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ARDEN HILLS EDA MEETING – APRIL 28, 2014 3 <br />Treasurer Iverson indicated that the fund balance being projected at the end of the year includes <br />funds that are intended to be used for the gateway sign program. Tax revenues are likely the only <br />reoccurring source of funding for EDA activities. Given this situation, it may be appropriate to <br />start slowly. Maybe $10,000-15,000 in tax revenues for the EDA should be put in the 2015 <br />budget and then this amount can increase in future years as needed. <br /> <br />Staff is seeking EDA input regarding the budget before beginning the budgeting process as this <br />will be included as part of the City’s overall budgeting process. It was noted that the EDA will <br />review the final budget at its October meeting. <br /> <br />EDA Commissioner McClung questioned if an EDA levy would show up separately on <br />property tax statements. <br /> <br />Treasurer Iverson stated that this was the case. <br /> <br />EDA Commissioner Holden asked how much the City planned to set aside for gateway signs in <br />2015. <br /> <br />Secretary Klaers indicated that in 2015, staff was going to propose the transfer of only $15,000 <br />from the PIR reserve for gateway signs. This amount is lower than past years because it is <br />assumed that the EDA will use some of the EDA General reserves that have been accumulated <br />over the last few years. He estimated the fund balance for signs at approximately $40,000. <br /> <br />EDA Commissioner Holden recommended that the EDA consider purchasing the former <br />Carroll’s property if it was not purchased soon. She stated that this is an important property in <br />the B-2 District. <br /> <br />EDA Commissioner McClung understood that this is an important property, but did not want <br />the EDA to take any action until the current potential buyer’s offer was investigated further. <br /> <br />EDA Commissioner Holmes did not believe that the EDA had enough funds available to <br />consider purchasing this property. <br /> <br />Further discussion ensued regarding the vision for the B-2 Zoning District. <br /> <br />EDA President Grant recommended that staff stay engaged with the potential buyer and report <br />back to the Council if there are any developments on the former Carroll’s property. <br /> <br />Treasurer Iverson stated that staff would report back to the EDA with a budget in October. <br /> <br />5. UNFINISHED BUSINESS <br /> <br />A. EDA Revolving Loan Fund <br />