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,.It <br /> ,fiI�EN HILLS <br /> Approved: October 28, 2013 <br /> CITY OF ARDEN HILLS,MINNESOTA <br /> SPECIAL ECONOMIC DEVELOPMENT AUTHORITY MEETING <br /> AUGUST 26,2013 <br /> CITY COUNCIL CHAMBERS <br /> CALL TO ORDER/ROLL CALL <br /> Pursuant to due call and notice thereof, President Grant called to order the special <br /> Economic Development Authority(EDA)meeting at 7:38 p.m. <br /> Present: EDA President David Grant; EDA Commissioners Brenda Holden, Fran <br /> Holmes, Dave McClung, and Ed Werner <br /> Absent: None <br /> Also present: Secretary Patrick Klaers; Executive Director Jill Hutmacher; Community <br /> Development Intern Matthew Bachler; and Deputy Clerk Amy Died <br /> 1. APPROVAL OF AGENDA <br /> MOTION: President Grant moved and EDA Commissioner Holmes seconded a motion <br /> to approve the meeting agenda as presented. The motion carried <br /> unanimously (5-0). <br /> 2. UNFINISHED BUSINESS <br /> A. EDA Revolving Loan Program <br /> Community Development Intern Bachler stated that the EDA Revolving Loan Fund (RLF) <br /> was discussed at two previous EDA meetings. At these meetings, general background <br /> information on the RLF was provided. Topics covered included the establishment of the RLF, <br /> the use of funds for business expansion projects, the current financial status of the RLF, and how <br /> the Minnesota Business Subsidy Law will impact the use of the RLF going forward. The RLF <br /> currently has a cash balance of approximately $155,000. <br />