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ARDEN HILLS EDA MEETING – July 24, 2017 2 Dave Perrault, Interim Director of Finance and Administrative Services, reviewed the preliminary 2018 EDA Budget. Discussion ensued about the EDA preliminary budget. Commissioner McClung commented that the proposed 2018 EDA budget would be further discussed at a future special work session prior to adopting the final budget. He stated that the EDA appeared to be in good shape for 2018 and 2019, but once a Community Development Director was on board, the EDA may need to take a closer look. He stated the preliminary EDA budget looked good. Commissioner Holmes asked for an explanation of miscellaneous revenues and for more information about the dollar figures relating to salaries (approximately $70,000) versus gateway signs (approximately $45,000). She indicated she thought gateway signs were on hold. Senior Planner Bachler stated that he and Public Works Director Polka were working on preliminary designs for the gateway sign at Highway 96 and Lexington Avenue in preparation for construction in 2018. Commissioner Scott indicated he had no comments. President Grant talked briefly about the EDA’s purpose. MOTION: EDA Commissioner McClung moved and EDA Commissioner Holmes seconded a motion to accept the EDA Bylaw change. The motion carried unanimously (4-0). B. Minnesota Investment Fund – EDA Revolving Loan Fund Senior Planner Bachler stated that the 2017 State legislature passed a bill that gives cities more flexibility in the use of their revolving loan funds received from an investment loan grant years ago. He stated the City has not used the funds for business expansion projects since 2003 and that there currently is a balance in this fund of approximately $166,000. He said there are limits as to the use of these funds that are established by State Statute and by guidelines the City adopted back in the late 1990’s. Senior Planner Bachler indicated that cities have a one-time opportunity to return 20% back to the State’s general fund and use the remaining 80% for general purposes. He said that the City has until June 30, 2018, to decide if they want to participate in this one-time exception. If the City decides to participate, it would retain approximately $133,000. He also stated that once the funds are transferred, the City must report to the state by February 2019 regarding the use of the funds. Commissioner Scott asked what the general purposes options are. Senior Planner Bachler replied that the funds can be used for any lawful expenditure.