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<br /> CITY OF ARDEN HILLS <br /> . ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> DATE: September 14, 1998 <br /> TO: EDA Board of Commissioners " <br /> FROM: K~i. Ri.,..Id, .",.tive n;"".<< <br /> SUBJECT: Cardiac Pacemakers Incorporated, update DTED grant <br /> Background <br /> As you are aware Cardiac Pacemakers, Incorporated (CPI) expanded their research and <br /> development facilities in Arden Hills. The expansion of these research and development <br /> facilities will occurred via a 47,000 square foot expansion to Building E on the CPI campus. <br /> The continued gro\\-ih in the medical device sector of the economy is anticipated to remain <br /> strong with the aging of the baby-boomers. CPI is attempting to position itself to capture a large <br /> portion of the medical device niche with this population. It is hoped that the research and <br /> development that will occur in this new facility will strengthen CPI's existing product line and <br /> . create new product lines. <br /> To facilitate this growth the State of Minnesota's Department of Trade and Economic <br /> Development (DTED) awarded the cpr a loan in the amount of $300,000 ($200,000 forgivable <br /> and $100,000 low interest loan), The low interest loan (five years at three percent interest) <br /> portion of the award will be paid back to the City of Arden Hills so that it may start a revolving <br /> loan fund to assist businesses, <br /> The City received a check for $300,000 from DTED on September 1,1998 and in turn provided <br /> cpr a check for the same amount on that same day. <br /> Recommendation <br /> None. The memorandum is provided only for your information. <br /> . <br />