03-25-2009 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday March 25th, 2009
Meeting Minutes
Members present in bold print.
Members
Tim Ulrich Diane Gordon Steve Jansick
Chad Czmowski Jim Haugen Mike McGraw
Staff
Miles Seppelt, EDA Director
Melissa Reichl, EDA Assistant
Liaison
Bill Corby, Chamber President
Call to Order
Mr. Ulrich called the meeting to order at 11:33 am.
Approve Agenda
No action.
III. Review Meeting Minutes
Marc Vaillancourt
A. February 25th Board of Directors
M /S /P: Vaillancourt, Haugen to approve the February 25 EDA Minutes as written. Passed
unanimously.
B. February 18th Finance Team
M /S /P: Ulrich, Czmowski to approve the February 18 Finance Team Minutes. Passed
unanimously.
IV. Review of February Financial Statements — EDA Director
• Cash available for operations is $117,336.
• The EDA has liabilities totaling $1301 and a total fund balance of $115,535.
• The Economic Development Loan Fund has $58,127 in cash available and assets
totaling $215,298.
• In February, $11,603 was expended from the Economic Development Loan Fund
towards a loan for Ashwill Industries.
• $8890 was received in loan repayments towards the Downtown Loan Fund.
• The MIF Loan Fund has $84,108 in cash available.
• The MIF Loan Fund collected $8553 in loan repayments in February.
• M /S /P: Vaillancourt, Haugen to approve financial statements as presented.
V. Director's Report
A. County EDA
Mr. Seppelt reported that the County EDA project is moving forward. The first meeting of the
Exploratory Committee is scheduled to meet April 23 d in Glencoe. They committee will then
meet once a month for several months to look at various issues related to the proposal
B. BR & E project
The EDA, in collaboration with Ridgewater College and The Chamber of Commerce, are
putting together an in -depth business survey to be distributed to approximately 40 local
manufacturers. More on this in upcoming months.
C. BDIA Grant Application
Mr. Seppelt reported that the $250,000 grant has been secured. He is now waiting for the
paperwork.
D. Federal Grant Application
It will be 3 -4 weeks before staff hears back regarding the federal grant.
E. Company Prospects (update)
Mr. Seppelt presented financing options for a future economic development project involving
Tom Dagget.
VI. Cenex Project
A. Project Update
Staff is still waiting for the letters on "non- association" before the property title can officially be
transferred to the city. Once these are obtained the property can be transferred to the city.
B. Potential acquisition of Property?
Mr. Seppelt presented a proposal to the board on the potential acquisition of property near
the Cenex redevelopment.
M /S /P: Vaillancourt, Haugen to approve the proposal as presented. Funds will come from
the funds reserved for land acquisition in the EDA Operations budget. Passed unanimously.
VII. Industrial Park Development
A. Project Update
Mr. Seppelt presented the board with a schedule for the development of the industrial park.
B. Lease with Mr. Christensen
Mr. Seppelt discussed the situation involving Mr. Christensen. It was decided that he harvest
where possible until development begins.
C. Sale of Industrial Park Property
• Warrior Mfg. — 8.6 acres
Warrior Mfg. has shown interest in the 7 acres of the East, and 1.6 acres to the
North.
• HUC — 3.3 acres
It was discussed that there is a possibility that Hutchinson Utilities may purchase
3.3 acres adjacent to their property.
• Customer Elation — 1.89 acres
It was noted that Customer Elation does have an option to buy the 1.89 acres
adjacent to their property.
Staff will keep the Board appraised as these possibilities develop.
VIII. EDA Annual Report
Mr. Seppelt distributed final drafts of the Annual Report for review.
IX. Downtown Lon Program
A. State Theatre: Request for Interest only for 12 months
M /S /P: Haugen, Vaillancourt to approve request for interest only payments for 12 months. Mr.
Ulrich abstained.
B. Cornerstone Commons: Request for 0% Interest
(Finance Team recommended Interest only for 12 months)
M /S /P: Vaillancourt, Haugen to approve interest only payments for 12 months. Passed
unanimously.
X. Grant & Loan Applications — Melissa
Sign & Awning Grant $290 (below threshold)
Celeste Wherry, All Family Chiropractic — 246 Main St S, Suite 4.
M /S /P: Czmowski, Haugen to approve $290, recognizing that it falls outside of the grant
guidelines. Passed unanimously.
XI. Other Business
Resolution of Support — Trunk Hwy 15 Coalition
M /S /P: Haugen, Czmowski to approve resolution of support for the Trunk Hwy 15 Coalition.
Passed unanimously.
XII. Chamber Update
Mr. Corby reported the following:
• Hutchinson was chosen as the 2009 Best Hometown in Minnesota
• The McLeod County Food Drive is still in affect in Hutchinson, approximately 25 local
businesses are participating
• Business After Hours will be held at Outdoor Motion April 16
XIII. Set Next Meeting — April 22, 2009
(The meeting was later rescheduled to April 29, 2009)
XIV. Adjourn
The meeting adjourned at 12:50 pm.
Respectfully submitted,
Melissa Reichl
EDA Assistant