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04-28-14
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04-28-14
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ARDEN HILLS SPECIAL EDA MEETING AUGUST 26, 20132 <br />Community Development Intern Bachler <br /> indicated that the guidelines for the use of the RLF <br />were first adopted in 1997, and since then, have not been updated. At the end of July 29, 2013, <br />meeting, <br />economic development goals and whether the RLF guidelines should be updated to reflect <br />changes in priorities. <br /> <br />Community Development Intern Bachler <br /> noted that loans issued through the RLF will be <br />regulated by the Minnesota Business Subsidy Law. Loans less than $75,000 are not considered <br />business subsidies and are exempt from the provisions of this law. Any revised guidelines will <br />need to be reviewed by the State Department of Employment and Economic Development prior <br />to EDA and City Council approval. Staff reviewed several questions and requested guidance <br />from the EDA and policies for the RLF. <br /> <br />Executive Director Hutmacher <br /> commented s current RLF policy is stricter than <br />that the two key components within the policy at this time are for <br />the City to avoid loans over $75,000 and grants over $25,000. With these parameters in mind, <br />she questioned how the Commission wanted to proceed with the program. <br /> <br />Discussion ensued regarding the State Business Subsidy Law, the City Business Subsidy Policy, <br />and the size and scale of potential loans within the RLF program. <br /> <br />President Grant <br />was in favor of proceeding with smaller loans as this would allow the program <br />to reach more businesses within the community. <br /> <br />EDA Commissioner McClung <br /> was not sure where he stood on this issue because the City had <br />little experience with the RLF program. <br /> <br />EDA Commissioner Holden <br />In response to the questions in the staff memo, stated that she <br />supports loans for commercial façade improvements, that projects should have a grade of B or <br />better, and that she was open to discussing forgiving a percentage of some loans. <br /> <br />EDA Commissioner Holden <br /> stated that one goal of the program may be to encourage home <br />occupations to expand into commercial areas within the City. She questioned if the EDC had <br />discussed this issue. <br /> <br />Executive Director Hutmacher <br /> explained that the EDC was waiting for EDA policy direction. <br /> <br />Shequestioned if the EDA wanted to consider partial forgiveness on the loans or the parameters <br />that should be set on the loans. <br /> <br />EDA Commissioner McClung <br /> envisioned that this program would assist small businesses with <br />expansion or to bring new businesses into the City. He noted that section 6.2.D of the City <br />Business Subsidy Policy identifies priorities for giving subsidies. <br /> <br />President Grant <br /> saw greater benefit in moving businesses to the community. <br /> <br /> <br />
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