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ARDEN HILLS EDA MEETING—APRIL 28, 2014 7 Executive Director Hutmacher discussed the process preferred by local banks, noting a smaller subcommittee was recommended to streamline the process. EDA Commissioner Holmes questioned how the $155,000 in the Revolving Loan Fund would impact local businesses. She asked if the money should be given back to DEED. James Ostlund, Financial Planning and & Analysis Committee, suggested that the decision making process be outsourced to Central Minnesota Development Company (CMDC) or that banks be allowed to decide. He believed that the loans would impact small businesses and should proceed. EDA President Grant agreed that the EDA did not have a lot of additional time to review these matters. He did not want future loan requests to become `analysis paralysis'. He supported the requests being reviewed by the FPAC or EDC, or having the requests come straight to the EDA. EDA Commissioner McClung did not want to overwhelm staff by these requests either. He encouraged the loan review process be streamlined as much as possible. EDA Commissioner Holden suggested that staff and a banker review the requests and that a recommendation be made to the EDA. Executive Director Hutmacher stated that CMDC would be an option that would reduce the need for additional staff time and subcommittee review. EDA President Grant supported this recommendation. EDA Commissioner McClung recommended that the loans be tied to job creation or job retention. Secretary Klaers reported that the EDA would review this information again at a future meeting. 6. EDA COMMISSIONER COMMENTS None. 7. STAFF COMMENTS None. 8. ADJOURN MOTION: EDA Commissioner Holden moved and EDA Commissioner Werner seconded a motion to adiourn the Economic Development Authority meeting. The motion carried unanimously (5-0).