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<br />., Ui<At-1 <br /> ARDEN HILLS ECONOMIC DEVELOPMENT AUTHORITY - AUGUST 25. 1997 3 <br />- Mr. Ringwald stated that, due to thc existing companies alrcady established in Arden Hills, and <br /> their other available resources, this philosophy would not be applicable to Arden Hills. Mr. <br /> Ringwald stated that, from Arden Hills' standpoint, we have a wealth of corporate campuses, and <br /> want to encourage their continued growth and development and continue to leverage good <br /> paying jobs within the community. <br /> Prcsidcnt Probst rcquested clarification that the minimum ratio of funds is 2:1; with the intention <br /> being a minimum of$2.00 for every $1.00 of loan money. Mr. Ringwald stated that was correct. <br /> Presidcnt Probst inquired if the guidelines could be modified if and whcn it bccame necessary. <br /> Mr. Ringwald stated they could be, as the Tycom and MSL loan terms will be more long-term, <br /> however the cpr loan is propos cd to be repaid over a shorter term, which is why these guidelines <br /> need to be establishcd in the immediate future. <br /> President Probst suggested using thesc funds in the Lexington Avenue - Gray Fox Road arca, <br /> since construction in the Gateway Business District is coming along wcll at this timc. Mr. <br /> Ringwald stated thc guidelines and philosophics can bc revised as needed and in practice. <br /> Mr. Fritsingcr added that D/TED would be looking for the City to provide firm guidelines for <br /> their approval, and that it was common for each city's requirements to fluctuate regarding <br /> specific community needs. <br />- Commissioncr Malone inquired if the correct word in Item 11 in the Criteria section should bc <br /> "can" or "can't". Mr. Ringwald stated it should be "can't" and would be corrected. <br /> President Probst inquired if action was nccded to approve the guidelines at this time. Mr. <br /> Ringwald stated the EDA could approve them at this time, or continue discussion if needed. <br /> MOTION: Keim moved and Malonc scconded a motion to approve thc Guidclines for the <br /> Revolving Loan Fund as submitted. Thc motion carried unanimously (5-0). <br /> ADJOURN <br /> MOTION: Malone moved and Aplikowski seconded a motion to adjourn at 7:31 p.m. The <br /> motion carried unanimously (5-0). <br /> Dennis Probst Brian Fritsinger <br /> President Secretary-Treasurer <br />- <br />