06-23-2021 EDAM
EDA Board Meeting
MITGI 45 West Highland Park Drive
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11:30 AM Wednesday, June 23, 2021
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MEETING MINUTES
Economic Development Authority
Financial Summary as of May 2021
Members present in bold.
Operations
Cash Available $69,972
EDA Board Members
Reserved $56,736
Unreserved $6,718
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $115,996
Corey Stearns
Ashwill Industries Balance $2,293
Daron Vanderheiden
Zephyr Wind Services $83,043
Chad Czmowski
Laser Dynamics Balance (forgivable) $23,000
Mary Christensen
Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $264,794
Center)
Downtown Revolving Loan Fund
Cash Available $592,034
Staff
Loans Receivable $206,709
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,123,197
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager MIF Loan Fund
Cash Available $4,700
MOXY Loan Receivable $12,622
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:33 AM.
Cash Available $18,796
SHOPKO TIF District (TIF 4-5)
II. Review Agenda
Cash Available $195,309
Interfund Loans Receivable $483,475
III. Review Minutes
MEDICAL CLINIC TIF District (TIF 4-16)
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Interfund Loan Payable $333,863
a. May 19 Finance Team meeting
M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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b. May 26 EDA Board Meeting
M/S/P: Block, Christensen 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: Stearns, Block to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 602, T = 97, Facebook updates = 13, Twitter updates = 13, Website updates = 2
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. Enterprise Center Update landscaping project on the West side of the parking lot is complete. Working
with tenants to get caught up on rent. Staff met with the regional director of the Veteran Business Outreach
Center. They will share an office with the SBDC at the Enterprise Center, which will be their only physical
location in Minnesota.
D. Uptown Commons / Franklin House Update finalizing development agreement, purchase agreement is
signed. Currently there are two versions of this project depending on FEMA grant decision. If FEMA grant
is approved, we will do a second set of agreements for the rest of the properties. First reading of the
rezoning application was approved, second reading is in a couple weeks.
E. MITGI Update First reading of the rezoning ordinance amendment was approved by City Council, second
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reading will be at July 13 Council meeting.
F. McLeod County Economic Development decided to start over on their Director search, economic
development strategic plan is done.
G. Greenseam staff will provide update next month.
VI. Jump-Start Downtown
A. Authorize Forgivable Loans
1. Flank Steakhouse $15,000
2. Gold Coin $15,000
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B. Consider 3 Winner Sweet Rolls & Boba $10,000
(Finance Team is recommending $10k)
M/S/P: Block, Stearns to approve the forgivable loans as presented. Passed unanimously.
VII. Discussion of Industrial Park Phasing / Project Timing
-other lots in remaining inventory.
There is a trend towards bigger lots and getting lots ready requires significant lead time.
Possible infrastructure bills that could help with putting in infrastructure at HWY 7/22 intersection.
Discussion on potential lots, land prices, project costs, farm rents and possible funding.
Will bring back at a future date, staff will make connections to land owners in the meantime.
VIII. Grant & Loan Program Applications
Sign & Awning Grant Program
HFIT 360 - Sheila Thompson $1,365
114 Main Street N
M/S/P: Cannon, Christensen to approve the sign & awning grant in the amount of $1,365. Passed unanimously.
Crow River Floral Jeanne Schealler $1,181.72
27 Main Street North
M/S/P: Block, Stearns to approve the sign & awning grant in the amount of $1,181.72. Passed unanimously.
Façade Improvement Matching Grant Program
By Mae Emily Reck $800
15 Washington Ave E
M/S/P: Christensen, Cannon to approve the façade improvement grant in the amount of $800. Passed
unanimously.
Commercial Rehabilitation Loan Program
Crow River Floral Jeanne Schealler $8,310
27 Main St N
M/S/P: Block, Christensen to approve the commercial rehabilitation loan, contingent on receiving the ownership
& encumbrances report, in the amount of $8,310. Passed unanimously.
IX. Other Business Staff started BR&E visits / reported on Warrior Mfg.
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X. Set Next Meeting 11:30 AM Wednesday, July 28, 2021
XI. Adjourn M/S/P: Block, Cannon to adjourn the meeting at 12:35pm. Passed unanimously.
XII. Optional Tour of MITGI
Respectfully Submitted,
Madison Newcomb
EDA Program Manager