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ARDEN HILLS CITY COUNCIL WORK SESSION—FEBRUARY 21, 2012 4 <br /> Mr. Bubul stated he would have to investigate further the EDA's outstanding DEED (Department <br /> of Employment and Economic Development) grants and finances before understanding this fully. <br /> Councilmember Holden indicated that in her opinion the EDA should not be dissolved. She felt <br /> the EDA offered the City another tool working towards redevelopment in the City. <br /> Mayor Grant agreed stating the EDA could serve to be a valuable tool, especially with the <br /> community aging and the potential development of TCAAP. <br /> Director of Finance and Administrative Services Iverson questioned if the EDA could own <br /> property. <br /> Mr. Bubul commented that under the development district statute, the City did have the authority <br /> to acquire property. <br /> Councilmember Holmes asked if the EDA was a duplicate service. <br /> Mr. Bubul stated the City had the ability to complete economic redevelopment without an EDA; <br /> however, some partnerships and grants could only be obtained with an EDA in place. He <br /> encouraged the Council to review the EDA bylaws to assure that the rules were being followed. <br /> Councilmember Holmes questioned how much money the EDA had available. <br /> Director of Finance and Administrative Services Iverson stated the revolving loan fund had <br /> $150,000 available for loans. She reviewed the funds available in the TIF Districts as well. In <br /> total the EDA had $1.7 million available for EDA improvements. <br /> Councilmember Holden asked if the Cottage Villa funds could be used to assist the townhome <br /> association in exterior improvements. <br /> Mr. Bubul stated this could be looked into further. <br /> Councilmember Werner questioned the benefits of revolving loans. <br /> Director of Finance and Administrative Services Iverson explained the City could offer loans <br /> at a lower interest rate than banks. <br /> Mayor Grant asked if the loans were secured. <br /> Mr. Bubul stated that in most cases the City did have a way to assure the loans were secured. <br /> City Administrator Klaers indicated in these economic times, loans from the City could assist <br /> businesses unable to receive loans from banks. He stated he was in favor of keeping the EDA <br /> intact to assist with redevelopment of properties such as the Holiday Inn and Carroll's Furniture in <br /> the 132 district. <br />