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ARDEN HILLS EDA MEETING – APRIL 28, 2014 7 <br />Executive Director Hutmacher discussed the process preferred by local banks, noting a smaller <br />subcommittee was recommended to streamline the process. <br /> <br />EDA Commissioner Holmes questioned how the $155,000 in the Revolving Loan Fund would <br />impact local businesses. She asked if the money should be given back to DEED. <br /> <br />James Ostlund, Financial Planning and & Analysis Committee, suggested that the decision <br />making process be outsourced to Central Minnesota Development Company (CMDC) or that <br />banks be allowed to decide. He believed that the loans would impact small businesses and <br />should proceed. <br /> <br />EDA President Grant agreed that the EDA did not have a lot of additional time to review these <br />matters. He did not want future loan requests to become ‘analysis paralysis’. He supported the <br />requests being reviewed by the FPAC or EDC, or having the requests come straight to the EDA. <br /> <br />EDA Commissioner McClung did not want to overwhelm staff by these requests either. He <br />encouraged the loan review process be streamlined as much as possible. <br /> <br />EDA Commissioner Holden suggested that staff and a banker review the requests and that a <br />recommendation be made to the EDA. <br /> <br />Executive Director Hutmacher stated that CMDC would be an option that would reduce the <br />need for additional staff time and subcommittee review. <br /> <br />EDA President Grant supported this recommendation. <br /> <br />EDA Commissioner McClung recommended that the loans be tied to job creation or job <br />retention. <br /> <br />Secretary Klaers reported that the EDA would review this information again at a future <br />meeting. <br /> <br />6. EDA COMMISSIONER COMMENTS <br /> <br />None. <br /> <br />7. STAFF COMMENTS <br /> <br />None. <br /> <br />8. ADJOURN <br /> <br />MOTION: EDA Commissioner Holden moved and EDA Commissioner Werner <br />seconded a motion to adjourn the Economic Development Authority meeting. <br />The motion carried unanimously (5-0).