01-06-2021 (DEC) EDAM
EDA Board Meeting
GoToMeeting
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11:30 AM Wednesday, January 6, 2021 (December Meeting)
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MEETING MINUTES
Economic Development Authority
Financial Summary as of November 2020
Members present in bold.
Operations
Cash Available $168,858
EDA Board Members
Reserved $56,736
Unreserved $109,506
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $80,097
Corey Stearns
Ashwill Industries Balance $3,930
Daron Vanderheiden
Zephyr Wind Services $89,508
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 $655,078
Staff
Loans Receivable $253,778
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,110,186
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager MIF Loan Fund
Cash Available $4,356
MOXY Loan Receivable $14,050
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:31 AM.
Cash Available $41,260
SHOPKO TIF District (TIF 4-5)
II. Review Agenda
Cash Available $179,484
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. November 18 Finance Team meeting
b. M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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c. December 2 EDA Board Meeting
M/S/P: Block, Vanderheiden 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: Czmowski, Christensen to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 538, T = 98, Facebook updates = 14, Twitter updates = 14, Website updates = 12
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. Downtown Programs Updated Program dollar amounts increased. Sign & Awning Grant raised to
$2,000, Façade Improvement Grant raised to $7,500, and the Commercial Rehabilitation Loan Program
raised to $60,000. Working on a press release to promote those changes.
D. Rite Way Conveyors Project moved in to new building, getting set up for production.
E. Franklin Avenue Redevelopment Project (Clinic Site) TIF District modification is complete, set to close
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on Franklin House on Feb. 1. Meeting with developer and City staff in the near future to discuss
details. Could be looking at a 2022 project.
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F. 3 Avenue NW redevelopment Project (Cenex Site) talking with a developer, could be a 2021 project.
G. Legislative Updates last month EDA Board discussed sending a letter to the state for more small
business assistance. Since new business assistance legislation has been announced at both state &
Federal levels, a letter is no longer deemed necessary.
H. CARES Act Forgivable Loan Program now in the paperwork and documentation phase to forgive
loans.
I. Solar Array Update special meeting coming up at HUC to discuss results and bids that came in. Could
potentially be another option to offer developers a chance to bid, one that allows them to control the
system for 5 years in order to take advantage of tax credits. A decision still needs to be made if they will
rebid the project or move forward with a turnkey project. Will have more updates next month.
J. County EDA Janet Ady toured Hutchinson in the middle of December, no updates since the Holidays.
Staff will seek an update and email EDA Board members.
VI. UPONOR
Consider 1-year extension for Uponor to meet business subsidy goals.
When UPONOR first came to Hutchinson, DEED gave them a $450k loan from the Minnesota
Investment Fund with the goal of creating 83 jobs by 12/31/2020.
So far, they have created 53 jobs, and due to the economic uncertainty and slow-down due to the
pandemic they are requesting a 1-year extension to meet that goal.
This is a local decision and has no negative consequences of granting the extension.
M/S/P: Block, Vanderheiden to recommend granting a 1-year extension to allow UPONOR to reach the
subsidy goal. Passed unanimously.
VII. Consider Enterprise Center Budget 2021
Discussion on current Enterprise Center rents and building maintenance fund.
Property taxes decreased from 2020, otherwise the budget did not change much from last year.
M/S/P: Stearns, Czmowski to adopt the 2021 Enterprise Center budget with the current rent levels of $4.09 per
square foot. Passed unanimously.
VIII. Review 2020 Results and Consider 2021 Work Plan & Goals
Overview on what the EDA accomplished in 2020 and what will get pushed onto the 2021 workplan.
Discussion on goals/ideas for 2021, including firing up the Jumpstart Downtown Business program, a
market village at the Depot Marketplace for small businesses to try out a small business with little to
no risk with hopes they will graduate to a Main Street location, or that same concept inside a Main
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Review of the entire 2021 Work Plan & Goals.
Further discussion planned at next months meeting.
IX. Tour of Updated EDA Website
Important information considered when updating the website included:
o Name / Location / Contact Info Prominent
o Site Selector Info easy to find
o Communicate value proposition
o Lots of data relevant to corporate site selectors.
X. Other Business
Chamber Annual Meeting
double booked. Will keep meeting date as is.
Elections for EDA officers takes place next month.
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XI. Set Next Meeting 11:30 AM Wednesday, January 27, 2021
XII. Adjourn - With no further business to attend to, the meeting adjourned at 12:25pm.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager