07-23-2025 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11:30 AM Wednesday, July 23rd, 2025
Members present are in bold.
Economic Development Authority
MEETING MINUTES
Financial Summary through June 2025
Operations
Cash Available $253,281
Members (bold = present) Reserved $56,736
Mike McGraw Unreserved $195,729
Jonny Block Economic Development Loan Fund,
Corey Stearns Cash Available $156,608
Chad Czmowski
Pat May CURRENT LOANS
Jack Daggett Smoky Dukes $100,000
Jeremy Carter Zephyr Wind Services $25,125
Anthony Hanson FireLake Mfg. $21,481
Innovative Foam Balance(12/1/2025) $8,355
Staff Downtown Revolving Loan Fund
Miles Seppelt, EDA Director Cash Available $371,831
Andy Reid, Finance Director Loans Receivable $386,072
Brynn Beffert, EDA Intern Total Assets $915,215
Guests MIF Loan Fund
Valerie Mackenthun,Chamber President Cash Available $9,589
Liz Danielson,McLeod County Economic Development MOXY Loan Receivable $960
Coordinator Enterprise Center Fund
Cash Available $20,543
I. Call to Order— 11:32AM SHOPKO TIF District(TIF 4-5)
Cash Available $7,613
II. Approve Agenda Interfund Loans Receivable $436,261
Ill. Review Minutes
A. June 18th Finance Team
M/S/P: May, Stearns to accept minutes as written. Passed unanimously.
B. June 25th EDA Board
M/S/P: Block, Czmowski to accept minutes as written. Passed unanimously.
IV. Review EDA Financial Statements—Andy
M/S/P: May, Hanson accept the financial report as presented. Passed unanimously.
V. Director's Report
A. Marketing Plan: FB= 1,000, 10 FB entries, 1 website update
B. Business recruitment/expansions—staff provided an update on business prospects and ongoing
conversations.
C. Cannabis ChemLab—received ISO certification, looking at a purchase agreement for a building.
D. Smokey Dukes Pretzels—high demand, working on meeting it.
E. Guiding Light Childhood Early Learning—behind schedule, Miles and Valarie will organize a
meeting next week to for updates and see if additional assistance is needed.
F. Downtown Projects:
■ Downtown Association—met this week to discuss structure and mission statement.
■ Downtown App project—paperwork signed with app starting to be developed. Looking at
possible launch during the Craft Fair.
■ Festival Street/Parking Lot Signage project—Sign and street concepts being refined;
should have something to show the Board next month.
VI. Jorgensen Hotel Redevelopment
■ Staff provided an overview of the Jorgensen Hotel Redevelopment project and the
status of the development agreement.
■ Key points to work out include:
o Terms of$350K loan
o TIF assistance
o Parking
o Dates
■ Discussion
■ The Board affirmed that obtaining the Certificate of Occupancy has to remain the
benchmark for any loan forgiveness.
■ Anthony Hanson and Miles Seppelt will schedule a phone visit with the Developer
next week to talk through the various items yet to be resolved.
■ A sub-committee of Jonny Block and Anthony Hanson along with two Finance Team
members was established to oversee negotiations with the Developer.
VII. Consider recommendation for a Housing TIF District for The Landing
Staff provided an update and overview of the proposed apartment project:
■ Amenities to include a rooftop patio, outdoor patio with firepit on north side of building
and an enclosed dog park
■ North end of Glen Street (the old boat landing) will be removed and new curb &gutter
installed
■ Preliminary &final plat were okayed by Planning Commission on July 15th
■ Schedule going forward:
o August 19th Planning Commission to consider variances and Conditional
Use Permit
o August 26th City Council considers approval of Planning Commission actions
o September 9th Public Hearing for TIF District
o September 10th Close on land sale, city issues building permits and
construction begins Staff provided an overview of the proposed public
assistance.
■ Discussion.
M/S/P: Block, Hanson to recommend approval of the financial assistance package as
presented. Passed unanimously
VIII. Grant& Loan Applications— NONE
IX. Other Business
Liz Danielson spoke about the Workforce Roundtable event that will take place at Ridgewater
College, July 29th
X. Set Next Meeting—Wednesday, August 27th, 2025
XI. Adjourn
M/S/P: May, Block to adjourn the meeting at 12:47PM. Passed unanimously.
Respectfully Submitted,
Brynn Beffert
Economic Development Intern