01-22-2020 EDAM
Discussion.
EDA Board Meeting
Consensus of the Board was to circle back to builder and keep exploring the idea.
Main Conference Room Enterprise Center
VII. Consider transfer to Enterprise Center Fund $2,000
11:30 AM Wednesday, January 22, 2020
Transfer from MIF Loan Fund to reimburse cost of monument sign
____________________________________________________________________________
Staff noted that costs for the monument sign had been paid last summer out of the Enterprise Center
MEETING MINUTES operations fund, with the idea being that it would be later reimbursed from the MIF Loan Fund.
Economic Development Authority
Making the transfer would allow the Enterprise Center fund to end the year in the black.
Financial Summary as of December 2019
Members present in bold.
Operations
M/S/P: Vanderheiden, Block to approve the transfer of $2,000 from the MIF Loan Fund to the Enterprise
Cash Available $143,879
EDA Board Members
Center Fund. Passed unanimously.
Reserved $56,736
Unreserved $82,100
Mike McGraw
VIII. Review 2019 Results & Consider 2020 Goals
Jonny Block Economic Development Loan Fund
Staff presented report on 2019 work plan results.
Mike Cannon Cash Available $57,352
Staff proposed 2020 work plan & goals.
Corey Stearns Redline Systems Balance $6,309
Ashwill Industries Balance $6,826
Daron Vanderheiden
Chad Czmowski Zephyr Wind Services $97,929
IX. Grant & Loan Program Applications - NONE
Mary Christensen Laser Dynamics Balance (forgivable) $23,000
Jeremy Carter Innovative Foam Balance (forgivable) $14,355
X. Other Business
Advances to other funds (Enterprise $283,146
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Center)
XI. Set Next Meeting 11:30 AM Wednesday, February 26, 2020
Downtown Revolving Loan Fund
Staff
Cash Available $558,048
Miles Seppelt, EDA Director
XII. Adjourn
Loans Receivable $356,181
Matt Jaunich, City Administrator
Capital Assets $201,329
Andy Reid, Finance Director
Meeting adjourned at 12:34 PM.
Total Assets $1,114,035
Maddie Newcomb, EDA Program Manager
MIF Loan Fund
M/S/P: Cannon, Block to adjourn the meeting. Passed unanimously.
Cash Available $4,386
MOXY Loan Receivable $15,954
Enterprise Center Fund
Cash Available $20,785
Respectfully Submitted,
I. Call to Order SHOPKO TIF District (TIF 4-5)
Meeting called to order at 11:32 AM. Cash Available $163,481
Interfund Loans Receivable $480,906
Madison Newcomb
II. Election of EDA Officers
MEDICAL CLINIC TIF District (TIF 4-16)
EDA Program Manager
A. President (1-year term) Mike McGraw
Interfund Loan Payable $322,661
B. Vice-President Jonny Block
C. Treasurer (1-year term) Chad Czmowski
D. Assistant Treasurer (1-year term, can be non-EDA) Andy Reid
E. Secretary (1-year term, can be non-EDA) Madison Newcomb
M/S/P: Block, Christensen to approve the slate of officers as presented above. Passed unanimously.
III. Approve Agenda
IV. Review Minutes
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a. December 18 Finance Team meeting:
M/S/P: Cannon, Czmowski to approve the minutes as written. Passed unanimously.
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b. December 19 EDA Board Meeting
M/S/P: Block, Stearns 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)
All Downtown Loans are performing as required.
Redline Systems loan has been paid off.
TIF District 4-17 (Enterprise Center) and 4-19 (Cobblestone Inn Hotel) have begun to
generate Tax Increment and are making repayments to the Shopko TIF District.
M/S/P: Czmowski, Vanderheiden to approve the financial report as presented. Passed unanimously.
VI. Directors Report
A Marketing Plan Facebook updates = 6 Twitter activity = 6 Website updates = 2
Social media has 329 likes on Facebook and 91 followers on
Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C
Uponor Street Project Working with DEED on reimbursement for the project.
D
Clinic Site Redevelopment (FEMA grant) Minimal work left on grant, sorting out small details.
E
Civil Air Patrol Base Development Agreement signed by both parties.
F
Minnesota Marketing Partnership Joined yesterday, goal is to promote and market Hutchinson.
($700)
G Zephyr Wind Services Met yesterday with Great River Energy. Noted their last piece
of equipment will come on Friday, sales are trending up.
H
TigerPath
3 pledge payments left to collect for CTE.
$2,750 collected for CTE
VI. Spec Building Proposal
Staff reported that an area builder has approached the EDA about putting up an industrial Spec Building
in the Hutchinson Industrial Park.
A development agreement would be formulated between the City and the Builder
EDA would sell the builder a lot for $1
City sets up an economic development TIF District, which would allow for the City to get
reimbursed for the actual cost of the lot.
Builder would put up a 30,000 sf industrial building, completing it to approximately 90%.
EDA would market the building (as would the builder)
Building would be finished once it was leased or sold.
Builder would continue to lease it, or sell it to the final user.
The advantage to the City & EDA is that they would have a new building to market and hopefully
bring a new business into town.
The builder would also have a significant incentive to market Hutchinson.