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<br />City of Arden Hills <br />Economic Development Commission October 1, 2014 <br /> <br />Page 1 of 2 <br /> <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: October 1, 2014 EDC Agenda Item 4.B <br /> <br />TO: Economic Development Commission Chair and Commissioners <br /> <br />FROM: Jill Hutmacher, Community Development Director <br /> <br />SUBJECT: 2014 EDC Work Plan Review and Discussion of 2015 EDC Work Plan <br /> <br /> <br />Requested Action <br /> <br />Provide direction on the 2015 EDC Work Plan. <br /> <br />Discussion <br /> <br />The Economic Development Commission approved the 2014 EDC Work Plan (attached) at its <br />December 4, 2014 meeting. The Work Plan was approved by the City Council at a joint meeting <br />with the EDC on January 27, 2014. <br /> <br />The EDC has made significant progress on its 2014 goals this year. Goals are divided into four <br />categories. <br /> <br />New Member Recruitment <br /> EDC members continue to recruit new members. <br /> <br />Revolving Loan Program <br /> Research on existing revolving loan funds completed. <br /> Communicated with DEED to determine program requirements. <br /> Met with several local commercial bankers and SBA loan providers. <br /> Provided information to EDC and EDA. <br /> Working with lenders to determine underwriting, program costs, and processes. <br /> <br />Business Retention and Expansion Program <br /> Attended training offered by University of Minnesota Extension. <br /> Met with several communities which have completed BRE programs. <br /> Discussed program objectives and processes.