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ARDEN HILLS EDA MEETING – APRIL 28, 2014 2 <br />A. 2014-15 EDA Work Plan <br /> <br />Secretary Klaers reviewed the 2014-2015 work plan with the EDA. He discussed how some <br />projects can cross over and involve the EDA, City Council, and EDC. <br /> <br />EDA Commissioner Holmes recommended the EDA meet twice a year instead of quarterly. <br /> <br />EDA President Grant and EDA Commissioner McClung agreed with this suggestion. <br /> <br />MOTION: EDA President Grant moved and EDA Commissioner McClung seconded a <br />motion to approve the Consent Agenda as presented. The motion carried <br />unanimously (5-0). <br /> <br />MOTION: EDA Commissioner McClung moved and EDA Commissioner Werner <br />seconded a motion to cancel the July EDA meeting. The motion carried <br />unanimously (5-0). <br /> <br />4. NEW BUSINESS <br /> <br />A. EDA 2015 General Fund Budget Parameters <br /> <br />Treasurer Iverson stated that the EDA is a blended component unit of the City of Arden Hills <br />which makes EDA Funds Special Revenue Funds of the City. Annually, the City is required by <br />the State to set budgets for the General Fund and all Special Revenue Funds (which includes all <br />the EDA Funds). <br /> <br />These EDA Funds are: <br /> <br />EDA General Fund <br />EDA Revolving Loan Fund <br />EDA TIF District #2 Round Lake <br />EDA TIF District #3 Cottage Villas <br />EDA TIF District #4 Presbyterian Homes <br /> <br />Treasurer Iverson stated that overall the EDA General Fund is in good financial condition for <br />2014 with an estimated reserve balance of $208,166. She noted that the EDA and City Council <br />do need to identify dependable, reoccurring revenue for EDA activities in the future as the <br />primary funding source of revenues from the Round Lake Road TIF District will be done in <br />2014. The main reason the EDA General Fund is in good condition for at least 2014 is because of <br />the transfer of Conduit Fees into this fund for operating expenses. <br /> <br />Treasurer Iverson commented that expenses for economic development related activities are <br />going to exist regardless of whether they are in the City General Fund budget or if they are in the <br />EDA General Fund budget. Today, these economic development expenses for Personal Services <br />and for Other Services/Charges are estimated to be in the $100,000 per year range.