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will make the program less attractive to businesses interested in participating. While the City <br />should request financial records from the applicant, if possible these documents should not be <br />included in the public records for meetings. <br /> <br />The City should consider establishing a special committee comprised of members of the EDA, <br />the EDC, and staff that would be responsible for evaluating applications and making <br />recommendations to the City Council. A detailed list of criteria should be created so that <br />businesses have a level of certainty that a project will be approved by the City Council if it <br />successfully makes it through the committee approval process and meets the required criteria. A <br />schedule similar to the one used by the City to process land use applications could be developed <br />so applicants are aware of the loan approval timeline from the beginning. Because the City is <br />unlikely to receive a large number of loan applications, this committee could have a set regular <br />meeting time every month, but only convene on an as needed basis. <br /> <br /> <br />Requested Action <br /> <br />Provide feedback and direction on proposed changes to the EDA Revolving Loan Fund. <br /> <br /> <br />Attachments <br /> <br /> <br />A.City of Arden Hills, EDA Revolving Loan Fund Guidelines <br /> <br />B.City of Arden Hills Business Subsidy Criteria and City Public Financing Guidelines, <br />April 29, 2013 <br /> <br />C.Public Financing Proposal Grading and Report Card <br /> <br />D.EDA Staff Report, August 26, 2013 <br /> <br />E.EDA Minutes, August 26, 2013 <br />______________________________________________________________________________ <br />City of Arden Hills <br />Economic Development Authority Meeting April 28, 2014 <br /> <br />44 <br />Page of <br />