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<br />City of Arden Hills <br /> <br />Page 1 of 2 <br /> <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: January 26, 2015 New Business – 3A <br /> <br />TO: Economic Development Authority President and Commissioners <br /> <br />FROM: Jill Hutmacher, Community Development Director <br /> <br />SUBJECT: 2014 EDC Annual Report and 2015 Work Plan <br /> <br /> <br />Requested Action <br /> <br />Review the 2014 EDC Annual Report and approve the 2015 Work Plan. <br /> <br />Discussion <br /> <br />The Economic Development Authority approved the 2014 EDC Work Plan at the January 27, <br />2014 joint meeting with the Economic Development Commission. The EDC made significant <br />progress on its 2014 goals as summarized below. <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 /> Staff attended training offered by University of Minnesota Extension. <br /> Met with several communities which have completed BRE programs. <br /> Discussed program objectives and processes. <br /> Obtained quotes from University of Minnesota Extension and St. Paul Area Chamber of <br />Commerce. <br /> Prepared recommendation for EDA. <br />