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ARDEN HILLS SPECIAL EDA MEETING—AUGUST 261, 2413 3 <br /> Discussion ensued regarding the PACE building and business. <br /> EDA Commissioner Holmes asked i f i t was worth the A uthori tyI s ti me to revi ew and revi se thi s <br /> progi am. <br /> President Grant was in favor of giving the program a try and making the loans attractive enough <br /> to small business owners to be pursued. <br /> EDA Commissioner McClung recommended that the Authority allocate the funds available <br /> with half set aside for facade improvements and the other half for business retention or <br /> expansion. <br /> President Grant asked if the Authority supported this recommendation. <br /> EDA Commissioner Holmes recommended that the funds not be split in half because the City <br /> cannot anticipate who will snake requests for the fiuids. <br /> President Grant and EDA Commissioner Werner agreed. <br /> President Grant inquired if the Authority wanted to push the program to the community or wait <br /> for requests to come to the EDA. <br /> EDA Commissioner Holmes wanted the loans to be selective with no high risk candidates. She <br /> was not supportive of loans for equipment acquisition, working capital, or professional fees. <br /> President Grant agreed with these suggestions, but recommended that the loans be low interest <br /> and that they be repaid in five years. He was not supportive of grants or equipment loans. <br /> EDA Commissioner Holden suggested that the loans have few restrictions so as to remain <br /> attractive to business owners. <br /> EDA Commissioner McClung wanted to see 1%-2% interest rates to assure the City is keeping <br /> a balance in the revolving loan fund. <br /> Executive Director Hutmacher thanked the EDA for their input this evening. <br /> 3. EDA COMMISSIONER COMMENTS <br /> None. <br /> 4. STAFF COMMENTS <br /> None. <br /> 5. ADJOURN <br />