10-22-2025 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Wednesday, October 22nd, 2025
Members present are in bold.
Economic Development ,utho1 its/r,
Financial Summary through September 025
MEETING MINUTES operations
Cash Available $197,666
Reserved $56,736
Members (bold = present) Unreserved $133,635
Mike McGraw Economic Development Loan Fund ,
Jonny Block Cash Available $164,759
Anthony Hanson CURRENT LOANS
Corey Stearns Smokey Dukes $100,000
Chad Czmowski Zephyr Wind Services $21,263
Pat May FireLake Mfg. $20,260
Jack Daggett Innovative Foam Balance (12/1/2025) $8,355
Jeremy Carter—ex officio Downtown Revolving Loan Fund
Staff Cash Available $387,600
Loans Receivable $377,942
Miles Seppelt, EDA Director Total Assets $922,855
Matt Jaunich, City Administrator
Andy Reid, Finance Director MIF Loan Fund
Cash Available $10,393
Guests MOXY Loan Receivable $246
Valerie Mackenthune, Chamber President Enterprise Center Fund
Liz Danielson, McLeod County Cash Available $29,574
SHOPKO TIF District(TIF 4-5)
I. Call to Order— 11:30 AM Cash Available $6,599
Interfund Loans Receivable $112,256
II. Approve Agenda
No action.
III. Review previous meeting minutes
A. September 17th Finance Team
M/S/P: May, Stearns to accept minutes as written. Passed unanimously
B. September 24th EDA Board
M/S/P: Block, Czmowski to accept minutes as written. Passed unanimously
IV. Review EDA Financial Statements—Andy Reid
M/S/P: Stearns, Daggett to accept the financial report as presented. Passed unanimously.
V. Director's Report
A. Marketing Plan: 3 website updates/4 FB entries/FB Followers> 1,100
B. Business recruitment/expansions—update on current prospects and ongoing conversations
C. BR & E Visits—Zephyr Wind Services, 300-400%growth over the past couple years/four divisions
/29 employees in Hutchinson
D. Riverhouse—meeting scheduled with owner on Monday, October 27th
E. Guiding Light ELC—still looking at November 3rd opening
F. Women-to-Workforce Intern—Joselynn Christensen has been hired as our 2025-2026 intern
G. Downtown Projects
■ Downtown Association—working to finalize by-laws
■ Downtown Smartphone App—MutchinHutch now available it the App store
■ Festival Street/Parking Lot Signage—Hoisington report to be done at end of October
■ Jorgensen Hotel Redevelopment—October 28th public hearing on TIF
■ The Landing—now under construction
VI. Enterprise Center Presentation: Deimos Materials, LLC
David Goldfeld, Ph.D. and his team presented on their start-up company: Deimos Materials, LLC.
The company has developed a family of biodegradable plastics that other manufacturers can use
to make products. The new company would like to lease 2,000 sf in the Enterprise Center.
Discussion. A key point made was that the new company cannot generate any fumes or other
negative externalities that could adversely impact other incubator tenants.
M/S/P: Hanson, May to offer the company a lease, subject to their controlling any fumes
generated. Passed unanimously.
VII. Jorgensen Hotel Project
Project Update
• Signed Loan and Development Agreements from Titanium Partners are due today.
• The public hearing and City Council consideration of the new TIF District are scheduled
for October 28th
• Currently the plan is to close on the loan by October 30th, and the Developer would
close on the Kock Building later that same day.
• Demolition scheduled to begin in December
Funding model for$350K loan
Staff recommended funding the $350K loan with $250K from the Downtown Loan Fund and
$50K each from the EDA Operations Fund and the Economic Development Loan Fund.
Discussion.
M/S/P: May, Daggett to authorize the funding model presented. Passed unanimously.
VIII. Grant& Loan Program Applications— None.
IX. Other Business— None.
X. Set Next Meeting— 11:30 AM Wednesday, November 26th, 2025
XI. Adjourn—With no further business to attend to, the meeting was adjourned at 1:04 PM.
Respectfully Submitted,
Miles R. Seppelt
Economic Development Director