04-28-2006 EDAAEDA Board Meeting
Main Conference Room — City Center
7 AM Friday April 28th 2006
Updated: 21 April 2006
AGENDA
Call to Order
II. Approve Agenda
III. Review & Approve Meeting Minutes
A. March 29th EDA Board meeting
B. March 15th Finance Team Meeting
IV. Review March Financial Statements — Ken Merrill
V. Director's Report
A.
Cornerstone Commons
B.
Downtown Streetscape
C.
Hwy 7 Project
D.
Company "X"
E.
Nordic Components
F.
G.R. Creations
G.
Medisyn Technologies
H.
Industrial Park Sign
I.
Goebel Property
BR & E Visits
1)
NAPA
2)
Frank Motors
3)
Standard
Printing
4)
Erickson Auto
VI. Minnesota Investment Network — Consider establishment of Hutchinson RAIN Fund?
Gentlemen — For your review, I have put together some information on an economic development financing tool that is
gaining popularity in the State of Minnesota and the upper mid -west. (See ATTACHED) To summarize:
"Minnesota Investment Network builds local capacity to make equity investments a reality by organizing
RAIN funds in communities throughout Minnesota. RAIN funds are a series of formal investment funds
that pool the intellectual and financial resources of accredited individuals and institutional investors. They
provide seed and growth equity capital for emerging companies in their communities. RAIN funds are
structured as limited liability companies (LLC) and function like mini -quasi venture funds."
Is this something we should investigate further?
VII. Update on acquisition of former Pet Hospital building
VIII. Grant & Loan Applications
Sign & Awning Grant
Venus Salon & Spa, 47 Main Street North
IX. Performance Review of EDA Director — 2005 (Gary Plotz)
X. Chamber Update
XI. Other Business
XII. Set Next Meeting — May 26th
XIII. Adjourn
$350 adjustment