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ARDEN HILLS EDA MEETING—APRIL 28, 2014 6 projects. Consider exempting projects receiving financing through the RLF from being reviewed using this evaluation tool. • The job creation requirements in the existing RLF Guidelines should be revised considering that certain projects such as fagade improvements and equipment acquisition may not meet this required criteria. • Be willing to take on some risk recognizing that the City will likely see a direct benefit from a completed project regardless of whether the loan is repaid in full (for example, improvements to landscaping or public frontage fagades). Associate Planner Bachler explained that the application process for obtaining revolving loan funds should be streamlined and transparent. The City should set a goal of completing the necessary evaluation and deciding on a loan request within 30 to 45 days of receiving a completed application. A long approval process will make the program less attractive to businesses interested in participating. While the City should request financial records from the applicant, if possible these documents should not be included in the public records for meetings. Associate Planner Bachler stated that the City should consider establishing a special committee comprised of members of the EDA, the EDC, and staff that would be responsible for evaluating applications and making recommendations to the City Council. A detailed list of criteria should be created so that businesses have a level of certainty that a project will be approved by the City Council if it successfully makes it through the committee approval process and meets the required criteria. A schedule similar to the one used by the City to process land use applications could be developed so applicants are aware of the loan approval timeline from the beginning. Because the City is unlikely to receive a large number of loan applications, this committee could have a set regular meeting time every month, but only convene on an as needed basis. Associate Planner Bachler requested that the EDA provide feedback and direction on proposed changes to the EDA Revolving Loan Fund. EDA Commissioner Holden questioned how grants were factored into this program. Executive Director Hutmacher reported that there were not a lot of grants available for businesses, and that any grant a business received would not change the requirement that the City's loan be a match to private bank financing. Associate Planner Bachler believed that the City would be willing to partner with businesses on a loan if they had also received a grant to help finance a project. EDA Commissioner Holden thought that this was a great policy for existing Arden Hills businesses, but did not want to see it made available to new businesses on the TCAAP site. EDA President Grant agreed and suggested that applications for the revolving loan fund go through the EDC, with recommendations then made to the EDA.