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-ARZEN HILLS
Approved: February 13, 2017
CITY OF ARDEN HILLS, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY MEETING
JULY 25, 2016
6:00 PM — CITY COUNCIL CHAMBERS
CALL TO ORDER/ROLL CALL
Pursuant to due call and notice thereof, President Grant called to order the Economic
Development Authority meeting at 6:00 p.m.
Present: EDA President David Grant; EDA Commissioners Brenda Holden (arrived
at 6:04 p.m.), Fran Holmes, Dave McClung and Jonathan Wicklund
Absent: None
Also present: EDA Treasurer Sue Iverson; Acting Public Works Director John
Anderson; Senior Planner Matthew Bachler; and City Clerk Julie Hanson
1. APPROVAL OF AGENDA
MOTION: EDA Commissioner McClung moved and EDA Commissioner Holmes
seconded a motion to approve the meeting agenda as presented. The motion
carried unanimously (4=0).
2. APPROVAL OF MINUTES
A. April 25, 2016
MOTION: EDA Commissioner Holmes moved and EDA Commissioner McClung
seconded a motion to approve the April 25, 2016 Economic Development
Authority Meeting Minutes as presented. The motion carried unanimously
(4_0).
3. NEW BUSINESS
A. Preliminary 2017 EDA Budgets
ARDEN HILLS EDA MEETING — JULY 25, 2016
EDA Treasurer Iverson stated the EDA is a blended component unit of the City of Arden Hills
which makes EDA Funds Special Revenue Funds of the City. Annually we are required by the State
to set budgets for the City's General Fund and all Special Revenue Funds (which includes all the
EDA Funds). These EDA Funds are:
EDA General Fund
EDA Revolving Loan Fund
EDA TIF District #2 Round Lake
EDA TIF District #3 Cottage Villas
EDA TIF District #4 Presbyterian Homes
2
EDA Treasurer Iverson commented overall, the EDA General Fund is in good financial condition
for 2016 with an estimated year-end reserve balance of $218,067, but the EDA and City Council may
want to identify dependable, reoccurring revenue for EDA activities in the future other than General
Fund transfers as the primary funding source of revenues.
EDA Treasurer Iverson explained the fund balance being projected at the end of the year includes
funds that are intended to be used for the Gateway Signs program (approximately $45,000). Tax
revenues are likely the only reoccurring source of funding for EDA activities. The City Council
approved $30,000 in tax revenues for the EDA as part of the 2015 budget and $60,000 in tax
revenues for the 2016 budget. The 2017 budget shows a transfer in the amount of $90,000, which can
be adjusted as priorities change. Staff requested feedback from the EDA on the proposed 2017
budget.
EDA Commissioner Wicklund requested further information on the EDA Fund for the Cottage
Villa TIF District.
EDA Treasurer Iverson discussed how Cottage Villa funds were being collected by the City
noting this district was extended in 2009 for an additional 10 years.
EDA President Grant commented on the TIF potentials within TCAAP.
Discussion ensued regarding how existing TIF funds could be used for affordable housing.
Stacie Kvilvang, Ehlers & Associates, advised the EDA did not have to make a decision on
these funds now, but had time to review their options.
EDA Commissioner McClung anticipated that as TCAAP came on board, the EDA would want
to have funds available to assist with housing projects.
Further discussion ensued regarding how TIF funding could be used on TCAAP.
MOTION: EDA Commissioner Holmes moved and EDA Commissioner Holden
seconded a motion to accept the Preliminary 2017 EDA Budgets. The motion
carried unanimously (5-0).
ARDEN HILLS EDA MEETING — JULY 25, 2016
UNFINISHED BUSINESS
None.
5. EDA COMMISSIONER COMMENTS
None.
6. ADJOURN
MOTION: EDA Commissioner McClung moved and EDA Commissioner Holmes
seconded a motion to adjourn the Economic Development Authority meeting.
The motion carried unanimously (5-0).
EDA President Grant adjourned the special Economic Development Authority meeting at 6:17
p.m.
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