04-24-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
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11:30 AM Wednesday, April 24, 2019
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MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of March 2019
EDA Board Members
Operations
Cash Available $90,055
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $32,559
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $123,922
Daron Vanderheiden
Redline Systems Balance $8,847
Chad Czmowski
Ashwill Industries Balance $9,098
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Jeremy Carter, ex-officio
Innovative Foam Balance (forgivable) $14,355
Advances to other funds (Enterprise Center) $301,145
Staff
Downtown Revolving Loan Fund
Miles Seppelt, EDA Director
Cash Available $517,817
Matt Jaunich, City Administrator
Loans Receivable $409,405
Andy Reid, Finance Director
Capital Assets $201,329
Maddie Newcomb, EDA Program Manager
Total Assets $1,128,551
MIF Loan Fund
Cash Available $2,189
I. Call to Order
MOXY Loan Receivable $18,096
Meeting called to order at 11:35 AM.
Enterprise Center Fund
Cash Available $35,920
II. Introductions
SHOPKO TIF District (TIF 4-5)
Jeremy Carter’s first EDA Board
Cash Available $147,428
Meeting
Interfund Loans Receivable $478,307
III. Approve Agenda – add Sign &
MEDICAL CLINIC TIF District (TIF 4-16)
Awning Grant for Sanford & Co.
Interfund Loan Payable $311,459
IV. Review Minutes
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a. March 25 Finance Team meeting:
M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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b. March 27 EDA Board Meeting
M/S/P: Block, 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)
Received Enterprise Center 2019 property tax bill of $20,800
M/S/P: Czmowski, Stearns to approve the financial report as presented. Passed unanimously.
VI. Director’s Report
A Marketing Plan Facebook updates = 6 Twitter activity = 6 Website updates = 1
Social media has 304 likes on Facebook and 87 followers on Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C Uponor Street Project DEED application has been submitted, waiting for the right-of-way to be
finished. The project is out for bids.
D DALADO Development Conversations on how to make this space work efficiently.
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E Farmer’s Market Update Update on obtaining status, first market is May 18.
F Clinic Site redevelopment Update on current conversations.
G Hay Land Rental Received 2 bids. M/S/P: Block, Czmowski to approve Elmer Howe’s bid
amount. Passed Unanimously.
VII. Updates on TigerPath
TigerPath academies are fully implemented at HHS
Counselors are doing a lot in the middle school, increase knowledge of TigerPath.
Website has been very successful, wanting to incorporate more info for parents.
Free college credits from Ridgewater College, 24 courses are offered.
TigerPath Coordinator, Andrea Moore, has been doing very well with getting the
community involved with TigerPath. Including tours, internships, and job fairs.
Hutchinson is leading a movement, the school and EDA have been asked to speak at
multiple different locations to talk about TigerPath.
VIII. Cenex Site Redevelopment
EDA was contacted by a developer in St. Cloud that is interested in this property for
potential senior housing.
Would pay full amount for the property, which means paying the EDA and City for
what they put into the site.
Roughly a $15.5 million investment that would create about 17 full-time positions.
IX. Grant & Loan Program Applications
Sign & Awning Grant Program
Main Street Antiques – Skip Quade $1,000
122 Main Street North
Sanford & Co – Lisa Gambrell $500
37 Main St N
M/S/P: Czmowski, Vanderheiden to approve both Sign & Awning grant applications.
X. Other Business – Conversation on Landy’s Lodge and their mortgage with the EDA.
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XI. Set Next Meeting – 11:30 AM Wednesday, May 22, 2019
XII. Adjourn Meeting adjourned at 12:35pm.
M/S/P: Cannon, Block to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager