Laserfiche WebLink
ARDEN HILLS SPECIAL EDA MEETING AUGUST 26, 20133 <br />Discussion ensued regarding the PACEbuilding and business. <br /> <br />EDA Commissioner Holmes <br /> <br />program. <br /> <br />President Grant <br /> was in favor of giving the program a try and making the loans attractive enough <br />to small business owners to be pursued. <br /> <br />EDA Commissioner McClung <br /> recommended that the Authority allocate the funds available <br />with half set aside for façade improvements and the other half for business retention or <br />expansion. <br /> <br />President Grant <br /> asked if the Authority supported this recommendation. <br /> <br />EDA Commissioner Holmes <br /> recommended that the funds not be split in half because the City <br />cannot anticipate who will make requests for the funds. <br /> <br />President GrantEDA Commissioner Werner <br /> and agreed. <br /> <br />President Grant <br /> inquired if the Authority wanted to push the program to the community or wait <br />for requests to come to the EDA. <br /> <br />EDA Commissioner Holmes <br /> wanted the loans to be selective with no high risk candidates. She <br />was not supportive of loans for equipment acquisition, working capital, or professional fees. <br /> <br />President Grant <br /> agreed with these suggestions, but recommended that the loans be low interest <br />and that they be repaid in five years. He was not supportive of grants or equipment loans. <br /> <br />EDA Commissioner Holden <br /> suggested that the loans have few restrictions so as to remain <br />attractive to business owners. <br /> <br />EDA Commissioner McClung <br /> wanted to see 1%-2% interest rates to assure the City is keeping <br />a balance in the revolving loan fund. <br /> <br />Executive Director Hutmacher <br /> thanked the EDA for their input this evening. <br /> <br />3. EDA COMMISSIONER COMMENTS <br /> <br />None. <br /> <br />4. STAFF COMMENTS <br /> <br />None. <br /> <br />5. ADJOURN <br /> <br />