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04-28-14
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04-28-14
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AttachmentD <br /> <br />MEMORANDUM <br /> <br />DATE: <br />August 26, 2013 <br />TO: <br /> EDA President and Commissioners <br />FROM: <br />Matthew Bachler, Community Development Intern <br />SUBJECT: <br />EDA Revolving Loan Fund <br /> <br />Requested Action <br /> <br />Provide direction on the future goals of the EDA Revolving Loan Fund. <br /> <br />Background <br /> <br />The EDA Revolving Loan Fund (RLF) was discussed at two previous EDA meetings on April 29 <br />and July 29, 2013. At these meetings, general background information on the RLF was provided. <br />Topics covered included the establishment of the RLF, the use of funds for business expansion <br />projects, the current financial status of the RLF, and how the Minnesota Business Subsidy Law <br />will impact the use of the RLF going forward. <br /> <br />The guidelines for the use of the RLF were first adopted in 1997 and since then have not been <br />updated. At the end of the July 29, 2013 meeting, the EDA began to discuss how the funds in the <br />guidelines should be updated to reflect changes in priorities. <br /> <br />Revolving Loan Fund Guidelines <br /> <br />Loans issued through the RLF will be regulated by the Minnesota Business Subsidy Law. <br />However, loans of less than $75,000 are not considered business subsidies and are exempt from <br />the provisions of this law. Any revised guidelines will need to be reviewed by the State <br />Department of Employment and Economic Development prior to EDA and City Council <br />approval. At a minimum, the updated guidelines will need to state that the Business Subsidy Law <br />applies to RLF loans. <br /> <br />(Financing Policy) and the Grading and Report Card apply to revolving fund loans. (See Section <br />5.A. of the attached Financing Policy.) <br /> <br />______________________________________________________________________________ <br />City of Arden Hills <br />Economic Development Authority Meeting August 26, 2013 <br /> <br />12 <br />Page of <br />
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