10-27-2021 EDAM
EDA Board Meeting
Hutchinson Enterprise Center
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11:30 AM Wednesday, October 27, 2021
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MEETING MINUTES
Economic Development Authority
Members present in bold.
Financial Summary as of September 2021
Operations
EDA Board Members
Cash Available $112,796
Reserved $56,736
Mike McGraw
Unreserved $51,202
Jonny Block
Mike Cannon Economic Development Loan Fund
Corey Stearns Cash Available $135,062
Daron Vanderheiden
Ashwill Industries Balance $1,179
Chad Czmowski
Zephyr Wind Services $78,661
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 $404,859
Matt Jaunich, City Administrator
Loans Receivable $362,256
Andy Reid, Finance Director
Capital Assets $201,329
Maddie Newcomb, EDA Program Manager
Total Assets $1,104,024
MIF Loan Fund
I. Call to Order
Cash Available $5,671
Meeting called to order at 11:30 AM.
MOXY Loan Receivable $11,670
Enterprise Center Fund
II. Review Agenda
Cash Available $11,331
SHOPKO TIF District (TIF 4-5)
III. Review Minutes
Cash Available $197,555
th
Interfund Loans Receivable $474,085
a. September 15 Finance Team meeting
MEDICAL CLINIC TIF District (TIF 4-16)
b. M/S/P: Cannon, Stearns to approve the
minutes as written. Passed
Interfund Loan Payable $333,863
unanimously.
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c. September 22 EDA Board Meeting
M/S/P: Christensen, 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: Vanderheiden, Christensen to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 610, T = 100, Facebook updates = 20, Twitter updates = 20, Website updates = 0
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. BR & E Visits Staff gave an overview of the BR & E visits done last month: Innovative Foam, Laser
Dynamics, MITGI, Lynn Card Company, Zephyr Wind Services & Hutch COOP
D. Uptown Commons / Franklin House Update will close on the property in the next few weeks, McLeod
A
decision in a couple weeks when that is complete. Staff sent correspondence to Historic Hutch; granting
them the extension to move the original barn to a new location before load restrictions are in place in the
spring.
E. Jorgenson Hotel met with developer and project director, currently in their due diligence period. They will
be contracting with SEH to do an engineering feasibility study which will take roughly a month to complete.
F. Industrial Park Property Owner Meetings Staff had a good meeting with Kulberg and is still looking to set
up a meeting with Ide/Decker.
G. Marketing Initiative Staff is putting together a quarterly newsletter for corporate site selectors. Primarily
focused on upper Midwest site selectors, the newsletter will contain important information regarding sites,
buildings, talent, incentives and expansions.
H. Corporate Site Selector Forum Staff was picked to participate in an online forum with 7 site selectors.
I. Workforce Retention Workshop Similar to the TigerPath workshop for Human Resources done a couple
months ago. This workshop will focus on ways to retain your current employees while also covering best
practices to cultivate a great work environment.
J. McLeod County EDA Staff new hire is no longer in the position; the County is evaluating its options for
moving forward.
K. Visit by 15 Economic Development Pros hosted 15 economic development professionals from the Basic
Economic Development Course and gave them a tour of Hutchinson.
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L. Splash Pad most likely landing on the 3 Ave/Cenex Site. EDA to get paid in full what we have into the
property.
M. 101 Park Place some renovations started.
N. Hutch Café moving ahead, interior demolition has taken place.
VI. Discussion of Enterprise Center Lease Terms
Consider Pros & Cons of extending lease terms for Laser Dynamics and Innovative Foam
Both companies expressed interest in extending their leases to the end of 2024.
Consensus that 2020 & 2021 were lost years due to the pandemic.
Noted that the EDA does not want to get into space, competing with others that have building
space available the goal is to incubate and grow companies.
Currently the Enterprise Center is not being marketed, extending leases until 2024 gives staff ample
time to actively market the building for new companies.
Discussion on a proposed program of increasing rent each year during their extended lease timeframe.
or
lease a new building within city limits.
Staff will bring this back for consideration next month.
VII. Grant & Loan Program Applications None.
VIII. Other Business None.
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IX. Set Next Meeting 11:30 AM Wednesday, December 1, 2021 (Due to Thanksgiving Holiday)
X. Adjourn M/S/P: Stearns, Cannon to adjourn the meeting at 12:25pm. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager