07-25-2008 EDAMEDA Board of Directors
Meeting Minutes
7 AM Friday, July 25, 2008
Members present in bold print:
Members
Tim Ulrich Diane Gordon Steve Jansick
Casey Stotts Jim Haugen Mike McGraw
Staff
Miles Seppelt, EDA Director
Mike Solinger, EDA Assistant
I. Call to Order
Tim Ulrich called the meeting to order at 7:02 AM.
II. Approve Agenda
No action
III. Review Meeting Minutes
A. June 27th Board of Directors
Marc Vaillancourt
M /S /P: Haugen, Vaillancourt to approve the June 27th EDA Board minutes as
written. Passed unanimously.
B. June 18th Finance Team
M /S /P: Ulrich, Vaillancourt to approve the Finance Team minutes of June 18th as
written. Passed unanimously.
IV. Review May Financial Statements — EDA Director
• In operations, cash available is $89,320.
• The EDA's 1St half levy check has come in, amounting to $69,665.
• Rental income amounted to $500 for the month.
• Professional services expenditures totaled $4,886.
• Under Dues & Subscriptions there was a $250 expenditure for the EDA
Director's membership in the National Business Incubator Association.
• The Economic Development Loan Fun has $98,030 in cash. All loans are
performing as required.
• In the Downtown Revolving Loan Fund there is a total of $316,773 in cash
available.
• The EDA currently holds $757,329 in mortgages downtown.
• For the year the EDA has received $54,269 in loan repayments and has
disbursed downtown grants totaling $23,430.
• The MIF Loan Fund has $26,700 not $96,700 as presented in the Financial
Statements in cash available with notes outstanding of $177,592 and
$236,504 to Warrior Manufacturing and Customer Elation, respectively.
• A disbursement of $70,000 was submitted to DEED for the Customer Elation
loan.
M /S /P: Haugen, Vaillancourt to approve the EDA Financial Report with the noted
revision to cash in the MIF Loan Fund. Passed unanimously.
V. Director's Report
A. Cenex Project
• Staff has received 6 quotes for demolition work and has given them to Cenex
to select a contractor for work.
• Demolition should occur in 2 -3 weeks.
B. Customer Elation Call Center
• The company has opened for business.
• To date, 10 employees have been hired and the company will be creating 5 —
10 jobs per month.
C. County EDA
• The County Board agreed to take the next step in this process.
• Next step is to put a committee together of 11 — 15 people to study the
feasibility of implementing an EDA.
D. Business Incubator
• EDA staff continues to work with Ridgewater College to develop their
" Ridgewater East Building into a small business incubator.
• A region -wide incubation & business assistance initiative will also be
launched, possibly called "The Alliance for Entrepreneurship & Innovation."
E. Energy Park
■ The City Council will be prioritizing projects soon and Energy Park should be
one at the top of the list.
F. Company "X" Update
• Discussions are under way with a company that is looking for a 5 -10 acre site
on which to build a 50,000 square foot manufacturing facility with room to
expand.
• Staff is in the process of providing information requested by the company.
• Setting this company in Energy Park would be ideal.
VI. Downtown Gateway
• Staff is working with a number of partners to raise funding for a gateway.
• Public restrooms, a wall mural, parking, an information center, and shrubbery will
all be incorporated into this gateway.
VII. Jorgensen Hotel Loan
• Clarification was needed as to what is the best way to provide new funds on this
loan.
• The Board decided it is a legal matter and needs to be decided by the City
Attorney.
VIII. Customer Elation Loan
■ Customer Elation would like to move back their initial repayment date to October
1 instead of August 1.
M /S /P: Haugen, Vaillancourt to approve moving the repayment date to October 1 and
Attach a Note. Passed unanimously.
IX. Grant & Loan Applications
Sign & Awning Grant
Zellas Restaurant, Blake Barnard $2,000
14 Main Street S.
M /S /P: Ulrich, Vaillancourt to approve up to $2,000 for awnings for Zellas Restaurant.
Passed Unanimously.
Urban Hair Studio, Julie Elder
18 Main Street S.
$1,920
M /S /P: Vaillancourt, Haugen to approve up to $1,920 for a new awning for Urban
Hair Studio. Passed Unanimously.
X. Other Business
None
XI. Chamber Update
• The 1St annual Hometown Golf Challenge is scheduled for Monday, July 28tH
• "Fishing in the Midwest" filming took place around town on July 22nd and 23d
The show will broadcast the first quarter 2009.
■ Hwy 7 & 15 road construction information posted on the chamber website.
• Member up -date orientation Thursday August 21 from 12:00 — 1:00 p.m.
• Applications for the 2008/2009 Leadership Institute are now available.
XII. Set Next Meeting — August 22 "d
■ The Board decided to move next months meeting to August 22nd to avoid
scheduling conflicts with Labor Day weekend.
XIII. Adjourn
With no further business to attend to, the meeting adjourned at 8:58 a.m.
Respectfully Submitted,
Mike Solinger
EDA Assistant