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ARDEN HILLS EDA MEETING—APRIL 29, 2013 4 <br /> Community Development Intern Bachler 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 /> ensure consistency with the City's economic development policies. The guidelines were approved <br /> by the EDA(August 25, 1997) and City Council (May 26, 1998). <br /> Community Development Intern Bachler 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 /> loan fund guidelines. Community Development Intern Bachler noted this item would be <br /> discussed further at a future work session meeting. <br /> C. EDA General Fund Budget Discussion <br /> Secretary Klaers 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 /> Presi nt Grant adjourned the Economic Development Au ority mee in at 6:59 p.m. <br /> Patrick Klaers David Grant <br /> Secretary EDA President <br />