09-22-2021 EDAM
EDA Board Meeting
Hutchinson Enterprise Center
nd
11:30 AM Wednesday, September 22, 2021
____________________________________________________________________________
MEETING MINUTES
Economic Development Authority
Members present in bold.
Financial Summary as of August 2021
Operations
EDA Board Members
Cash Available $126,802
Reserved $56,736
Mike McGraw
Unreserved $64,913
Jonny Block
Mike Cannon Economic Development Loan Fund
Corey Stearns Cash Available $133,330
Daron Vanderheiden
Ashwill Industries Balance $1,459
Chad Czmowski
Zephyr Wind Services $79,762
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Jeremy Carter
Innovative Foam Balance (forgivable) $14,355
Advances to other funds (Enterprise $255,423
Center)
Staff
Downtown Revolving Loan Fund
Miles Seppelt, EDA Director
Cash Available $400,925
Matt Jaunich, City Administrator
Loans Receivable $365,011
Andy Reid, Finance Director
Capital Assets $201,329
Maddie Newcomb, EDA Program Manager
Total Assets $1,102,409
Also in attendance was Jim Hartshorn, McLeod
MIF Loan Fund
County Economic Development Director
Cash Available $5,430
MOXY Loan Receivable $11,908
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:31 AM.
Cash Available $6,996
SHOPKO TIF District (TIF 4-5)
II. Introductions
Cash Available $197,555
Jim Hartshorn, McLeod County Economic
Interfund Loans Receivable $474,085
Development Director
MEDICAL CLINIC TIF District (TIF 4-16)
III. Review Agenda
Interfund Loan Payable $333,863
IV. Review Minutes
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a. August 18 Finance Team meeting
b. M/S/P: Stearns, Cannon to approve the minutes as written. Passed unanimously.
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c. August 25 EDA Board Meeting
M/S/P: Block, Christensen 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: Vanderheiden, Stearns to approve the financial report as presented. Passed unanimously.
VI.
A. Marketing Plan: FB = 612, T = 100, Facebook updates = 12, Twitter updates = 12, Website updates = 3
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. Enterprise Center Update
will help develop a marketing plan and generate possible sales leads.
D. Uptown Commons / Franklin House update / Historic Hutchinson
going through the approval process, will hear outcome of FEMA grant by the end of October. Staff reached
out to homeowners to provide an update. EDA will have to obtain new appraisals for those properties.
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E. Solar Array construction complete. Testing will be done the week of October 4. Switch will be flipped on
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the week of October 11 with a possible ribbon cutting ceremony.
F. BR&E visits staff reported on the BR&E visit done with Pride Solutions this month, they are very busy.
G. Industrial Park Phasing II Staff reached out to the property owners of the land east of the Industrial Park.
Meetings to take place.
H. Employee Retention Workshop Workshop for HR directors on best practices for employee retention, will
take place sometime in October. Ridgewater proposed a collaboration with Staff; they will recruit students,
EDA to recruit businesses to offer internships for Ridgewater students.
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I. Splash Pad Site City Council signed off on a feasibility study for a splash pad site. 3 Ave Cenex Site
could be a possible location.
VII. Jorgenson Hotel TIF / Downtown Redevelopment Update
TIF Application and fee submitted.
Developer has signed a purchase agreement with a 90-day due diligence period.
Hired SEH to do a structural analysis of the building to determine if adding two stories is feasible.
Staff to ask developer for a rendition drawing of the proposed building.
VIII. Consider request for revised job creation goal Cobblestone Inn Hotel
Request is to reset job creation from 11.5 FTE to 7.5 FTE
A soil condition TIF district was implemented to offset cost of soil corrections. Original job creation
forecast was 11.5 FTE. Now that the hotel is running, the developer has stated that the original job
creation number is not achievable and is requesting a revised job creation number of 7.5 FTE.
When this project took place, job creation was not a primary goal. The main benefit was to redevelop
the site.
M/S/P: Block, Cannon to recommend to City Council the approval of the revised job creation goal of 7.5 FTE.
Passed unanimously.
IX. Consider EDA 2022 Budget
Reviewed the proposed 2022 budget and discussed changes.
M/S/P: Czmowski, Vanderheiden to approve the 2022 budget as presented. Passed unanimously.
X. Grant & Loan Program Applications
Sign & Awning Grant Program:
235 Hassan LLC Anthony Hanson, Et al $8,000
233, 235, 237, & 239 Hassan St SE
Façade Improvement Matching Grant:
235 Hassan LLC Anthony Hanson, Et al $7,500
233, 235, 237, & 239 Hassan St SE
Commercial Rehabilitation Loan Program:
235 Hassan LLC Anthony Hanson, Et al $60,000
233, 235, 237, & 239 Hassan St SE
M/S/P: Block, Vanderheiden to approve all three of the above program applications as presented. Passed
unanimously.
XI. Other Business None.
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XII. Set Next Meeting 11:30 AM Wednesday, October 27, 2021
XIII. Adjourn M/S/P: Christensen, Cannon to adjourn the meeting at 12:20pm. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager