04-29-2009 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, April 29th, 2009
Meeting Minutes
Members present in bold.
Members
Tim Ulrich Diane Gordon Steve Jansick Marc Vaillancourt
Chad Czmowski Jim Haugen Mike McGraw
Staff
Miles Seppelt, EDA Director
Melissa Reichl, EDA Assistant
Jeremy Carter, Financial Director
Liaison
Bill Corby, Chamber President
Call to Order
Mr. Ulrich called the meeting to order at 11:37 am.
Approve Agenda
No action.
III. Review Meeting Minutes
A. March 25th Board of Directors
M /S /P: Haugen, Czmowski to approve March 25th Board of Directors' Minutes. Passed
unanimously.
B. April 14th Special Meeting, EDA Board of Directors
M /S /P: Jansick, Haugen to approve April 24th Special Meeting Minutes. Passed
unanimously.
C. March 18th Finance Team
M /S /P: Czmowski, Jansick to approve March 18th Finance Team Minutes. Passed
unanimously.
IV. Review of March Financial Statements — Finance Director
• Cash available for operations is $102,442.
• The EDA has liabilities totaling $1,271 and a total fund balance of $101,171.
• The EDA contributed $5,000 in March to the Southwest Initiative Foundation.
• The Economic Development Loan Fund has $51,447 in cash available and assets
totaling $178,771.
• The Energy Loan Fund has $340,086 in cash available, $737,665 in loans receivable,
and has a total fund balance of $340,086.
• $9,258 was received in loan repayments towards the Energy Loan Fund.
• The MIF Loan Fund has $92,662 in cash available.
• The MIF Loan Fund collected $8553 in loan repayments in March.
V. Director's Report
A. County EDA
Mr. Seppelt reported that the first meeting of the McLeod County Economic Development
Exploratory Committee was held April 23 ". Staff felt that the meeting went well. The
Exploratory Committee will be meeting three more times before presenting findings to the
County Board.
B. SONOCO Update
Staff received word that SONOCO was still holding meetings and that they should be
hearing back in the near future.
C. Cenex Update
Staff is still waiting for final paperwork before the property can be transferred to the city.
In addition, there may be an opportunity to acquire the adjoining two lots.
D. New Intern
Ryan Miller was chosen to fill the internship position. He will begin the first week of June.
VI. Industrial Park Bids
Eight bids were received for the Industrial Park Project. The bids were slightly higher than
expected.
■ Federal Grant Status
Mr. Seppelt reported that he still has not heard the final decision on the federal grant,
although Hutchinson was selected for further consideration.
■ State Grant Status
Approved. Now we're waiting for the grant agreement from the state.
VII. Atomic Crane Corporation
Atomic Crane is still working through some legal documents. Construction should begin June
1St. Staff indicated that a special meeting of the EDA would be needed for a public hearing
for the industrial Development Bonds.
M /S /P: Gordon, Czmowski to call a special meeting of EDA Board to hold a public hearing for
11:30 AM on Tuesday, May 12th. Passed unanimously.
VIII. Cornerstone Commons — Request for interest rate reset
The loan to Cornerstone Commons was made when interest rates were rather high and the
ownership of the building is requesting that the EDA review the interest rate with an eye
towards possibly reducing it. The Finance Team has reviewed this request and is
recommending 3.25%
M /S /P: Gordon, Jansick to reset the interest rate on the Cornerstone Commons loan to
3.25% for the balance of the loan term. Passed unanimously.
IX. Wetherell Property Lease
The Wetherell's have requested a new two -year lease.
M /S /P: Gordon, Haugen to approve a new two -year lease with the Wetherell's at $500 per
month. Passed unanimously.
X. Grow Minnesota Program — Bill Corby
Mr. Corby briefed the Board on the Grow Minnesota Grant Program. The program is
designed to provide supplemental funding to "normally successful' businesses struggling
through hard economic times. Application materials are available at the Chamber office.
XI. Grant & Loan Applications — NONE.
XII. Other Business
None.
XIII. Chamber Update
• The McLeod County Food Drive was very successful, far surpassing its goal.
• The Minnesota Preservationist Magazine will publish an article about exploring history in
Hutchinson in their July /August issue
XIV. Set Next Meeting — May 27th
XV. Adjourn
The meeting adjourned at 12:24PM.
Respectfully Submitted,
Melissa Reichl
EDA Intern