01-25-2023 EDAM
EDA Board Meeting
Hutchinson Enterprise Center
th
11:30 AM Wednesday, January 25, 2023
____________________________________________________________________________
MEETING MINUTES
Economic Development Authority
Members present in bold.
Preliminary Financial Summary as of December 2022
Operations
EDA Board Members
Cash Available $165,797
Reserved $56,736
Mike McGraw
Unreserved $103,059
Jonny Block
Mike Cannon Economic Development Loan Fund
Corey Stearns Cash Available $162,250
Chad Czmowski
Zephyr Wind Services $61,699
Pat May
Laser Dynamics Balance (forgivable) $23,000
Jack Daggett
Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $226,925
Center)
Staff
Downtown Revolving Loan Fund
Miles Seppelt, EDA Director
Cash Available $378,099
Matt Jaunich, City Administrator
Loans Receivable $335,951
Andy Reid, Finance Director Capital Assets $201,329
Maddie Newcomb, EDA Program Manager Total Assets $1,057,582
MIF Loan Fund
Cash Available $9,329
I. Call to Order
MOXY Loan Receivable $8,100
Meeting called to order at 11:31 AM.
Enterprise Center Fund
Cash Available $36,280
II. Review Agenda
SHOPKO TIF District (TIF 4-5)
Cash Available $9,884
III. Election of Officers
Interfund Loans Receivable $394,428
A. President (1-year term) Mike M.
MEDICAL CLINIC TIF District (TIF 4-16)
B. Vice-President Jonny B.
Interfund Loan Payable $270,828
C. Treasurer (1-year term) Chad C.
D. Assistant Treasurer (1-year term) Andy R.
E. Secretary (1-year term) Maddie N.
M/S/P: Block, Stearns to reelect the current officers for a new term. Passed unanimously.
IV. Review Minutes
st
a. December 21 Finance Team meeting
M/S/P: Daggett, Cannon to approve the minutes as written. Passed unanimously.
th
b. January 9 (December) EDA Board Meeting
M/S/P: Block, May 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)
Preliminary numbers for December 2022.
EDA to finish in the black for 2022.
Made a payment of $19,127 from the Enterprise Center to the Economic Development Loan Fund.
Interfund Loan for TIF 4-21 was paid off.
Payment for Rannow house came from the Shopko TIF District. 75% of that will be reimbursed by
FEMA.
All Downtown loans are performing as required, no outstanding payments due as of December 31.
M/S/P: Cannon. May to approve the financial report as presented. Passed unanimously.
VI.
A. Marketing Plan Report: Facebook updates = 6, Website updates = 1
Social media effort has 780 likes on Facebook.
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. RD Machine TIF TIF district was approved by City Council, working on Development Agreement.
D. Project 9500 continuing to develop, needing to find the right amount to charge per business in order to
raise the needed budget while still getting 100-150 jobs listed for when the website goes live. Reviewed
preliminary budget. About $70-80K to fund the first year.
E. Jorgenson Hotel waiting on the development agreement from Developer, spring project.
F. Gold Coin staff communicating with the owner, will keep in touch to receive updates.
th
G. Human Resources Roundtable Survey Results results were favorable, next meeting on February 8
will include a guest speaker, Melanie Martz.
H. EDAM Conference staff to attend the two-day Winter Conference this month.
VII. Uptown Grand Redevelopment
A. Project update:
Closed on Rannow & Olson properties.
Clinic Site is owned by developer
Staff has communicated with Witt on his 3 properties, hopefully will get a purchase agreement signed
in the next month or so.
FEMA reimbursement applied for in the amount of $432,152.97 should receive payment within a
month.
City is making plans to realign the sanitary sewer this summer.
Reviewed project budget in detail.
B. Franklin House RFP:
4 owner occupied residential units
Priced at $199k-$225k
Discussion, FT had asked if the developer could make some slight changes in the appearance.
Waiting on that response.
Will bring back next month for consideration.
VIII. Spec Building
A. Project Update
Did not receive a formal proposal for the spec building in the industrial park, however builders are still
interested. They are waiting to see if they can reduce costs for the structure.
Staff to reach out to additional builders.
B. Innovative Foam / Laser Dynamics
Update on Laser Dynamics.
st
Enterprise Center Lease ends on Dec. 31, 2023.
They are currently having a hard time finding an existing building to move into, but are exploring
options on how to maybe build their own.
th
Discussion on whether the EDA would sell the triangular lot on 5 Ave for $1.
Will bring back next month.
IX. Grant & Loan Program Applications
Sign & Awning Grant Program
Let it Grow Christopher Smith $2,000
31 Main Street North
M/S/P: Czmowski, Daggett to approve the sign & awning grant in the amount of $2,000. Passed unanimously.
X. Other Business none.
nd
XI. Set Next Meeting 11:30 AM Wednesday, February 22, 2023
XII. Adjourn M/S/P: Block, Stearns to adjourn the meeting at 12:45 PM. Passed unanimously.
XIII. Tour of the new MITGI building
Respectfully Submitted,
Madison Newcomb
EDA Program Manager