08-26-2009 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, August 26th, 2009
Meeting Minutes
Members present in bold.
Members
Tim Ulrich Diane Gordon Steve Jansick
Chad Czmowski Jim Haugen Mike McGraw
Staff
Miles Seppelt, EDA Director
Ryan Miller, EDA Assistant
Jeremy Carter, Finance Director
Liaison
Bill Corby, Chamber President
Call to Order
Mr. Ulrich called the meeting to order at 11:38 AM.
Approve Agenda
No action.
III. Review Meeting Minutes
A. July 22nd Board of Directors
Marc Vaillancourt
M /S /P: Jansick, McGraw to approve July 22nd Board of Directors' Minutes as written.
Passed unanimously.
B. July 15th Finance Team
M /S /P: Ulrich, Vaillancourt to approve June 17th Finance Team Minutes as written.
Passed unanimously.
IV. Review of July Financial Statements — Finance Director
• In operations the EDA has $96,967 in cash available, $22,736 is reserved (proceeds
of Warrior land sale)
• Year to date property tax revenue totals $71,924. In addition we've had $500 in
rental revenue for the month.
• In the Economic Development Loan Fund we have $80,085 in cash available.
• In addition we have a receivable of $32,461 for work done of the Stritesky Property.
• Notes receivable total $91,675 and all loans are performing as required.
• For the month we've had $680 in loan prepayments.
• In the Downtown Revolving Loan Fund we have $369,373 in cash, $718,715 in loans
receivable and $149,999 as a capital asset — that being the four Cenex lots on 3 d
Avenue.
• Loan repayments for the month totaled $8,519.
• In the MIF Loan Fund we have $128,323 in cash available and outstanding loans
totaling $582,754.
• For the month we have received $8,553 in loan repayments.
M /S /P: Vaillancourt, McGraw to approve the July Financial statements as presented.
Passed unanimously.
V. Director's Report
A. Cenex Redevelopment update
■ The four lots have been officially transferred to the City's ownership. Final
closing costs were $7,194. The house and trees are now gone with the five large
trees being retained. A well on the property still needs to be sealed and
surveying still needs to be done. This Les Kouba Riverview Addition will total
132,071 sq. ft. or slightly more than 3 acres in size.
B. NuCrane Crane Manufacturing
• Primary project financing will be in place in the near future. An application for
bonding authority from the state will be submitted soon. Once primary project
financing is in place, the application for MIF dollars will move forward.
• The MIF Loan for this project may be coming out of the federal pool of dollars,
meaning that the EDA will be able to retain the dollars once they are repaid by
the company.
C. County EDA
■ The next workshop with the County Board will be on October 6m
D. Customer Elation Claim
■ Braun Intertec has agreed to waive their last bill to Customer Elation. The
company is satisfied with the outcome.
E. Internship Grant
■ A $1,000 grant from EDAM (Economic Development Association of Minnesota)
has been awarded to help the internship expenses.
F. Wetherell Property (update)
■ The septic system has been fixed at the owner's expense and has been
inspected. The owners will remain on the property as their lease is still valid.
VI. Industrial Park Financing
The Federal Grant has been approved. A pre- construction conference in Chicago will take
place in Chicago where federal officials will review all the requirements for administering the
grant. Staff reviewed infrastructure costs and financing options with the grant dollars now
included. Options were discussed for the structure of project funding, special assessments
and how the price of the new industrial park will compare with that of neighboring
communities.
M /S /P: Jansick, Vaillancourt to recommend pricing the lots in the industrial park at $30,000
per acre with no assessments. Passed unanimously.
VII. Grant & Loan Applications
Sign & Awning Grants
"Lillians" — Katie Quast $2,000
44 Main Street South
M /S /P: Vaillancourt, McGraw to approve the grant request. Passed unanimously.
VIII. Other Business — Finance Team Board addition.
There was discussion of adding Keith Fischer to the EDA Finance Team. It was agreed that
this should be reviewed by the Finance Team themselves.
IX. Chamber Update
• Hutchinson Leadership Institute classes are beginning once again this fall and are
looking for participants.
• The Hutchinson Arts and Crafts Festival will be September 18 -19tH
X. Set Next Meeting — September 23rd
XI. Adjourn
The meeting was adjourned at 12:35 PM.
Respectfully Submitted,
Ryan Miller
EDA Assistant