06-10-2022 EDAM (Special EDA Mtg)
EDA Board Special Meeting
Hutchinson Enterprise Center
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11:30 AM Friday, June 10, 2022
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MEETING MINUTES
Members present in bold.
EDA Board Members
Mike McGraw Jonny Block Mike Cannon Corey Stearns
Chad Czmowski Mary Christensen Jeremy Carter
Staff
Miles Seppelt, EDA Director
Matt Jaunich, City Administrator
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager
I. Call to Order
Meeting called to order at 11:36 AM.
II. Review Agenda
III. Consider provision and structure of public assistance for Kirk Quade project
Staff gave an overview of building project -
post frame construction project. 10-year lease with renter at roughly $8 per sq. ft., triple net
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Initial offer was 1020 5 Ave SE for $1 per sq. ft for a total of $248,531 no public assistance.
Discussion on available lots EDA has to offer.
Discussion on if this project merits public assistance and potential risks for the City/EDA.
Discussion on 3 options for this project:
1. Stay with original offer.
2. TIF with $1 lot, City gets reimbursed over 8 years plus interest.
3. TIF with up front cost for the lot ($248k), Quade gets reimbursed over 8 years plus interest.
Discussion on the flexibility the EDA Board has with potential projects.
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M/S/P: Czmowski, Block to offer Kirk Quade the lot, 1020 5 Ave SE, with an Economic Development TIF
district and an upfront cost of $248,531 and $15,000 TIF application fee to be reimbursed to him over 8 years
plus interest, up to the limit of available tax increment. Passed unanimously.
IV. Other Business
Discussion of open seat on the EDA Board. Will explore options and considerations and bring back next month.
V. Adjourn M/S/P: With no further business to attend to, the meeting adjourned at 12:35pm.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager