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ARDEN HILLS EDA MEETING – July 24, 2017 3 <br />EDA Secretary Joynes asked for clarification as to any lawful expenditure versus any lawful <br />expenditure given the EDA’s purpose. <br /> <br />Senior Planner Bachler stated he believed the funds could be used for any expenditure and do <br />not need to be exclusive to the EDA. <br /> <br />A discussion ensued about the revolving loan and potential use for these funds. <br /> <br />Commissioner Holmes stated she would like to pursue the option of retaining 80% and <br />returning 20% to the State. <br /> <br />EDA Secretary Joynes commented that he and Senior Planner Bachler were going to be <br />meeting with representatives from a company interested in leasing space at the former Smiths <br />Medical building. <br /> <br />Commissioner McClung asked Senior Planner Bachler to provide the language from the bill. <br /> <br />Discussion continued regarding the investment loan fund. <br /> <br />4. EDA COMMISSIONER COMMENTS <br /> <br />Commissioner Scott commented about a joint EDA meeting with the Economic Development <br />Commission (EDC). <br /> <br />5. ADJOURN <br /> <br />MOTION: EDA President Grant and EDA Commissioner Holmes seconded a motion to <br />adjourn the Economic Development Authority meeting. The motion carried <br />unanimously (4-0). <br /> <br /> <br />EDA President Grant adjourned the Economic Development Authority meeting at 6:20 p.m. <br /> <br /> <br />__________________________ __________________________ <br />Julie Hanson David Grant <br />City Clerk EDA President