08-29-2018 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
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11:30 AM Wednesday, August 29, 2018
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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 Andy Reid, Finance Director
Matt Jaunich, City Administrator Maddie Christie, EDA Program Manager
Guests
Duane Hoversten, SBDC Tom Wirt, SBDC
I. Call to Order
EDA President Mike McGraw called the
Economic Development Authority
Board to order at 11:32 AM.
Financial Summary as of July 2018
Operations
II. Approve Agenda – no action.
Cash Available $138,957
Reserved $56,736
III. Review Minutes
Unreserved $79,483
Economic Development Loan Fund
July 18th Finance Team meeting:
Cash Available $102,260
Redline Systems Balance $11,044
M/S/P: Stearns, Block to approve the
Ashwill Industries Balance $11,282
minutes as written. Passed
Laser Dynamics Balance (forgivable) $23,000
unanimously.
Innovative Foam Balance (forgivable) $14,355
Downtown Revolving Loan Fund
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July 25 EDA Board meeting:
Cash Available $452,070
Loans Receivable $466,809
M/S/P: Block, Czmowski to approve
Capital Assets $201,329
the minutes as written. Passed
Total Assets $1,120,208
unanimously.
MIF Loan Fund
Cash Available $0
IV. Review of June EDA Financial
MOXY Loan Receivable $20,000
Statements
Enterprise Center Fund
Cash Available $18,269
SHOPKO TIF District (TIF 4-5)
Financial Update
Cash Available $48,313
Interfund Loans Receivable $446,992
Finance Director Andy Reid provided an
MEDICAL CLINIC TIF District (TIF 4-16)
update on the EDA financials. (see
table) Interfund Loan Payable $300,257
M/S/P: Christensen, Stearns to approve the financial report as presented. Passed
unanimously.
V. Director’s Report
A. Marketing Plan Report:
Facebook updates = 7 Twitter activity = 7, Website updates = 0
Social media has 290 likes on Facebook and 82 followers on Twitter.
B. Business Recruitment / Expansions – staff updated the board on recent contacts and
conversations.
C. Japanese Consul-General visit – very successful! Mary Hodson was brilliant.
D. Hutchinson Enterprise Center – Laser Dynamics humidity issue resolved.
E. UPONOR – continuing work on building modifications.
F. Warrior Manufacturing – TIF District approved. Expansion project to begin shortly.
G. Stamp-N-Storage – moving into the former American Energy Systems Building.
H. RD Machine – will be renting 2,000 sf in the Enterprise Center.
I. Innovative Foam – Seeing very rapid sales growth. Being in the incubator has really helped.
J. Hutch Iron & Metal – owner will be retiring soon.
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K. Hotel Project – Planning to open about September 1.
VI. SBDC Presentation – Duane Hoversten
Duane Hoversten and Tom Wirt from the Small Business Development Center provided an
overview of the services the SBDC provides.
VII. Proposal for Old Medical Clinic Site
EDA Staff provided an update on what is being discussed for redevelopment of the Old Medical
Clinic Site. Highlights:
Project size would depend on whether properties on the west side of the block could be
obtained.
If the project is limited to the eastern half of the block the developer is envisioning 3-4
floor market rate apartment complex with a total of 48-60 units.
The larger option would be 70 units or more.
Both options would include a ground floor restaurant featuring a outdoor patio and
overlooking the Crow River.
The developer is asking that the City put in the trail extension along the riverbank and
acquire the northern most house on the west side of the block.
The developer envisions the creation of a downtown destination similar to Canal Park in
Duluth.
This would be a 2019 project.
City engineering staff has reviewed the preliminary plan and indicated that an on-site
retention pond / rain garden to accommodate storm water runoff would be needed.
The developer is planning to submit a formal proposal for consideration by the EDA next
month.
Discussion followed.
VIII. EDA Strategic Planning
Staff reviewed the skilled workforce development plan and provided an update on what’s been
accomplished thus far.
Discussion.
IX. Grant & Loan Program Applications – None.
X. Other Business – None.
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XI. Set Next Meeting – 11:30 AM Wednesday, September 26, 2018
XII. Adjourn
M/S/P: Stearns, Christensen to adjourn the meeting at 12:50 PM. Passed unanimously.
Respectfully Submitted,
Miles R. Seppelt
EDA Director