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ARDEN HILLS ECONOMIC DEVELOPMENT A ITHORITY - AUGUST 25. 1997 3 <br /> Mr. Ringwald stated that, due to the existing companies already established in Arden Hills, and <br /> their other available resources, this philosophy would not be applicable to Arden Hills. Mr. <br /> Ringwald stated that, from Arden Hills' standpoint, we have a wealth of corporate campuses, and <br /> want to encourage their continued growth and development and continue to leverage good <br /> paying jobs within the community. <br /> President Probst requested clarification that the minimum ratio of funds is 2:1; with the intention <br /> being a minimum of$2.00 for every $1.00 of loan money. Mr. Ringwald stated that was correct. <br /> President Probst inquired if the guidelines could be modified if and when it became necessary. <br /> Mr. Ringwald stated they could be, as the Tycom and MSL loan terms will be more long-term, <br /> however the CPI loan is proposed to be repaid over a shorter term, which is why these guidelines <br /> need to be established in the immediate future. <br /> President Probst suggested using these funds in the Lexington Avenue - Gray Fox Road area, <br /> since construction in the Gateway Business District is coming along well at this time. Mr. <br /> Ringwald stated the guidelines and philosophies can be revised as needed and in practice. <br /> Mr. Fritsinger added that D/TED would be looking for the City to provide firm guidelines for <br /> their approval, and that it was common for each city's requirements to fluctuate regarding <br /> specific community needs. <br /> Commissioner Malone inquired if the correct word in Item 11 in the Criteria section should be <br /> "can" or"can't". Mr. Ringwald stated it should be "can't" and would be corrected. <br /> President Probst inquired if action was needed to approve the guidelines at this time. Mr. <br /> Ringwald stated the EDA could approve them at this time, or continue discussion if needed. <br /> MOTION: Keim moved and Malone seconded a motion to approve the Guidelines for the <br /> Revolving Loan Fund as submitted. The motion carried unanimously (5-0). <br /> ADJOURN <br /> MOTION: Malone moved and Aplikowski seconded a motion to adjourn at 7:31 p.m. The <br /> motion carried unanimously (5-0). <br /> Dennis Probst Brian Fritsinger <br /> President Secretary-Treasurer <br />