01-27-2021 EDAM
EDA Board Meeting
GoToMeeting
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11:30 AM Wednesday, January 27, 2021
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MEETING MINUTES
Economic Development Authority
Financial Summary as of December 2020
Members present in bold.
Operations
Cash Available $147,174
EDA Board Members
Reserved $56,736
Unreserved $88,818
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $105,744
Corey Stearns
Ashwill Industries Balance $3,661
Daron Vanderheiden
Zephyr Wind Services $88,440
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 $655,286
Staff
Loans Receivable $247,902
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,109,701
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager MIF Loan Fund
Cash Available $4,597
MOXY Loan Receivable $13,812
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:31 AM.
Cash Available $18,484
SHOPKO TIF District (TIF 4-5)
II. Election of Officers
Cash Available $205,263
A. President (1-year term) Mike M.
Interfund Loans Receivable $472,360
B. Vice-President Jonny B.
MEDICAL CLINIC TIF District (TIF 4-16)
C. Secretary (1-year term, can be non-EDA)
Interfund Loan Payable $333,863
Maddie N.
D. Treasurer (1-year term) Chad C.
E. Assistant Treasurer (1-year term, can be non-EDA) Andy R.
M/S/P: Block, Christensen to reelect the existing officers. Passed unanimously.
III. Review Agenda
IV. Review Minutes
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a. December 16 Finance Team meeting
b. M/S/P: Stearns, Czmowski to approve the minutes as written. Passed unanimously.
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c. January 6 EDA Board Meeting
M/S/P: Block, Vanderheiden 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)
M/S/P: Christensen, Czmowski to approve the financial report as presented. Passed unanimously.
VI.
A. Marketing Plan: FB = 542, T = 98, Facebook updates = 11, Twitter updates = 11, Website updates = 4
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. County EDA staff had brief email correspondence with Janet Ady, they are working on putting out an
interim report and touring McLeod County cities. Moving forward.
D. UPONOR Business Subsidies Extension City Council approved a 1-ear extension for UPONOR to
meet their job creation goals.
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E. Franklin Avenue Redevelopment Project (Clinic Site) set to close on the Franklin House February 1,
then will take steps to demolish the building
structure.
F. Marketing: Minnesota Marketing Partnership + Enterprise Center Listing will bring forward next month.
G. Solar Project Jeremy HUC Board meets today to vote on moving forward with Ziegler as the
contractor for a 766-kw system. All bids were very competitive, hopefully will get contracts negotiated
this spring, expected project completion in the fall. Working on finalizing the solar array retail rate for the
Enterprise Center and the City looking at around a 40% rate savings / $3-4k per year for the
Enterprise Center.
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VII. 3 Avenue NW Redevelopment Project (Cenex Site)
A. Project Update developer provided an updated site plan including seven buildings, stormwater retention
pond, and a public space. This would be a 2021 project, working on the planning aspect as this will be a
Planned Unit Development. A PUD requires public benefit, so once the developer pays for the land they will
donate a portion of the property to the City; site could be a playground, trailhead for eh Luce Line, etc.
B. Options for Public Assistance Make the land price go away (we would still get paid up front), cover the
cost of ponding, or offset density limits (impervious surface coverage). Options for project financing include
a Housing TIF District, Economic Development TIF District for Workforce Housing, Tax Abatement, or a
combination of those. Discussion followed. Consensus was that the project looked favorable.
VIII. Jump-Start Downtown
Consider launching Jump-Start Downtown Business Plan Contest to help fill vacancies
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is an idea submittal, 2 is a business plan, 3 is a live
presentation/Q&A with a panel of judges. Last done in 2014, two main street businesses opened.
Finance Team recommending cash prize of $15,000 and considering multiple winners if merited. In
2014, the start-up capital was $10,000. Other prizes include: $2,000 sign & awning grant, business
coaching & mentoring, advertising assistance, marketing materials, etc. If approved, staff would work
to line up partners.
M/S/P: Cannon, Vanderheiden to approve the relaunch of Jump-Start Downtown Business Plan contest with
$15,000 start-up capital and the option to have multiple winners. Passed unanimously.
IX. Grant & Loan Program Applications
Sign & Awning Grant Program
Main Street Sports Bar Ryan Alsleben $2,000
22 Main St N
M/S/P: Block, Czmowski to approve a $2,000 grant. Passed unanimously.
X. Other Business
EDA Director annual performance review Matt Jaunich to send out evaluations.
Suggestion to return to in-person meetings in February, will hold at Event Center to allow for social
distancing.
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XI. Set Next Meeting 11:30 AM Wednesday, February 24, 2021
XII. Adjourn M/S/P: Block, Christensen to adjourn the meeting at 12:26pm. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager