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REDA Meeting <br /> Minutes—Monday,September 16,2019 <br /> Page 15 <br /> staff might want to look at policies and due diligence in relation to that. He <br /> stated in terms of this contract, the city has done some things that are pretty <br /> forward looking and advanced, and he appreciated everyone's input and work <br /> on this and was supportive of the motion before the EDA. <br /> Ayes: 5 <br /> Nays: 0 <br /> Motion carried. <br /> Willmus moved, Etten seconded, adoption of REDA Resolution No. 53 <br /> entitled, "Resolution Approve Contract For Private Redevelopment With And <br /> Awarding The Sale Of, And Providing The Form, Terms, Covenants And <br /> Directions For The Issuance Of Its Tax Increment Revenue Note To 2720 <br /> Fairview MKT LLC." <br /> Ayes: 5 <br /> Nays: 0 <br /> Motion carried. <br /> President Roe recessed the meeting at approximately 8:15 p.m., and reconvened at <br /> approximately 8:24 p.m. <br /> Recess <br /> b. Presentation By Metropolitan Consortium Of Community Developers <br /> Regarding Their Open To Business Program <br /> Community Development Director Janice Gundlach provided a brief summary <br /> of this request as detailed in the staff report and attachments dated September <br /> 16, 2019. <br /> Mr. Lee Hall, COO of Open to Business and Mr. Noah Her, representative of <br /> Ramsey County made a presentation to the EDA. <br /> Member Etten asked if there is a bank of money available for the loan program <br /> and how can the city contribute to that. <br /> Mr. Hall explained there is a capital pool that is made up of a number of <br /> sources including their own organizational equity, a significant amount of <br /> investment from banking partners who place capital with Open to Business as <br /> a part of their qualifications for CRA credit. There are investments from <br /> foundations and Open to Business participates in a couple of State lending <br /> programs. He indicated Open To Business does partner with the communities <br /> it works in and there are a number of municipalities in which Open To <br /> Business is offered who have asked them to manage or participate with them in <br /> local economic development programs including some loan programs. The <br />