01-23-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
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11:30 AM Wednesday, January 23, 2019
____________________________________________________________________________
MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of December 2018
EDA Board Members
Operations
Cash Available $144,270
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $79,805
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $111,791
Daron Vanderheiden
Redline Systems Balance $9,590
Chad Czmowski
Ashwill Industries Balance $9,836
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance (forgivable) $14,355
Downtown Revolving Loan Fund
Staff Cash Available $498,263
Miles Seppelt, EDA Director Loans Receivable $426,316
Matt Jaunich, City Administrator Capital Assets $201,329
Andy Reid, Finance Director Total Assets $1,125,908
Maddie Christie, EDA Program Manager
MIF Loan Fund
Cash Available $994
MOXY Loan Receivable $18,810
Enterprise Center Fund
Cash Available $46,328
SHOPKO TIF District (TIF 4-5)
Cash Available $87,789
Interfund Loans Receivable $478,307
MEDICAL CLINIC TIF District (TIF 4-16)
Interfund Loan Payable $311,459
I. Call to Order
Meeting called to order at 11:33 AM.
II. Board Elections
President – 1 year term - Mike Mcgraw
Vice-President - Jonny Block
Secretary (can be staff) - Madison Newcomb
Treasurer Assistant - Andy Reid
Treasurer (can be staff) - Chad Czmowski
M/S/P: Stearns, Christensen to adopt the slate of board officers as proposed. Passed
unanimously.
III. Approve Agenda – no action.
IV. Review Minutes
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a. December 19 Finance Team meeting:
M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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b. January 2 EDA Board Meeting (December meeting)
M/S/P: Vanderheiden, Czmowski to approve the minutes as written. Passed unanimously.
V. Review of EDA Financial Statements
Finance Director Andy Reid provided an update on the EDA financials. (Please refer to table on
the previous page)
EDA operating budget will end 2018 approximately $22,379 in the red, due to a number of one-
time costs from moving from City Hall to the Enterprise Center, insurance costs, unemployment
costs, intern costs, etc. See Below:
Enterprise Center made an interest payment to the Economic Development Loan Fund which was
$6,200.
Discussion on operations deficit and possible remedies, including an “up to” 5% management fee
from the incubator reimbursed to EDA Staff for work, TIF admin expenses, and reimbursement for
Enterprise Center expenses.
M/S/P: Christensen, Block to accept the financial report as presented. Passed unanimously.
VI. Director’s Report
A Marketing Plan Facebook updates = 12 Twitter activity = 12 Website updates = 5
Social media has 299 likes on Facebook and 84 followers on
Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C NuCrane Closing No orders, will be closing at the end of January. Building will be
listed on our website.
D Lallemand bought OHLY A French Canadian company that does the same work bought out
OHLY.
E UPONOR street project Annexation complete. BDPI grant application is mostly written.
Waiting on information from Uponor.
F Enterprise Center Nothing new.
G Skilled workforce development plan Formalizing Tiger Manufacturing.
H Farmer’s Market Board has been advertising Executive Director position. EDA
Board recommended doing a press release on the status of the
market.
I Site Selection Magazine advert Prize was being in the magazine, little bit of free advertising.
VII. Request for donation from Public Arts Commission
EDA Board discussed the donation request from Councilmember Cook.
M/S/P: Cannon, Czmowski to decline the invitation to donate. Passed unanimously.
VIII. Discuss Payment Schedule for Enterprise Center
So far, we have only booked an interest payment of $6,132 for 2018. Looking at paying
$8,855 to the principal payment for the last six months of 2018. (First 6 months will be
considered ‘interest only’.)
Going forward the plan is to pay P&I every 6 months of $11,969.56, totaling $23,938.56
per year.
We can use Enterprise TIF to help pay this cost once it starts generating.
M/S/P: Block, Vanderheiden to approve the proposed payment plan. Passed
unanimously.
IX. Enterprise Center Budget
The 2019 operating budget was reviewed – no action.
X. Grant & Loan Program Applications - NONE
XI. Other Business – None.
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XII. Set Next Meeting – 11:30 AM Wednesday, February 27, 2019
XIII. Adjourn
M/S/P: Block, Cannon to adjourn the meeting at 12:35 pm. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager