Scandia Farmers Market was present to provide an update on their organization and also asked for a few things. One of those was that they are in need of a fiscal agent. She will be at the meeting to follow up on that request. Issue: Should the EDA serve as the fiscal agent for the Scandia Farmers Market? Proposal Details: According to Pam, the market is in a good financial position but recently lost their volunteer who had been willing to create an LLC and serve as fiscal agent. She told me the market only writes about 9 checks a year and that the market board members would help with bank deposits. I shared this information with the auditor and asked for feedback and requirements we would need to follow. I am still waiting for a response and hope to have it my meeting time. I also have some concerns about City/EDA staff taking on additional responsibilities when we don’t have growing resources. Even though it may be a small account we would still have some fiduciary duties/responsibilities for the fund so we couldn’t just let volunteers do all the work. Options: 1) Agree to serve as fiscal agent for the Scandia Farmers Market 2) Do not agree to serve as fiscal agent for the Scandia Farmers Market 3) Do not make a decision at this time