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