12-2-2020 (NOV) EDAM
EDA Board Meeting
Conference Call
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11:30 AM Wednesday, December 2, 2020 (November Meeting)
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MEETING MINUTES
Economic Development Authority
Financial Summary as of October 2020
Members present in bold.
Operations
Cash Available $87,363
EDA Board Members
Reserved $56,736
Unreserved $29,774
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $77,488
Corey Stearns
Ashwill Industries Balance $4,999
Daron Vanderheiden
Zephyr Wind Services $90,573
Chad Czmowski
Laser Dynamics Balance (forgivable) $23,000
Mary Christensen
Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $283,146
Center)
Downtown Revolving Loan Fund
Cash Available $655,664
Staff
Loans Receivable $256,970
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,113,963
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager MIF Loan Fund
Cash Available $4,113
MOXY Loan Receivable $14,288
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:30 AM.
Cash Available $29,872
SHOPKO TIF District (TIF 4-5)
II. Review Agenda
Cash Available $179,270
Interfund Loans Receivable $480,906
III. Review Minutes
MEDICAL CLINIC TIF District (TIF 4-16)
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Interfund Loan Payable $322,661
a. October 21 Finance Team meeting
b. M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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c. October 28 EDA Board Meeting
M/S/P: Block, Czmowski to approve the minutes as written. Passed unanimously
IV. Review of EDA Financial Statements
Finance Director Andy Reid provided an update on the EDA financials. (Please refer to table)
M/S/P: Christensen, Vanderheiden to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 528, T = 98, Facebook updates = 10, Twitter updates = 10, Website updates = 4.
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. Resonetics purchased HTI medical devices division, 150 existing employees are now Resonetics
employees. Leasing about 130,000 sq ft of TDK-HTI building.
D. UPONOR Gift Uponor gifted $20,000 to the Center for Technical Excellence at HHS.
E. Rite Way Conveyors Project project is moving forward, Rite Way to move in at the end of the month.
F. Franklin Avenue Redevelopment Project (Clinic site) waiting to find out the decision on our appeal to
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FEMA, Franklin house met the blight requirements. TIF modification goes to City Council on Dec. 8.
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G. 3 Avenue NW Redevelopment Project (Cenex site) apartment project is no longer feasible with the
restriction in the shoreland district. Proposing a different lot to the developer.
H. McLeod County EDA Hired Ady Advantage Consulting to get moving on a County level EDA. Toured
Hutchinson last week with Staff.
I. Site Selector Conference staff to attend an online conference with site selectors.
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VI. Consider recommendation to appoint Corey Stearns to a 2 6-year Term on the EDA Board
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M/S/P: Block, Vanderheiden, to appoint Corey Stearns to a 2 6-year term on the EDA Board. Passed
unanimously.
VII. CARES Program Report
83 total applicants, 16 not funded due to various reasons, 67 funded.
Average award of $10,878. $696,921 (92.9%) allocated.
43 grants, 24 loans still need paperwork for loan to be forgiven
About $4605 will be reimbursed to the EDA for staff time/expenses.
City was able to utilize remaining funds.
VIII. EDA 2021 Budget Revisions
Minor changes to benefits numbers originally noted in approved 2021 budget.
M/S/P: Block, Christensen to approve revisions to the 2021 budget as presented. Passed unanimously.
IX. Enterprise Center Rents
Innovative Foam is up to date.
Laser Dynamics just made a payment for 3 months of rent. Leaving 3 months unpaid.
Laser Dynamics offered to pay an amount quarterly to get caught up.
Staff to write up an agreement to ensure timely payments, will keep the EDA board updated.
X. Resolution in support of modification of TIF 4-16
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Set to go to City Council on December 8 to modify TIF district boundaries to include the Franklin
House.
M/S/P: Stearns, Czmowski to approve resolution 22-2, adopting the TIF plan. Passed unanimously.
XI. Grant & Loan Program Applications
Sign & Awning Grant Program
BG Jewelers Brian Gauger $485.44
45 Washington Ave E Suite 101
M/S/P: Czmowski, Block to approve the Sign & Awning Grant application in the amount of $485.44. Passed
unanimously.
XII. Other Business
Discussion on inquiring about additional Federal economic stimulus for businesses. Staff to write up
State and Federal resolution letters and bring back next month for consideration.
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Update on solar project Bid opening Dec. 7
Minimum of 600-700KW system, although may have additional output. 2021 project, Jeremy will
provide an update at next meeting.
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XIII. Set Next Meeting 11:30 AM Wednesday, January 6 (in consideration of Christmas ).
XIV. Adjourn - With no further business to attend to, the meeting adjourned at 12:27pm.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager