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ARDEN HILLS EDA MEETING APRIL 29, 2013 4 <br />Community Development Intern Bachler <br /> explained that in January of 1997 the Council <br />authorized the City Administrator to execute an MIF loan agreement with Cardiac Pacemakers, Inc. <br />(CPI). A $100,000 portion of the state financing was in the form of a low-interest loan that was <br />repaid to the City. This loan had a five-year term at 3% interest rate. The proposed use for the <br />funds was a 47,000 square foot expansion project to enhance research and development programs at <br />CPI. The company estimated an additional 200 high-skill jobs would be created as a direct result of <br />the investment. Prior to dispersing the MIF grant, the State required Arden Hills to adopt guidelines <br />for the revolving loan fund. The regulations were designed to set parameters on the use of funds to <br /> guidelines were approved <br />by the EDA (August 25, 1997) and City Council (May 26, 1998). <br />Community Development Intern Bachler <br /> indicated the CPI loan was fully repaid to the City as of <br />December 31, 2003. The current balance of the revolving loan fund is $154,969 as of December 31, <br />2012. Staff requested the EDA review the revolving loan guidelines and provide staff with <br />comments. The Minnesota Department of Employment & Economic Development (DEED) <br />recommends that, at a minimum, the revolving loan fund guidelines be updated to reference the <br />State Business Subsidy Law. DEED will need to review and approve any changes to the revolving <br />Community Development Intern Bachler <br />loan fund guidelines. noted this item would be <br />discussed further at a future work session meeting. <br /> <br />C. EDA General Fund Budget Discussion <br />Secretary Klaers <br /> noted the EDA budget information was provided to the Commission for review <br />and that discussion on EDA budget items and issues can take place at the next EDA meeting. <br />6. EDA COMMISSIONER COMMENTS <br />None. <br />7. STAFF COMMENTS <br />None. <br />8. ADJOURN <br />MOTION: President Grant moved and Commissioner Holmes seconded a motion to <br />adjourn the Economic Development Authority meeting. The motion carried <br />unanimously (5-0). <br />President Grant <br /> adjourned the Economic Development Authority meeting at 6:59 p.m. <br />__________________________ __________________________ <br />Patrick Klaers David Grant <br />Secretary EDA President <br />