06-18-2024 EDAM EDA Finance Team Meeting
Hutchinson Enterprise Center
11 :30 AM Tuesday, June 18th, 2024
Members present are in bold.
MEETING MINUTES Operations
Cash Available $129,684
Members (bold = present) Reserved $56,736
Mike McGraw Unreserved $88,501
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $231,091
Corey Stearns Zephyr Wind Services $41,423
Chad Czmowski FireLake Mfg. $26,598
Pat May Laser Dynamics Balance (partially forgiven) $0
Jack Dagget Innovative Foam Balance (12/1/2025) $8,355
Jeremy Carter Downtown Revolving Loan Fund
Cash Available $449,515
Staff Loans Receivable $273,905
Miles Seppelt, EDA Director Capital Assets 201 329
Andy Reid, Finance Director Total Assets $1,072,242
Joel Wang, EDA Intern MIF Loan Fund
Cash Available $6,098
I. Call to Order— 11:32 AM MOXY Loan Receivable $4,054
Enterprise Center Fund
Cash Available $19,354
II. Approve Agenda SHOPKO TIF District(TIF 4-5)
No action. Cash Available $9,272
Interfund Loans Receivable $434,772
III. Review minutes from last month
A. May 15th Finance Team
M/S/P: Cannon, Dagget to accept minutes as written. Passed unanimously
B. May 22nd EDA Board
M/S/P: Block, Czmowski to accept minutes as written. Passed unanimously
IV. Review EDA Financial Statements
M/S/P: Block, May to accept the financial report as presented. Passed unanimously.
V. Director's Report/Udates
A.Marketing Plan: FB=904-childcare advertising campaign
B.Business recruitment/expansions—update on prospects and new application
C.Human Resources Roundtable—successful meeting with about 14 present, next meeting in August
D.Downtown Plan Update—public open house coming up
E.Jorgensen Hotel Project—update and discussion about parking availability
F.Clinic Site
G. Franklin Project(s)
H..New EDA website—walkthrough of new website
I. TigerPath @ Middle School—staff made a trip to Monticello to look at the"Paxton-Patterson labs"
as a way to extend TigerPath into the middle school
J. Downtown Program Brochure—staff created flyers and distributed them to businesses in the
eligible area around Main Street
K. Childcare Business Update
L. New Chamber President
VI. Consider 2025 EDA Levy Amount
M/S/P: Block, Cannon to approve 2025 EDA levy amount at $281,771 Passed unanimously
VII. Labraaten Bus Company $248,531
• Interested in purchasing our lot on 5th Ave next to Charter School (5.7 acres)
M/S/P: Czmowski, May to approve the sale of the Goebel Lot for$248,531. Passed
unanimously
VIII. Discussion/ Idea Generation
• HHS Tiger MFG Building /Workforce/Manufacture of starter housing
• Discussion of current challenges of CTE
o Proposal of new building
• Discussion to separate from the training facility proposal
• Discussion about cost and size of the proposed building
IX. Grant& Loan Program Applications
Facade Improvement Matching Grant
140 Main Street North — Kirk Quade $4,080.25
Corrected amount $6,353.47
M/S/P: Cannon, Dagget to approve of the grant application to the corrected amount of
$6,353.47. Passed unanimously
X. Other Business— NONE
XI. Set Next Meeting— 11:30 AM Tuesday, July 24th, 2024
M/S/P: May, Czmowski to approve of the next meeting at 11:30 AM Tuesday, July 24th, 2024
XII. Adjourn
With no further business to attend to, the meeting was adjourned at 12:44 P.M.
Respectfully Submitted,
Joel Wang
EDA Intern