06-27-2023 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Tuesday, June 27th, 2023
MEETING MINUTES
Members present in bold.
EDA Board Members Operations
Mike McGraw Cash Available $73,413
Jonny Block Reserved $56,736
Mike Cannon Unreserved $11,336
Corey Stearns Economic Development Loan Fund
Chad Czmowski Cash Available $170,280
Pat May Zephyr Wind Services $55,854
Jack Daggett FireLake Mfg. $31,082
Jeremy Carter Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance $14,355
Staff Advances to other funds $226,925
Miles Seppelt, EDA Director Enterprise Center)
Matt Jaunich, City Administrator Downtown Revolving Loan Fund
Owen Streich, EDA Intern Cash Available $391,920
Loans Receivable $318,777
I. Call to Order Capital Assets $201,329
Meeting called to order at 11:30 AM. Total Assets $1,052,413
MIF Loan Fund
II. Introductions—Owen was introduced Cash Available $11,212
MOXY Loan Receivable $6,910
III. Review Agenda Enterprise Center Fund,
Cash Available $39,660
IV. Review Minutes SHOPKO TIF District(TIF 4-5)
Cash Available ($4 79,°n 83)
a. May 17th Finance Team meeting Interfund Loans Receivable $418,793
M/S/P: Daggett, Cannon, to approve the minutes
as written. Passed unanimously.
b. May 24th EDA Board Meeting
M/S/P: Stearns, Czmowski,to approve the minutes as written. Passed unanimously
V. Review of EDA Financial Statements (Please refer to table)
M/S/P: May, Stearns,to approve the financial report as presented. Passed unanimously.
VI. Director's Report
A. Marketing Plan Report: Facebook updates= 11,Website updates= 3
Social media effort has 825 follows on Facebook.
B. Business recruitment/expansions—Staff provided an update on recent prospects and ongoing conversations.
C. Project 9500—on hold until major employers are hiring again.
D. Gold Coin—slow movement
E. Child Care Grant—Forgivable Loan Program being set up
F. Hay Land—high bid was$3,233.04
G. H-R Roundtable—9 people attended
H. DEED Grant application—applying for about$60,000 to put stormwater infrastructure on Lot 1140
I. VBOC"Boots to Business"—event went well, looking at hosting quarterly events
J. Uptown Grand—Olson's have moved out/looking at October demolition
K. BR&E Visit—FireLake Manufacturing/company is doing well, busy, pet cremation is a big market
VII. Consider recommendation on development proposal for Franklin Lot
■ Two proposals were reviewed: MITGI &Gus Wurdell
■ Finance Team recommended MITGI proposal, noting the following:
o Bigger project overall
o Bigger units, in terms of living area
o Higher estimated market value (would generate more tax increment)
o Represented "highest and best use"of the site
o Project was a better match for Uptown Grand
■ Further discussion
M/S/P: Cannon, Block, to approve the MITGI development proposal and send it to the City Council. Passed
unanimously.
Vill. State Theater
■ State Theatre is for sale,with potential buyers from the Twin Cities
■ Asking price is$1 Million/Buyers may not be able to obtain quite that level of funding,so a funding gap exists.
■ Importance of the State Theatre to downtown was discussed
■ Options for EDA participation in gap financing were discussed
■ Possibility of SWIF participation was also mentioned, staff will follow up
■ No action taken/will await further developments
IX. Grant& Loan Program Applications — NONE
X. Other Business
■ Staff handed out research results thus far for the EDA Strategic Plan update
XI. Set Next Meeting — 11:30 AM Wednesday, July 261h, 2023
XII. Adjourn — M/S/P: Block, May to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Owen Streich Miles Seppelt
EDA Intern Economic Development Director