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ARDEN HILLS EDA MEETING—APRIL 28, 2014 3 <br /> Treasurer Iverson indicated that the fund balance being projected at the end of the year includes <br /> funds that are intended to be used for the gateway sign program. Tax revenues are likely the only <br /> reoccurring source of funding for EDA activities. Given this situation, it may be appropriate to <br /> start slowly. Maybe $10,000-15,000 in tax revenues for the EDA should be put in the 2015 <br /> budget and then this amount can increase in future years as needed. <br /> Staff is seeking EDA input regarding the budget before beginning the budgeting process as this <br /> will be included as part of the City's overall budgeting process. It was noted that the EDA will <br /> review the final budget at its October meeting. <br /> EDA Commissioner McClung questioned if an EDA levy would show up separately on <br /> property tax statements. <br /> Treasurer Iverson stated that this was the case. <br /> EDA Commissioner Holden asked how much the City planned to set aside for gateway signs in <br /> 2015. <br /> Secretary Klaers indicated that in 2015, staff was going to propose the transfer of only $15,000 <br /> from the PIR reserve for gateway signs. This amount is lower than past years because it is <br /> assumed that the EDA will use some of the EDA General reserves that have been accumulated <br /> over the last few years. He estimated the fund balance for signs at approximately$40,000. <br /> EDA Commissioner Holden recommended that the EDA consider purchasing the former <br /> Carroll's property if it was not purchased soon. She stated that this is an important property in <br /> the B-2 District. <br /> EDA Commissioner McClung understood that this is an important property, but did not want <br /> the EDA to take any action until the current potential buyer's offer was investigated further. <br /> EDA Commissioner Holmes did not believe that the EDA had enough funds available to <br /> consider purchasing this property. <br /> Further discussion ensued regarding the vision for the B-2 Zoning District. <br /> EDA President Grant recommended that staff stay engaged with the potential buyer and report <br /> back to the Council if there are any developments on the former Carroll's property. <br /> Treasurer Iverson stated that staff would report back to the EDA with a budget in October. <br /> 5. UNFINISHED BUSINESS <br /> A. EDA Revolving Loan Fund <br />