05-27-2009 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, May 27, 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. April 29th Board of Directors
M /S /P: Gordon, McGraw to approve April 29th Board of Directors' Minutes. Passed
unanimously.
B. May 12th EDA Special Meeting
M /S /P: McGraw, Czmowski to approve May 12th Special Meeting Minutes. Passed
unanimously.
C. April 15th Finance Team
M /S /P: Ulrich, Gordon to approve April 15th Finance Team Minutes. Passed
unanimously.
IV. Review of April Financial Statements — Finance Director
Cash available for operations is $80,347.
The EDA has liabilities totaling $1009 and total fund balance of $79,338.
In April, the EDA had $8,048 in revenues and $29,455 in expenditures.
The Economic Development Loan Fund had $75,507 in cash available, liabilities totaling
$126,450, and a total fund balance of $75,507.
In April, the Economic Development Loan Fund had $680 in loan repayments.
The Energy Loan Fund had $349,454 in cash available and $759,489 in Loans Receivable.
The Energy Loan Fund had $9635 in Commercial Loan Repayments in April.
The MIF Loan Fund had $101,215 in cash available and $607,458 in total liabilities.
V. Director's Report
A. Cenex Update
Staff is still waiting for final paperwork before the property can be transferred to the city. Mr.
Seppelt believes it should be done within a few days.
B. Industrial Park
Mr. Seppelt reported that the City couldn't award the project until he heard back from the
Federal EDA.
Federal Grant Application
Mr. Seppelt believes he will be hearing back within the next two weeks.
C. Atomic Crane Co.
The final paperwork still needs to be signed before the project can begin. All of the other
details have been worked out: JOBZ, IRB's, SWIF Loan Approval, and still waiting to hear
back about MIF and AG Board.
D. Warrior
Warrior MFG. has had some interest in buying a portion of the lot to the North of its existing
lot.
E. County EDA
Mr. Seppelt reported that the second meeting of the McLeod County Economic
Development Exploratory Committee was held May 21St. Staff felt that the meeting went
well. The Exploratory Committee will be meeting a few more times before presenting
findings to the County Board.
F. SONOCO Update
Mr. Seppelt reported that SONOCO is in an indefinite holding pattern.
G. BR & E Update
The group working on the business census has made 11 visits to date. They sent out 37 and
are hoping to be able to make as many visits as possible.
VI. Cenex Site Redevelopment
The City Council approved the purchase of the Wright Property. Mr. Seppelt will be gathering
bids for the possible redevelopment of the lot.
VII. SBDC Satellite Office
Ridgewater College has announced that they will be discontinuing their Small Business
Management program. There has been discussion to design a similar project for the Hutchinson
area. Mr. Seppelt approached the Board as to if it were to become a possibility, if the EDA would like
to be a part of implementing it. The consensus was "yes."
VIII. Ashwill Industries Loan
Mr. Seppelt met with Ashwill Industries asking for a "plan of action" as to getting back on
track with loan payments. Ashwill Industries is planning on being up to date on their loan by the end
of June.
IX. Grant & Loan Applications — NONE.
X. Other Business
■ Wetherell Septic System
Mr. Seppelt reported that there could be some necessary clean up near the septic system
being utilized by the Wetherells.
XI. Chamber Update
• BAH will be held June 10th at Jay Malone Motors
• Dairy Days will be held Friday, June 12th, 11:00 -1:30 PM
• Music in the Park will kick off Monday June 15th
XII. Set Next Meeting — June 24th
XIII. Adjourn
The meeting adjourned at 12:14PM.
Respectfully Submitted,
Melissa Reichl
EDA Intern