08-27-2025 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Wednesday, August 27th, 2025
Members present are in bold.
Economic Development Authority
Financial Summary h J
through my 2025
MEETING MINUTES Operations
Cash Available $246,299
Reserved $56,736
Members (bold = present) Unreserved $170,468
Mike McGraw Economic Development Loan Fund ,
Jonny Block Cash Available $159,487
Anthony Hanson CURRENT LOANS
Corey Stearns Smokey Dukes $100,000
Chad Czmowski Zephyr Wind Services $23,842
Pat May FireLake Mfg. $21,075
Jack Daggett Innovative Foam Balance (12/1/2025) $8,355
Jeremy Carter—ex officio Downtown Revolving Loan Fund
Staff Cash Available $376,966
Loans Receivable $383,370
Miles Seppelt, EDA Director Total Assets $917,647
Matt Jaunich, City Administrator
Andy Reid, Finance Director MIF Loan Fund
Cash Available $9,855
Guests MOXY Loan Receivable $722
Valerie Mackenthune, Chamber President Enterprise Center Fund
Cash Available $27,690
I. Call to Order- 11:33 AM SHOPKO TIF District(TIF 4-5)
Cash Available $7,635
Interfund Loans Receivable $436,261
II. Approve Agenda
No action.
III. Review previous meeting minutes
A. July 16th Finance Team
M/S/P: Stearns, May to accept minutes as written. Passed unanimously
B. July 23rd EDA Board
M/S/P: Block, Czmowski to accept minutes as written. Passed unanimously
IV. Review EDA Financial Statements—Andy Reid
M/S/P: Hanson, May to accept the financial report as presented. Passed unanimously.
V. Director's Report
A. Marketing Plan: FB= 1,000/3 website updates/7 FB entries
B. Business recruitment/expansions—update on current prospects and ongoing conversations
C. Data Center—project for a, 8,000 sf building is taking shape;would use more power than 3M
D. Cannabis ChemLab—purchasing building, aiming for January/February timeframe to open
E. Smokey Dukes—Extremely busy; will meet with staff to review financials
F. River House—City is preparing to revoke liquor license to gain compliance
G. Guiding Light ELC—Executive Director hired, State Licensor assigned, November 3rd opening
H. Burns Manor Property—potential three-building apartment project next year
I. Downtown Association—working through start-up process
J. Downtown Smartphone App—beta version is at the App Store now; Look for Much in Hutch
K. The Landing—TIF Public hearing is September 9th, looking to break ground September 20th or so
VI. Jorgensen Project
Staff provided a recap of where the project stands:
• DEED has approved a revised schedule of milestones for the Demolition Grant
• The Kock's are still on board with selling their property—staff visits them every week
with an update
• Not much communication from the Developer(EDA Director unhappy about this)
• Staff is concerned about the scheduling — it'll take 10 weeks to set up a new TIF District
encompassing both the Kock&Jorgensen buildings, so that brings us to about mid-
November. Then the Developer will have to close on the purchase of the Kock
Building, mobilize for demolition and generate an invoice for the demolition that can be
submitted to DEED before December 31st. It's getting tight!
• Discussion of revised parameters for the proposed $350,000 forgivable loan (as
discussed by EDA sub-committee that met on 8/1):
o One tier for loan forgiveness
o CO needs to be obtained within 60 months of loan closing
O 1St mortgage on Kock/2nd mortgage on Jorgensen /City to subordinate as
needed
o Based on current project for a 45-room hotel, up to $1,894,649 in TIF could be
generated
o Total city assistance (DEED grant, forgivable loan &TIF) could be up to
$2,394,649
o City will certify that at least 130 stalls of parking exist and the City has no plans
to convert these parking lots for another ruse.
o Developer has until May 1, 2026 to restore the site if construction does not
commence immediately after demolition
M/S/P: Block, May to okay the loan parameters as presented. Passed unanimously.
VII. Review Concepts for Festival Street& Downtown Parking Lot Signage
Ideas for development of the 1st Avenue SE Festival Street, Parking Wayfinding and Riverfront
Trail were reviewed and discussed. No action.
City staff will meet next week to plan next steps.
VIII. Grant& Loan Program Applications
Childcare Business Assistance Grant Program
Carol Harder Day Care— 10 Slots $2,250
965 Jorgensen Street
Bright Beginnings—10 slots $2,250
785 Madson Avenue SW
M/S/P: Hanson, Czmowski to approve both grant applications. Passed unanimously.
Sign &Awning Grant Program
Main Street Antiques— Kirk Quade $1,930
122 Main Street North
M/S/P: Block, Czmowski to approve the grant application. Passed unanimously.
Act Your Age—Chris Brecht $2,000
119 Main Street South
Facade Improvement Matching Grant Program
Act Your Age—Chris Brecht $3,333
119 Main Street South
M/S/P: May, Stearns to approve the Sign &Awning and Facade Improvement Matching Grants
for Act Your Age. Passed unanimously.
IX. Other Business— None.
X. Set Next Meeting— 11:30 AM Wednesday, September 24th, 2025
XI. Adjourn
With no further business to attend to, the meeting was adjourned at 12:53 PM.
Respectfully Submitted,
Miles R. Seppelt
Economic Development Director