05-28-2025 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Wednesday, May 28th, 2025
Members present are in bold.
Economic Development Authority
Financial Summarythrough Aril 2025
MEETING MINUTES Operations
Cash Available $159,703
Reserved $56,736
Members (bold = present) Unreserved $73,536
Mike McGraw Economic Development Loan Fund ,
Jonny Block Cash Available $129,239
Mike Cannon CURRENT LOANS
Corey Stearns Smoky Dukes $100,000
Chad Czmowski Zephyr Wind Services $27,678
Pat May FireLake Mfg. $22,286
Jack Daggett Innovative Foam Balance (12/1/2025) $8,355
Jeremy Carter Downtown Revolving Loan Fund
Staff Cash Available $360,756
Loans Receivable $391,518
Miles Seppelt, EDA Director Total Assets $909,585
Matt Jaunich, City Administrator
Andy Reid, Finance Director MIF Loan Fund
Brynn Beffert, EDA Intern Cash Available $9,037
MOXY Loan Receivable $1,436
Guests Enterprise Center Fund
Valerie Mackenthune, Chamber President Cash Available $25,777
Anthony Hanson, EDA Finance Team SHOPKO TIF District(TIF 4-5)
Cash Available $7,553
I. Call to Order— 11:30 AM Interfund Loans Receivable $443,814
II. Introductions
New EDA intern Brynn Beffert was introduced.
III. Approve Agenda
No action.
IV. Review previous meeting minutes
A. April 16th Finance Team
M/S/P: Cannon, May to accept minutes as written. Passed unanimously
B. April 23rd EDA Board
M/S/P: Block, Stearns to accept minutes as written. Passed unanimously
V. Review EDA Financial Statements
M/S/P: May, Daggett to accept the financial report as presented. Passed unanimously.
VI. Director's Report
A. Marketing Plan: FB= 1,000/0 website updates/1 FB entries
B. Business recruitment/expansions—update on current prospects and ongoing conversations
C. Smokey Dukes Pretzels—in production
D. Guiding Light Childhood Early Learning—final$5,000 needed has been obtained from the Bunch
Foundation/currently working to get executive director hired.
E. River House—possible expansion by adding a patio and single-floor building
F. Downtown Development Projects
1. Downtown App—in development
2. Festival Street/Parking Signage project study underway by Hoisington-Keogler Group
3. Downtown Association—further discussions planned on 6/2 at SWIF
4. GC Real Estate Partners: The Landing—working on nailing down numbers for use of TIF
VII. Jorgensen Hotel Redevelopment Project Loan Request $350,000
Titanium Partners is requesting a loan it he amount of$350,000 for the acquisition of the Kock
Building, with potentially all of it being forgivable. Titanium would then invest another$150,000
to match the DEED demolition grant and have the buildings taken down in late summer/ early
fall. A project sub-committee made up of Lipke, Hanson, McGraw & Block met previously to
discuss the project and outline a proposal. Further discussions took place at the Finance Team
and they are recommending the following:
• $350,000 at 0% interest, no payments, for 5 years
• If no hotel is built on the site within 60 months outstanding balance will be due and
payable immediately with interest on that balance at 7% for 60 months.
• Loan forgiveness schedule
o $150,000 forgiven if the hotel is completed within 36 months
or
o $100,000 forgiven if the hotel is completed within 48 months
or
o $50,000 forgiven if the hotel is completed within 60 months
• Collateral
o First Mortgage on Knock Jewelry lot
o 2nd Mortgage on Jorgensen lot
o (if possible) 3rd Mortgage on Cobblestone Inn
o Personal guarantee of Brian Forcier
• Stabilization Requirement— Developer will:
o Backfill site with a layer of black dirt, plant sod and maintain the site
o Commission and emplace a temporary wall mural
o Emplace an information sign of proposed development on site
o Add benches for the public
It was noted that it may well be necessary to make the entire $350K forgivable and that we
should be prepared for that. Discussion.
Consensus was that this was probably our best opportunity in the last 40+ years to redevelop
this property.
Further discussion.
M/S/P: Block, May to authorize the proposed loan for the Jorgensen Hotel Redevelopment
Project. Passed unanimously.
VIII. Grant& Loan Program Applications
Sign &Awning Grant Program
Grounded Gardens— Bridgette Pinder $640
45 Main Street North
Facade Improvement Matching Grant
Grounded Gardens— Bridgette Pinder $7,500
45 Main Street North.
M/S/P: May, Stearns to approve both the Sign &Awning Grant and the Facade Improvement
Matching Grant. Passed unanimously.
IX. Other Business
A. Set special meeting with City Council and Hutchinson Utilities Commission Board.
M/S/P: May, Block to set a special meeting with the City Council and HUC Board for 7 AM,
Wednesday, June 4th, 2025 at City Center. Passed unanimously.
B. Mike Cannon recognition
President Mike McGraw presented a plaque to Mike Cannon in recognition of his 30+ years
service to the community as chair of the EDA Finance Team, President of the Hutchinson
Downtown Association and member of the EDA Board of Directors.
X. Set Next Meeting— 11:30 AM Wednesday, June 25th, 2025
XI. Adjourn
M/S/P: May, Stearns to adjourn the meeting at 12:48 PM. Passed unanimously
Board members toured Smokey Dukes immediately afterward.
Respectfully Submitted,
Brynn Beffert
Economic Development Intern