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<br /> CITY OF ARDEN HILLS <br />. MEMORANDUM <br /> DATE: May 26, 1998 <br /> TO: City Co",,," ,fr- <br /> FROM: Kevin Ringwald, Community Development Directo <br /> SUBJECT: Creation of Guidelines for Revolving Loan Fund <br /> Request <br /> The City Council is requested to approve the guidelines for the Revolving Loan Fund (Exhibit <br /> A). <br /> Background <br /> The EDA approved these guidelines on August 25, 1997. The State is concerned that it cannot <br /> grant funds to quasi-governmental organizations (ie., EDA's). The Staff and other cities do not <br /> share this concern. However, to keep on track several projects that the City has been working on <br /> for some time the Staff would suggest that the City Council adopt these guidelines so that the <br /> project time lines are not negatively impacted. The Staff will continue to work with State <br />. officials so that these funds can go directly to the EDA. <br /> Revolving Loan Fund <br /> The Staff would suggest that the City Council place the same parameters on the use of these <br /> funds as the EDA. These parameters can be summarized as follows: <br /> I. Geography <br /> a. Located in the Gateway Business District <br /> b. Located in the Corporate Campuses (ie., CPI, Land 0' Lakes, Control Data, <br /> Dynamark, and MSI) <br /> c. Located in the Lexington/Fox area <br /> d. Located in the Twin Cities Army Ammunition Plant (TCAAP) <br /> 2. Jobs <br /> a. Creates at least one White Collar job for every $5,000 in RLF money <br /> b. Creates at least one High-Tech-Office !High-Pay for every $5,000 in RLF money <br /> c. Creates at least one High-Tech-Manufacturing/High-Pay for every $2,500 in RLF <br /> money <br /> d. Retains at least one White Collar, High-Tech-Office !High-Pay, or High-Tech- <br /> Manufachlring/High-Pay job for every $1,000 in RLF money <br />. <br />