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______________________________________________________________________________ <br />City of Arden Hills <br />Economic Development Authority Meeting April 28, 2014 <br /> <br />Page 1 of 4 <br /> MEMORANDUM <br /> <br />DATE: April 28, 2014 <br />TO: EDA President and Commissioners <br />FROM: Matthew Bachler, Associate Planner <br />SUBJECT: EDA Revolving Loan Fund <br /> <br />Requested Action <br /> <br />Provide feedback and direction on proposed changes to the EDA Revolving Loan Fund. <br /> <br /> <br />Background <br /> <br />The EDA discussed the City’s Revolving Loan Fund (RLF) at two previous meetings on April <br />29, 2013 and August 26, 2013. At these meetings, staff provided general background information <br />on the history of the RLF and the EDA discussed its goals and priorities for the future use of the <br />funds. Since then, staff has discussed this topic with the Economic Development Commission <br />(EDC) and has met individually with several local bankers to discuss the revisions proposed by <br />the EDA in more detail. The section below provides a summary of these discussions and presents <br />general recommendations on how the RLF program could be restructured so that funds will be <br />more actively used by the Arden Hills business community. <br /> <br />Based on the feedback provided by the EDA, staff will work with the EDC to draft revised RLF <br />Guidelines that will be reviewed at a later meeting. Prior to final approval by the EDA and City <br />Council, the revised RLF Guidelines are required to be reviewed by the Minnesota Department <br />of Employment and Economic Development. <br /> <br /> <br />Discussion <br /> <br />Goals and Principles <br />The RLF Guidelines should include a list of goals that clearly define the purpose of the program. <br />Businesses applying for loans should be able to easily evaluate whether their projects would be <br />consistent with the City’s objectives. Specific goals might include: <br /> Support projects that encourage redevelopment of and investment in commercial and <br />industrial buildings and properties.