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04-23-2025 EDAM EDA Board Meeting Hutchinson Enterprise Center 11 :30 AM Wednesday, April 23rd, 2025 Members present are in bold. Economic Development AUth©nty Financial Summary through February 2025 MEETING MINUTES operations Cash Available $168,658 Reserved $56,736 Members (bold = present) Unreserved $122,991 Mike McGraw Economic Development Loan Fund , Jonny Block Cash Available $127,067 Mike Cannon CURRENT LOANS Corey Stearns Smoky Dukes $100,000 Chad Czmowski Zephyr Wind Services $28,949 Pat May FireLake Mfg. $22,686 Jack Daggett Innovative Foam Balance (12/1/2025) $8,355 Jeremy Carter Downtown Revolving Loan Fund Staff Cash Available $355,833 Loans Receivable $394,306 Miles Seppelt, EDA Director Total Assets $907,451 Matt Jaunich, City Administrator Andy Reid, Finance Director MIF Loan Fund Cash Available $8,788 Guests MOXY Loan Receivable $1,674 Valerie Mackenthune, Chamber President Enterprise Center Fund Cash Available $20,767 I. Call to Order- 11:35 AM SHOPKO TIF District(TIF 4-5) Cash Available $7,535 Interfund Loans Receivable $436,261 II. Approve Agenda No action. III. Review previous meeting minutes A. March 19th Finance Team M/S/P: Cannon, Czmowski to accept minutes as written. Passed unanimously B. March 26th EDA Board M/S/P: Block, Stearns to accept minutes as written. Passed unanimously IV. Review EDA Financial Statements M/S/P: May, Cannon to accept the financial report as presented. Passed unanimously. V. Director's Report A. Marketing Plan: FB= 1,000/2 website updates/8 FB entries B. Business recruitment/expansions—update on current prospects and ongoing conversations C. Smokey Dukes Pretzels—setting up shop/very close to production D. Downtown Development Projects 1. Downtown Association—recruiting members for the Board of Directors 2. GC Real Estate Partners: The Landing—preliminary site plan approved/August(?) construction 3. CADOTT: Franklin Site—hoping for late summer construction E. BR & E Visits 1. Pride Solutions—concerns about the Ag economy 2. Redline Systems—need additional building space 3. Resonetics—showing very substantial growth VI. Authorization to disburse First Children's Finance Grant $19,914 Staff provided a brief update on the status of Guiding Light Early Learning Center: Southwest Initiative Foundation has committed $5,000 to the project. Staff is reviewing options for the final $5,000 (out of a total of$80,000) needed for the project. Also, it was noted that formal authorization is needed to disburse the First Children's Finance grant dollars to Guiding Light Early Learning Center. M/S/P: Cannon, May to authorize disbursement of First Children's Finance Grant proceeds to Guiding Light Early Learning Center. Passed unanimously. VII. Report on 2025 Employment Survey ■ 30 local manufacturers (and closely related) were surveyed ■ 16 are hiring as of the end of March, with a total of 97-150 job openings identified. ■ Shortage of workforce remains a critical area of concern ■ Overall, 14 manufacturers are showing consistent employment gains, 10 are steady and 6 are declining. ■ Six manufacturers are showing very significant employment growth ■ Discussion VIII. Report on Women-to-Workforce Internship • Lauren Lindemeier' s internship with the EDA has been very successful thus far. • She has toured multiple manufacturers to get an understanding of what manufacturing looks like in 2025 and interviewed numerous women leaders in the community to learn more about leadership • Finally, she has been very successful in recruiting more females to take CTE (especially welding) classes at the high school: o Welding I —27 girls o Welding 2—6 girls o Welding 3—7 girls o Welding 4—2 girls ■ Next fall will see the largest number of girls taking welding classes at HHS in the school's history. It may well be the largest number of girls taking welding classes of any school in Minnesota. IX. Consider design proposal: Downtown signage/Festival Street $7,977 Proposal is to have Hoisington-Koegler Group research relevant examples, develop concepts and research probable costs for implementation of the downtown parking lot signage and festival street concepts from the new downtown plan. Total cost of the design/development work would be $26,590. Project costs are proposed to be shared as follows: City $13,295 50% EDA $7,977 30% Chamber $2,659 10% Downtown Assn. $2,659 10% Initially funds would come from the Downtown Loan Fund, to be repaid from the EDA operations fund at year end, assuming the EDA finishes its budget year in the black. Discussion. M/S/P: Block, Stearns approve the proposal as presented. Passed unanimously. X. Grant& Loan Program Applications Sign &Awning Grant Program Atlantic Properties, LLC—Clinton Sherping $2,000 47 Main Street North NOTE: Finance Team has not reviewed the grant application yet. M/S/P: May, Czmowski to approve the grant, pending Finance Team authorization. Passed unanimously. Facade Improvement Matching Grant Grand Lodge of Minnesota (Masons) $4,375 148 Main Street South Discussion of lack of a second quote. It was noted that sometimes its very difficult to get quotes for jobs as small as this, especially when there are so few contractors who do this type of work. M/S/P: Czmowski, May to approve the matching grant. Passed unanimously. XI. Other Business ■ Joint meeting between EDA Board/City Council/HUC Commissioners to be scheduled ■ Summer intern ■ Workforce, Housing &the Rural Narrative—4 PM, May 6th @ McLeod County Fairgrounds XII. Set Next Meeting— 11:30 AM Wednesday, May 28th, 2025 XIII. Adjourn With no further business to attend to, the meeting was adjourned at 12:38 PM. Respectfully Submitted, Miles R. Seppelt Economic Development Director