11-21-2025 EDAM Special Meerting EDA Board - **Special Meeting**
Hutchinson City Center, 111 Hassan Street SE
8:00 AM, Friday, November 21, 2025
MEETING MINUTES
Members Staff
Mike McGraw Miles Seppelt, EDA Director
Jonny Block Matt Jaunich, City Administrator
Corey Stearns Andy Reid, Finance Director
Chad Czmowski
Pat May
Jack Daggett (bold = present)
Jeremy Carter
I. Call to Order
EDA Vice-President Jonny Block called the meeting to order at 8:00 AM.
II. Review agenda—no action
Ill. Consider revised TIF amount
Staff reported that based on additional information provided by the Developer, Ehlers has updated its
analysis and concluded that the full 26 years of tax increment the project would generate is needed to make
the project work financially. This breaks down as $1,174,522 principal + $1,094,484 interest over 26 years =
$2,269,006. If authorized, we would have to hold a business subsidies public hearing and request that the
City Council revise the TIF amount at its December 9th meeting.
Ehlers has expressed concerns whether this project can work even with this higher TIF amount.
Discussion about adding a "look back" provision to the Development Agreement.
M/S/P: Block, Stearns to recommend approval of the $2,269,006 amount and keeping the TIF Development
Agreement as is. Passed 5-1.
IV. Consider purchase of Kock Building
Staff reported that if for some reason the existing purchase agreement is not honored, the Kocks have
indicated that they plan to run their business until 2033 and then retire, giving them an even 100 years in the
jewelry business. This would probably put the brakes on any other opportunity to redevelop the site until that
time. The question to consider then is, does the City buy it to keep our options open?
Discussion of the pros and cons of buying the property if the Developer fails to do so.
M/S/P: Hanson, Daggett to recommend the City purchase the property for $310,000 + $40,000 in lieu of
relocation benefits if the Developer fails to follow through on the purchase of the building. Passed 5-1.
V. Adjourn
M/S/P: Block, Hanson to adjourn the meeting at 8:38 AM. Passed unanimously.
Respectfully Submitted
Miles R. Seppelt
Economic Development Director