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ARDEN HILLS EDA MEETING—JULY 29, 2013 4 <br /> EDA Commissioner McClung explained that a separate EDA levy would provide the public <br /> with greater clarification of the funds being used specifically for economic development. In <br /> addition, a corresponding decrease in the general fund levy could also be defined. <br /> Treasurer Iverson requested that the EDA adopt the preliminary budget for 2014. <br /> MOTION: EDA Commissioner Werner moved and EDA Commissioner Holden <br /> seconded a motion to approve the preliminary EDA budgets for 2014. The <br /> motion carried unanimously (5-0). <br /> 5. UNFINISHED BUSINESS <br /> A. EDA Revolving Loan Program <br /> Community Development Intern Bachler discussed the EDA Revolving Loan Fund Program <br /> with the EDA. He explained that after the passage of the Minnesota Business Subsidy Law, the <br /> City's loan fund was now regulated by this law and must follow certain guidelines and <br /> requirements. <br /> Secretary Klaers commented that the EDA would need to update its existing guidelines, which <br /> were established in 1997, to more closely match the new standards. In addition, the EDA should <br /> establish goals for the loan program. <br /> EDA Commissioner Holden asked if revolving loans could be made for less than$75,000. <br /> Secretary Klaers stated that this could be done through the current program and internal <br /> parameters could be established as such. <br /> Further discussion ensued regarding the use of EDA revolving loans in the City. <br /> President Grant recommended this item be placed on a future agenda for further discussion on <br /> the policy issues. <br /> 6. EDA COMMISSIONER COMMENTS <br /> None. <br /> 7. STAFF COMMENTS <br /> None. <br />