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______________________________________________________________________________ <br />City of Arden Hills <br />Economic Development Authority Meeting July 24, 2017 <br /> <br />Page 2 of 2 <br />repayment on. The use of these revolving loan funds are governed by State statute (Minn. Stat. <br />116J.8731) as well as guidelines adopted by the City (Attachment A). <br /> <br /> <br />Discussion <br /> <br />The 2017 omnibus jobs bill passed by the State Legislature includes language that allows more <br />flexibility in the use of RLF funds seeded through the MIF program. A statutory city that has <br />uncommitted money received from repayment of an MIF loan may choose to transfer 20 percent <br />of the balance of that money to the state general fund before June 30, 2018. Any local entity that <br />does so may use the remaining 80 percent of the uncommitted money as general purpose aid for <br />any lawful expenditure. Once the funds have been transferred out of the RLF account, a city <br />would be required to submit an accounting of the use of the funds to the Legislature by February <br />15, 2019. <br /> <br />If the EDA chooses to take advantage of this one-time exception, the amount of money that <br />would be made available to the City for general purpose aid would be approximately $133,428. <br />The remaining $33,357 balance in the RLF would be transferred to the State general fund. The <br />exact dollar amount would be determined at the time a request is made based on the then current <br />RLF balance. <br /> <br />RLF Balance as of <br />Dec. 31, 2016 (estimate) <br />Portion for City <br />General Purpose Aid <br />(80 Percent) <br />Portion Returned to <br />State General Fund <br />(20 Percent) <br />$166,785 $133,428 $33,357 <br /> <br /> <br />Attachments <br /> <br />A. EDA Revolving Loan Fund Guidelines, adopted August 25, 1997