02-28-2018 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
11:30 AM Wednesday, February 28, 2018
____________________________________________________________________________
Members present in bold.
MEETING MINUTES
EDA Board Members
Mike Cannon Corey Stearns Daron Vanderheiden Chad Czmowski
Mary Christensen Mike McGraw Jonny Block
Staff
Miles Seppelt, EDA Director
Matt Jaunich, City Administrator
Andy Reid, Finance Director
Meagan Donahue, EDA Program Manager/Intern
I. Call to Order
Mike Cannon called the Board to order at
Economic Development Authority
11:34 AM.
Financial Summary as of November 30, 2017
Operations
II. Approve Agenda – no action.
Cash Available $153,505
Reserved $56,736
III. Review Minutes
Unreserved $94,596
Economic Development Loan Fund
th
January 17 Finance Team meeting.
Cash Available $407,772
M/S/P: Stearns, Czmowski to
Redline Systems Balance $11,996
approve the minutes as written.
Ashwill Industries Balance $12,697
Passed unanimously.
Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance (forgivable) $14,355
th
January 24 EDA Board meeting.
Downtown Revolving Loan Fund
M/S/P: Czmowski, Vanderheiden to
Cash Available $435,795
approve the minutes as written.
Loans Receivable $477,412
Passed unanimously.
Capital Assets $201,329
Total Assets $1,115,574
IV. Review of January EDA Financial
MIF Loan Fund
Statements
Cash Available $6,611
NuCrane Loan Receivable $28,062
Financial Update
Enterprise Center Fund
Cash Available ($216,761)
Expenditures (Ebert Construction) $1,394
City Finance Director Andy Reid
SHOPKO TIF District (TIF 4-5)
provided an update on the EDA
financials. (see table) Cash Available $24,413
Interfund Loan Receivables $289,058
M/S/P: Christensen, Czmowski to
Expenditures $
approve the financial report as
MEDICAL CLINIC TIF District (TIF 4-16)
presented. Passed
Interfund Loan Payable $289,058
unanimously.
V. Director’s Report
A. Marketing Plan Report:
Facebook updates = 11,
Twitter activity = 10, Website updates = 0
Social media effort has
268 likes on Facebook and 74 followers on Twitter.
B. Business Recruitment / Expansions – staff updated the board on recent contacts and conversations.
C. UPONOR
Staff is still working with HTI to move the road project forward. HTI wants City to pay to move
their sign.
D. Hotel Project
Retaining wall is being constructed.
E. Skilled Workforce Development Plan
Funds collected thus far = $1,119,524
New website is nearly complete.
VI. Review of EDA Events
Manufacturer’s Summit
o Board was very happy with the turn out.
o Everyone commented on what a great job Luke, from DEED, did.
Business After Hours
o Also had a great turn out, approximately 50 people came to tour the new Enterprise Center.
VII. Hutchinson Enterprise Center
City Council authorized the transfer of funds from the Economic Development Loan Fund to MIF Loan Fund
as part of the Hutchinson Enterprise Center project financing.
M/S/P: Czmowski, Stearns moved to approve transfer of up to $35,505 from Economic Development Loan
Fund to MIF Loan fund to advance NuCrane Mfg. loan payments (which, in turn, are being used to help fund
the Enterprise Center. Passed unanimously.
VIII. Discuss 2018 Work Plan/ Review 2017 Outcomes
Discussion of goals & objectives for 2018.
IX. Grant & Loan Program Applications
Sign and Awning Grant
Happy Sprout Brew & Grow – Casey Clark $1,000
M/S/P: Czmowski, Vanderheiden moved to approve $1,000 grant. Passed unanimously.
X. Other Business – None.
XI. Set Next Meeting – 11:30 AM Wednesday, March 28th, 2018
XII. Adjourn
M/S/P: Cannon, Christensen to adjourn the meeting at 12:53 PM. Passed unanimously.
Respectfully Submitted,
Meagan Donahue
Economic Development Program Manager