11-26-2025 EDAM EDA Board Meeting
Hutchinson Enterprise Center
11 :30 AM Wednesday, November 26th, 2025
Members present are in bold.
Economic Development Authority
MEETING MINUTES Fin nciaf Su!mm ary through October 202
Operations
Cash Available $177,961
Members (bold = present) Reserved $56,736
Mike McGraw Unreserved $108,143
Jonny Block Economic Development Loan Fund ,
Anthony Hanson Cash Available $188,468
Corey Stearns CURRENT LOANS
Chad Czmowski Smokey Dukes $99,065
Pat May Zephyr Wind Services $19,967
Jack Daggett Fire Lake Mfg. $0
Jeremy Carter—ex officio Innovative Foam Balance (12/1/2025) $8,355
Downtown Revolving Loan Fund
Staff Cash Available $355,854
Miles Seppelt, EDA Director Loans Receivable $412,213
Matt Jaunich, City Administrator Total Assets $925,379
Andy Reid, Finance Director
MIF Loan Fund
Guests Cash Available $10,664
Valerie Mackenthune, Chamber President MOXY Loan Receivable $0
Liz Danielson, McLeod County Enterprise Center Fund
Cash Available $37,428
SHOPKO TIF District(TIF 4-5)
I. Call to Order— 11:30 AM Cash Available $12,530
Interfund Loans Receivable $106,472
II. Approve Agenda
No action.
III. Review previous meeting minutes
A. October 15th Finance Team
M/S/P: Hanson, May to accept the minutes as written. Passed unanimously
B. October 22nd EDA Board
M/S/P: Block, Stearns to accept the minutes as written. Passed unanimously
C. November 21St EDA Board special meeting
M/S/P: Czmowski, May to accept the minutes as written. Passed unanimously
IV. Review EDA Financial Statements—Andy Reid
FireLake Manufacturing paid off their loan.
M/S/P: McGraw, Stearns to accept the financial report as presented. Passed unanimously.
V. Director's Report
A. Marketing Plan: 0 website updates/4 FB entries/FB Followers> 1,100
B. Business recruitment/expansions—update on current prospects and ongoing conversations
C. Guiding Light ELC—aiming for December opening/grant deadline can be extended to 6/15/2026
D. Downtown Projects
■ Downtown Association—new board is now in place
■ Festival Street/Parking Lot Signage—Final report has been submitted by Hoisington
■ The Landing—construction proceeding
■ CADOTT project(former group home site)—planning for spring construction
VI. Jorgensen Hotel Project
• City Council okayed purchase of Kock building if needed
• Kock's have agreed to extend purchase agreement with the Developer until December
12th
• Business subsidies public hearing and revision of TIF numbers scheduled for the
December gth City Council meeting
• DEED grant is still operative, but developer needs to provide an invoice before
December 31st so it can be submitted to DEED
• Discussion.
VII. Grant& Loan Program Applications
Sign &Awning Grant
Grandome Cinemas (State Theatre) —Jayson Wall $2,000
35 Washington Avenue East
M/S/P: McGraw, Hanson to approve the grant request. Passed unanimously.
Facade Improvement Matching Grant
MainStreet Antiques—Kirk Quade $4,400
122 Main Street North
M/S/P: McGraw, Czmowski to approve the grant request. Passed unanimously.
Grandome Cinemas (State Theatre) —Jayson Wall $7,500
35 Washington Avenue East
M/S/P: Block, Daggett to approve the grant request. Passed unanimously.
Commercial Rehabilitation Loan Program
River House— Eric Labraaten $60,000
122 South Main Street
Staff indicated that additional information was needed to complete the grant application.
Application to be held over until next month.
VIII. Other Business
• Brief discussion of Commercial Rehabilitation Loan Program interest rate
• Board confirmed that downtown loans are to be made at the Prime interest rate.
IX. Set Next Meeting— 11:30 AM Tuesday, December 23rd, 2025
X. Adjourn
M/S/P: Block, McGraw to adjourn the meeting at 12:15 PM. Passed unanimously.
Respectfully Submitted,
Miles R. Seppelt—Economic Development Director