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ARDEN HILLS EDA MEETING—JULY 27, 2015 2 <br /> 3. PUBLIC HEARING <br /> A. Business Subsidy Criteria and City Public Financing Guidelines <br /> Associate Planner Bachler stated that the EDA and City Council approved the Business <br /> Subsidy Criteria and City Public Financing Guidelines and the Public Financing Proposal <br /> Grading and Report Card on April 29, 2013. <br /> Associate Planner Bachler explained that State Statute requires that a public hearing be held on <br /> the business assistance criteria and guidelines before approving a policy and awarding subsidies. <br /> Because a public hearing was not held in April 2013, the EDA is being asked as a housekeeping <br /> item to hold the public hearing tonight and to consider approval of the Business Subsidy Criteria, <br /> City Public Financing Guidelines, and the Public Financing Proposal Grading and Report Card. <br /> He noted that notice of the public hearing has been published, no comments have been received, <br /> and no changes have been made to the guidelines since they were originally approved. He noted <br /> that the City Council is scheduled to consider approval of the same documents at its meeting later <br /> tonight. <br /> EDA Acting President Holmes opened the public hearing at 6:17 p.m. <br /> With no one coming forward to speak, EDA Acting President Holmes closed the public hearing <br /> at 6:18 p.m. <br /> MOTION: EDA Commissioner Holden moved and EDA Acting President Holmes <br /> seconded a motion to approve the Business Subsidy Criteria and City Public <br /> Financing Guidelines and to approve the Public Financing Proposal Grading <br /> and Report Card. The motion carried unanimously (3-0). <br /> 4. NEW BUSINESS <br /> A. Preliminary 2016 EDA Budgets <br /> Treasurer Iverson stated that the EDA operates as a blended component unit of the City of <br /> Arden Hills. As such, the EDA budget is part of the regular City budget. Under State Statutes,the <br /> budgets need to be set annually for both the City's General Fund and all Special Revenue Funds, <br /> which includes all of the EDA funds. <br /> Treasurer Iverson noted that the EDA needs to approve the EDA funds, and then the EDA <br /> needs to recommend approval of the EDA funds to the City Council for their approval. <br /> Treasurer Iverson further noted that Round Lake Road will decertify at the end of 2015. <br /> EDA Commissioner Woodburn questioned the estimated expenses for Personal Services. <br />