02-26-2025 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Wednesday, February 26th, 2025
Members present are in bold.
Economic Development Authority
Financial Summarythrough January 202
MEETING MINUTES Op CashA A shvavaiilable $205,248
Reserved $56,736
Members (bold = present) Unreserved $161,573
Mike McGraw Economic Development Loan Fund ,
Jonny Block Cash Available $121,972
Mike Cannon Smoky Dukes (restricted) $100,000
Corey Stearns Zephyr Wind Services $31,477
Chad Czmowski FireLake Mfg. $23,481
Pat May Laser Dynamics Balance (partially forgiven) $0
Jack Daggett Innovative Foam Balance (12/1/2025) $8,355
Jeremy Carter Downtown Revolving Loan Fund
Staff Cash Available $343,931
Loans Receivable $399,592
Miles Seppelt, EDA Director Total Assets $900,834
Matt Jaunich, City Administrator
Andy Reid, Finance Director MIF Loan Fund
Cash Available $8,183
Guests MOXY Loan Receivable $2,150
Liz Danielson, McLeod County ED Coordinator Enterprise Center Fund
Valerie Mackenthune, Chamber President Cash Available $11,573
SHOPKO TIF District (TIF 4-5)
I. Call to Order— 11:30 AM Cash Available $7,495
Interfund Loans Receivable $436,261
II. Election of Officers
Current Officers (2024)
President Mike McGraw
Vice-President Jonny Block
Secretary Miles Seppelt
Treasurer Chad Czmowski
Asst. Treasurer Andy Reid
M/S/P: Block, May to re-elect the current slate of officers for 2025. Passed unanimously.
III. Approve Agenda
No action.
IV. Review previous meeting minutes
A. January 15th Finance Team
M/S/P: Daggett, Block to accept minutes as written. Passed unanimously
B. January 22nd EDA Board
M/S/P: Czmowski, May to accept minutes as written. Passed unanimously
V. Review EDA Financial Statements
A. Year-end 2024 [updated]
B. January 2025 [please see table]
M/S/P: May, Block to accept both financial reports as presented. Passed unanimously.
VI. Director's Report
A. Marketing Plan: FB= 983/3 website updates/5 FB entries
B. Business recruitment/expansions—update on prospects and ongoing conversations
C. BR&E Visits
i. Innovative Foam—2024 sales up about 25%over 2023
ii. GVL Medical—sales flat, but several potentially major orders on the horizon
D. Cannabis ChemLab—just completed certification process, now applying for state testing license
E. Smokey Dukes Pretzels—busy getting their production area set up
F. Guiding Light Early Learning Center
■ working on hiring executive director/aiming for end of May opening
G. Downtown Redevelopment Projects
i. State Theatre—had about 500 attendance over opening weekend
ii. GC Real Estate Partners: The Landing—Determined that fiber optic line can be moved
iii. CADOTT: Franklin Site—PA approved, staff will be scheduling closing
iv. Jorgensen Hotel—making a final attempt to acquire Koch building/will proceed without if
needed/DEED demolition grant deadline is 6/31
H. TigerPath Open House—very successful event
I. Enterprise Center Improvements
■ Possible addition of AC to Bay 1 will be looked at later in the spring
VII. Childcare Business Assistance Grant Program
Staff provided an update on funding for Guiding Light Early Learning Center:
■ A total of$80,000 is needed to launch
■ $19,919 will come from an earlier First Children's Finance grant
■ $40,000 from the DEED grant
■ $10,000 is being applied for from the Hutchinson Healthcare Foundation
■ $10,081 would come from the EDA, if approved by the Board
Finance Team recommended that the grant formula be adjusted from $200 per slot created to
$225 with a cap of$15,000 for 67 new slots created. Also, language would be included that the
"EDA would consider other grant amounts" so as to create additional program flexibility. Finally,
childcare centers would be allowed to utilize grant funds for salaries, due to the need to hire staff
before kids can be enrolled.
M/S/P: Daggett, Czmowski to adopt the $225/slot formula with a maximum possible of$15,000
for 67 slots created; other amounts can be considered; centers can utilize grant dollars for staff
expenses. Passed unanimously
VIII. Downtown Plan Implementation
A. Improved downtown signage (for parking lots)
B. Festival Street
C. Revive Downtown Association
Discussion of potential projects to begin implementation of the new downtown plan.
■ For improved downtown signage the existing Signage &Wayfinding Plan will be looked
at to insure we're keeping a consistent look
■ Festival Street concept was discussed in detail.
o Potential to permanently close 1st Avenue SE between Main and Hassan
appeared to be most popular option.
o Probable next step would be to engage a consultant to formulate design
options and estimate costs
o City staff will meet to consider initial steps ASAP
■ Reviving the Downtown Association was discussed. One possibility would be that the
new organization would focus on downtown events/activities
IX. Grant& Loan Program Applications
Childcare Business Grant Program
Paityn's Childcare —Paityn Binsfield [8 slots] $1,800
961 Carolina Parkway NW
Guiding Light Early Learning Center [42 slots] $10,081
400 Franklin Street NW
M/S/P: Block, Daggett to approve both grant requests. Passed unanimously.
Sign &Awning Grant Program
Home Again Boutique—Susan Willard Grant Adjustment $294.56
11 Main Street North
Staff explained that Ms. Willard applied for and was granted $1,000 — not realizing that she was
eligible for up to $2,000. The final invoice was $1,294.56, so the proposal is to adjust the grant
amount to match the actual invoice.
M/S/P: Block, Stearns to approve the grant adjustment. Passed unanimously.
X. Other Business
■ State Theater owner Jayson Wall will join us at the March meeting
■ Matt Jaunich provided an update on plans to extend city infrastructure to the Hwy 7/22
intersection
XI. Set Next Meeting— 11:30 AM Wednesday, March 26th, 2025
XII. Adjourn
M/S/P: May, Block to adjourn the meeting at 12:46 PM. Passed unanimously
Respectfully Submitted,
Miles R. Seppelt
Economic Development Director