01-07-2009 EDAMEDA Board Meeting
Main Conference Room — City Center
12 PM Wednesday January 7th 2009
(December Meeting)
MEETING MINUTES
Members present in bold print:
Members
Tim Ulrich Diane Gordon Steve Jansick
VACANT Jim Haugen Mike McGraw
Staff
Jeremy Carter, Finance Director
Miles Seppelt, EDA Director
Melissa Reichl, EDA Assistant
I. Call to Order
Tim Ulrich called the meeting to order at 12:03 PM.
II. Approve Agenda
No action.
III. Review Meeting Minutes
A. December 3rd Board of Directors (November Meeting)
Marc Vaillancourt
M /S /P: Vaillancourt, Gordon to approve the December 3rd EDA Board minutes as
amended. Passed unanimously.
B. November 19th Finance Team
M /S /P: Jansick, Ulrich to approve the Finance Team minutes of November 19th
meeting as written. Passed unanimously.
IV. Review November Financial Statements — Miles Seppelt, EDA Director
• As of November 30th, the EDA had $32,834 in cash available for operations.
• Rental income of $500 was received from the Wetherell Property.
• The Economic Development Loan Fund currently has $104,255 in cash
available. Revenues over expenditures amounted at $3,346. Loans to Warrior
Mfg. and Ashwill Industries are performing as required.
• The Downtown Loan Fund currently has $295,169 in cash available and
holds mortgages totaling $769,268. All Downtown Loans are performing as
required.
• As of November 30th, total loan repayments and distributions are $99,808 and
$176,404, respectively. To date, grant payments total $39,602.
• The MIF Loan Fund has $56,859 cash available. Loans to Warrior Mfg. and
Customer Elation are performing as required.
M /S /P: Vaillancourt, Haugen to approve the EDA Financial Statements as presented.
Passed unanimously.
V. Director's Report
A. Cenex Property
The next step in the project is the installation of monitoring wells. Cenex will be
receiving its second reimbursement from AG-VIC at the end of January.
B. BR & E Visits
Staff visited Goebel Fixture Company. 17 companies were visited this year.
C. Retail Trade Analysis Update
The Retail Trade Analysis presentation has been rescheduled for Monday,
February 9th, from 5:30 -6:30 at the Hutchinson Event Center.
D. County EDA
Staff attended a County Board workshop January 5th. The meeting went well and
there was discussion of the proposed exploration committee. The committee
should be appointed by the County board at their meeting of January 20th, and
meetings will begin shortly thereafter.
E. Internship Grant
The EDA received a $1,000 grant from the Economic Development Association
of Minnesota to help offset the cost of the internship.
F. Industrial Park Grant
Staff is finalizing a $250,000 grant proposal to DEED to help cover infrastructure
costs of the Industrial Park. The grant should be submitted sometime in the next
week or ten days.
VI. EDA Website Update
The EDA website has been updated and expanded. The Board was pleased with
the results, and recommended some refinements.
VII. Industrial Park Development
The next steps in the Industrial Park development is annexing the land into the city
and rezoning the property. SEH, Inc. can update their engineering study of the
Stritesky parcel to include the new land. The engineering study will include a
topographical survey, proposed lot & utility layouts, platting, preliminary design of
roads & infrastructure and provide cost estimates for construction of roads & utilities.
The EDA Director proposed funding the engineering study out of the industrial park
revolving loan fund, which could then be reimbursed out of future bonding for the
new infrastructure.
M /S /P: Jansick, Haugen to approve up to $26,500 for the updated engineering study
with funds fronted from the industrial park revolving loan fund and reimbursed by
future bonding. Passed unanimously.
VIII. Grant & Loan Applications
Ashwill Industries — Tony Ashwill
945 5" Avenue SE
$30,000
M /S /P: Haugen, Vaillancourt to approve a $30,000 loan with a 6
year term at 8.00% interest as recommended by the Finance Team. Passed
unanimously.
IX Other Business
■ EDA staff informed the Board that an inquiry was received about a potential
business start -up. The board agreed to look over a business proposal once it
was submitted.
■ Jay Freedland of Hutch Iron & Metal has inquired about the status of a small land
parcel the EDA owns just west of his industrial park property.
After discussion the Board decided that it does not have enough information at
this time to make any decision regarding the disposition of the property. It will
review the matter again sometime 2010.
M /S /P: Jansick, Vaillancourt to table the question until 2010 at the earliest.
Passed unanimously.
■ The Board discussed making a recommendation for City Council liaison to the
EDA.
M /S /P: Jansick, Vaillancourt to recommend that the City Council appoint Chad
Czmowski to be the liaison to the EDA Board. Passed unanimously.
Staff will prepare a memorandum for the upcoming City Council packet.
X Chamber Update
■ Bill Corby updated the board on current activities of the Chamber of Commerce.
XI Set Next Meeting — January 28th
XII Adjourn
With no other business to attend to, the meeting adjourned at 1:15 PM.
Respectfully Submitted,
Melissa Reichl
EDA Assistant