12-20-2024 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Wednesday, December 20th, 2024
Members present are in bold.
Economic Development Authority
MEETING MINUTES
rsd1aI Summary through November 2024
Cash Available $281,995
Members (bold = present) Reserved $56,736
Unreserved $242,841
Mike McGraw Economic Development Loan Fund
Jonny Block Cash Available $146,584
Mike Cannon Zephyr Wind Services $33,988
Corey Stearns FireLake Mfg. $24,270
Chad Czmowski
Pat May Laser Dynamics Balance (partially forgiven) $0
Innovative Foam Balance (12/1/2025) $8,355
Jack Daggett
Jeremy Carter Downtown Revolving Loan Fund
Cash Available $303,799
Staff Loans Receivable $253,893
Miles Seppelt, EDA Director Total Assets $855,184
Matt Jaunich, City Administrator
Andy Reid, Finance Director MIF Loan Fund
Cash Available $7,650
MOXY Loan Receivable $2,626
I. Call to Order— 11:32 AM Enterprise Center Fund
Cash Available $11,558
II. Approve Agenda SHOPKO TIF District(TIF 4-5)
Cash Available $1,829
No action. Interfund Loans Receivable $434,772
Ill. Review previous meeting minutes
A. November 20th, 2024 Finance Team
M/S/P: Daggett, Stearns to accept minutes as written. Passed unanimously
B. November 22nd, 2024 EDA Board
M/S/P: Czmowski, Stearns to accept minutes as written. Passed unanimously
IV. Review EDA Financial Statements
■ $100,000 from Economic Development Loan Fund has been reserved for the loan to Smokey
Dukes Pretzels.
■ $150,000 from the Downtown Revolving Loan Fund has been reserved for the State Theatre
loan.
■ EDA Board members were paid.
M/S/P: Czmowski, Daggett to accept the financial report as presented. Passed unanimously.
V. Director's Report
A. Marketing Plan: FB=926/3 website updates/6 FB entries
A.Business recruitment/expansions—staff provided an update on prospects
B.Systems-West Building—sold to a plastics manufacturer, closing in early January
C.Cannabis ChemLab—currently designing site&building, on track for 2025
D.Smokey Dukes Pretzels—lease signed/EDA loan closing in January/February
E.DEED Childcare Grant—announcement delayed until end of December/early January
F. GC Real Estate Partners—"gap" analysis underway/early January meeting w/city staff
G. Franklin Redevelopment(MITGI)—Finalizing purchase agreement
H.Jorgensen Hotel—No update!will will connect with developer after the holidays
I. State Theatre—Loan closing on December 27th/will be closed first couple weeks of January
J. Downtown Plan—finished
K.TigerPath Open House—February 6th event
M.Women-to-workforce Intern—Lauren is beginning industry tours
VI. Business Incubator Application: M5 Micro Molding
Early-stage manufacturer applying for space in the Enterprise Center(2,000 sf)
■ Precision micro-molding company will manufacture medical devices and related products
• Would epoxy floor and install clean room
• Application received/staff interview completed
■ Still need credit report and business plan/financial proformas
■ Discussion
■ Will bring back next month when we have a compete file
VII. Discuss Space Improvements for Suite 100 of the Enterprise Center
■ Proposal is to add air conditioning &furnace for improved climate control—needed for high-tech
manufacturing
■ Cost would be around$17,000+/-
■ Funding could come from MIF Loan Fund (incubator improvements are an allowed use)and/or
Enterprise Center Maintenance Fund
■ Staff will bring this back next month for consideration
VIII. Grant& Loan Program Applications
Sign &Awning Grant Program
Home Again Boutique—Susan Willard $1,000
11 Main Street North
M/S/P: Daggett, Czmowski to recommend approval of the grant application. Passed
unanimously
IX. Other Business— Miles is on vacation Christmas & New Year's weeks
X. Set Next Meeting— 11:30 AM Wednesday, January 22nd 2025
XI. Adjourn
M/S/P: Czmowski, Stearns to adjourn the meeting at 12:38 PM. Passed unanimously
Respectfully Submitted,
Miles R. Seppelt
Economic Development Director