07-28-2021 EDAM
EDA Board Meeting
Hutchinson Enterprise Center
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11:30 AM Wednesday, July 28, 2021
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MEETING MINUTES
Economic Development Authority
Financial Summary as of June 2021
Members present in bold.
Operations
Cash Available $161,699
EDA Board Members
Reserved $56,736
Unreserved $98,589
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $129,687
Corey Stearns
Ashwill Industries Balance $2,016
Daron Vanderheiden
Zephyr Wind Services $81,953
Chad Czmowski
Laser Dynamics Balance (forgivable) $23,000
Mary Christensen
Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $255,423
Center)
Downtown Revolving Loan Fund
Cash Available $442,500
Staff
Loans Receivable $361,751
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,130,866
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager MIF Loan Fund
Cash Available $4,941
MOXY Loan Receivable $12,384
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:33 AM.
Cash Available $22,151
SHOPKO TIF District (TIF 4-5)
II. Review Agenda
Cash Available $198,087
Interfund Loans Receivable $474,085
III. Review Minutes
MEDICAL CLINIC TIF District (TIF 4-16)
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Interfund Loan Payable $333,863
a. June 16 Finance Team meeting
M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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b. June 23 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, Stearns to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 610, T = 97, Facebook updates = 18, Twitter updates = 18, Website updates = 7
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. Harbor Freight going into the Best Buy building this fall.
D. BR&E Visits staff gave an overview of findings at BR&E visits that took place last month.
E. Enterprise Center -
Rents goal is to get everyone caught up on rent by the end of the year.
Insurance Claimin the works
Door Locks & Parking Lot Maintenance changed the back-door locks of each bay to match the
front door locks for emergency services, crack sealed the parking lot.
F. JumpStart Downtown met with all three winners, Flank received their funds, Gold Coin is starting
renovations on their building, Sweet Rolls & Boba confirmed they will be within Gold Coin.
G. Uptown Commons / Franklin House City Council approved the purchase agreement and development
agreement. Sale & transfer of the property will happen next month. City Council denied Historic Hut
fund request to move part of the Franklin House, waiting to see if they are still interested in that project.
Should hear back from FEMA in Sept or Oct.
H. 101 Park Place purchased by a developer who plans to renovate the existing space.
I. Jorgenson Hotel Developer indicated hes moving forward
J. MITGI Applied for a conditional use permit, purchase of the building will happen after CUP approval.
K. McLeod County Economic Development reposted the Director position, received 9 applicants.
L. TigerPath Human Resources Workshop held a workshop for HR directors to help them understand how
to leverage TigerPath effectively, 13 companies showed up, working on 2 other workshops.
M. Greenseam Website an organization that promotes agricultural businesses, site selectors use their site.
We got listed in their community directory with a link to our website.
VI. RD Machine Lease Extension
Company is requesting a month-to-month extension up to one year
Lease is up in September, they are trying to figure out work space needs so would like a month-to-
month lease agreement.
M/S/P: Block, Stearns to approve the month-to-month lease extension up to one year for RD Machine. Passed
unanimously.
VII. Authorization to proceed with demolition of Franklin House
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Propose demolition sometime after September 3 / not to exceed $20K / Fund via SHOPKO TIF (reimbursable)
Next step is to seek out quotes for the demolition work
M/S/P: Block, Vanderheiden to approve moving forward with the demolition process and obtain quotes. Passed
unanimously.
VIII. Grant & Loan Program Applications
Sign & Awning Grant Program
Wending Financial & Insurance Services Kyle Wendling $2,000
40 Main St N
M/S/P: Cannon, Stearns to approve the sign & awning grant in the amount of $2,000. Passed unanimously.
Commercial Rehabilitation Loan Program
Main Street Antiques Kirk Quade $10,000
122 Main St N
M/S/P: Block, Christensen to approve the commercial rehabilitation loan in the amount of $10,000. Passed
unanimously.
IX. Other Business Tiger Elementary is on track and on budget, they are prepping for demolition at Park Elem.
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X. Set Next Meeting 11:30 AM Wednesday, August 25, 2021
XI. Adjourn With no further business to attend to, the meeting was adjourned at 12:20pm.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager