02-26-2020 EDAM
VIII. Land Write-down Program
Would we consider bringing this program back for smaller projects in which TIF or Tax Abatement will not
EDA Board Meeting
work?
1/3 of the lot price would be due at the time of sale with 2/3 forgiven over 10 years.
Main Conference Room Enterprise Center
Program would be for projects that would not be a big producer of tax revenue (making TIF or
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11:30 AM Wednesday, February 26, 2020
Tax Abatement ineffective.)
____________________________________________________________________________
Would allow us to offer an incentive that could push a project to be done.
Consensus of the EDA Board is to bring this option to prospective business.
MEETING MINUTES
IX. Finance Team
Discussion on revision of term structure to be 1-year
Economic Development Authority
open-ended, permanent term thereafter.
Financial Summary as of January 2020
Members present in bold.
Reappointment of Ben King, Eric Lipke, Jack Daggett, & Josh Karg.
Operations
Cash Available $119,083
EDA Board Members
M/S/P: Czmowski, Stearns to approve the revised term structure for the Finance Team and to reappoint
Reserved $56,736
Ben King, Eric Lipke, Jack Daggett, and Josh Karg to the Finance Team. Passed unanimously.
Unreserved $61,493
Mike McGraw
Jonny Block Economic Development Loan Fund
X. Grant & Loan Program Applications NONE
Mike Cannon Cash Available $65,380
Corey Stearns Ashwill Industries Balance $6,568
XI. Other Business
Zephyr Wind Services $96,889
Daron Vanderheiden
Discussion on the addition of Promote County Economic Development to the annual work plan.
Chad Czmowski Laser Dynamics Balance (forgivable) $23,000
Janet Ady will be meeting with the County Commissioner to discuss Strategic Planning at the
Mary Christensen Innovative Foam Balance (forgivable) $14,355
st
County level during her visit on April 1.
Jeremy Carter
Advances to other funds (Enterprise $283,146
Discussion on possible business buying the 1.79-acre lot across the road from Warrior Mfg. for
Center)
a 2,800 sf building. Consensus of the EDA Board was to see if the company would be
Downtown Revolving Loan Fund
interested.
Cash Available $562,100
Staff
Loans Receivable $349,559
Miles Seppelt, EDA Director
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XII. Set Next Meeting 11:30 AM Wednesday, March 25, 2020
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,112,988
Andy Reid, Finance Director
XIII. Adjourn Meeting adjourned at 1:01 pm.
MIF Loan Fund
Maddie Newcomb, EDA Program Manager
Cash Available $2,624
M/S/P: Christensen, Czmowski to adjourn the meeting. Passed unanimously.
MOXY Loan Receivable $15,716
Enterprise Center Fund
Respectfully Submitted,
Cash Available $25,478
SHOPKO TIF District (TIF 4-5)
Cash Available $163,339
Madison Newcomb
I. Call to Order Interfund Loans Receivable $480,906
EDA Program Manager
Meeting called to order at 11:35 AM. MEDICAL CLINIC TIF District (TIF 4-16)
Interfund Loan Payable $322,661
II. Review Agenda
III. Review Minutes
th
a. January 15 Finance Team meeting:
b. M/S/P: Stearns, Czmowski to approve the minutes as written. Passed unanimously.
nd
c. January 22 EDA Board Meeting
M/S/P: Czmowski, Stearns to approve the minutes as written. Passed unanimously
IV. Review of EDA Financial Statements
A. 2019 Year-end (updated, semi-final)
B. January 2020 Financial Statements
Finance Director Andy Reid provided an update on the EDA financials. (Please refer to table)
$2,000 transferred from MIF Loan fund to the Hutchinson Enterprise Center for monument
sign.
Redline Systems loan is paid off.
EDA is expected to end 2019 in the black.
M/S/P: Vanderheiden, Christensen to approve the financial report as presented. Passed unanimously.
V.
A Marketing Plan Facebook updates = 9 Twitter activity = 9 Website updates = 0
Social media has 336 likes on Facebook and 92 followers on
Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C Uponor Street Project ($322,650) Check received for $322,650 for Technology Drive from DEED
D FEMA Grant Application ($510,587) Application is at the Federal level (FEMA) for consideration,
hoping to hear back from them within 8 weeks. Staff has been
updating homeowners on progress of application as well.
E Policy Manual Compiled all EDA Program guidelines and rules into a manual.
F Strategic Plan Staff currently writing, will send out for review in the next week
and will aim for adopting in March 2020.
G 2019 Annual Report Staff working on, will also send out for review soon and will
approve next month
H Janet Ady Corporate Site Selector Will give tour of HTI, CTE, and Hutchinson as a whole.
st
Visit (April 1)
I
TigerMFG Working with school to recruit students for next school year,
goal is to launch in September of 2020
J
Solar Project Meeting with Utilities later this week to discuss possible
placements for the solar array.
K
SBDC Update Jesse Boike with the SBDC will be attending a meeting in the
near future to update the board on the Incubator tenants.
VI. Spec Building Proposal.
Systems West, builders from Litchfield, indicated they would like to move ahead with 30,000
sq.ft. building (or a larger building if a prospect company decides to expand in Hutchinson).
During discussion EDA Board indicated a desire that BOTH the front and back parking lots be
paved.
M/S/P: Czmowski, Vanderheiden to approve the negotiation of a development agreement with Systems
West for a Spec Building in the Industrial Park. Passed unanimously.
VII. Jorgenson Hotel Redevelopment (project overview & discussion)
A developer is purchasing the property and plans to remodel top two floors for event space.
Discussion of a downtown loan of up to $100,000 and a Redevelopment TIF District (if the
project qualifies).
It was noted that efforts to complete the redevelopment of the property have been going on for
decades.
Developer is currently working on putting together the rest of the Commercial Rehab loan
application. Will bring to the EDA Board once application is submitted.