02-24-2010 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, February 24th, 2010
Meeting Minutes
Members
Tim Ulrich Steve Jansick Mike Retterath
Chad Czmowski Jim Haugen Mike McGraw
Staff
Miles Seppelt, EDA Director
Patrick Brama, EDA Assistant
Jeremy Carter, Finance Director
Liaison
Bill Corby, Chamber President
I. Call to Order
Daron Vanderheiden
EDA President Tim Ulrich called the meeting to order at 11:35 AM.
Approve Agenda — No action.
Review Meeting Minutes
A. February 3rd Board of Directors (January meeting)
NuCrane Mfg. Tour
11:30 AM Wednesday
April 28th, 2010
* *Meet at NuCrane **
M /S /P: McGraw, Czmowski to approve the minutes as written. Passed unanimously.
B. January 20th Finance Team
M /S /P: Ulrich, McGraw to approve the minutes as written. Passed unanimously.
IV. Review of January Financial Statements — Finance Director
• Cash available for operations is $150,219.
• The Economic Development Loan Fund has $88,276 in cash available and assets
totaling $207,012. All loans are current.
• The Downtown Revolving Loan Fund has $368,951 in cash available, $682,719 in loans
receivable and has assets totaling $1,252,999. All loans are current.
• A total of $10,329 in revenues was received (loan payments and interest earnings) for the
Downtown Loan Fund.
• The MIF Loan Fund has $180,492 in cash available, $500,000 in grants receivable and
$533,217 in loans receivable. Total assets are $1,213,709.
• The MIF Loan Fund collected $8,553 in loan repayments and interest earnings.
M /S /P: Czmowski, Vanderheiden to approve the financial report. Passed unanimously.
V. Director's Report
A. Industrial Park
• Infrastructure work will pick up again around mid -May and be complete by
August 1 st
• City received $240,000 of the $250,000 state grant — the remainder will be
collected once the project is completed later this summer.
• City staff has submitted payment request # 1 to the Federal Government, in the
amount of approximately $550,000. The total grant is $950K.
B. NuCrane Manufacturing
■ Staff is working to close on the $500K MIF loan.
C. County EDA
■ The County EDA Exploratory Committee met on February 4th to review a draft
enabling resolution, budget, project list and staff job description. The next step
will be a workshop with the County Board, probably sometime in May or June.
Current indications are that existing county staff may be assigned economic
development duties.
D. Company "X"
■ Have not heard anything for some time.
VI. 2009 Annual Report
The EDA's 2009 annual report has been completed. The Board reviewed the report and
found it to be satisfactory.
VII. County economic development project
A. Project Update
■ Staff has been working with the company and is working on the MIF and JOBZ
applications.
■ In addition, staff has been consulting with SWIF, Prairieland EDC and the USDA
to identify sources of funding for a potentially larger project.
B. Donation of 10 JOBZ acres to Hassan Valley Twp.
■ City of Hutchinson has 57 JOBZ acres, 14.62 in use, with 42.38 acres being
available.
■ Staff proposed utilizing 10 JOBZ acres from the City of Hutchinson for this
project.
This was discussed by the Directors.
M /S /P: Ulrich, McGraw to authorize the transfer of 10 JOBZ acres to Hassan Valley
Township for this project. Passed unanimously.
It was suggested that staff could look for JOBZ acres to cover the entire new industrial
park once this project was completed. Staff will add this to their program of work.
VIII. Grant & Loan Applications
Sign & Awning Grant Program
David Larson Financial
227 Main Street South
$2,000
M /S /P: McGraw, Vanderheiden to approve the grant request. Passed unanimously.
Christine Peterson
2 Main Street North
$1,620
M /S /P: Ulrich, Czmowski to approve the grant request. Passed unanimously
IX. Other Business — None
X. Chamber Update
Chamber President Bill Corby updated the EDA Board on current Chamber of Commerce
activities.
XI. Set Next Meeting — March 24th
XII. Adjourn
With no further business to attend to, President Ulrich adjourned the meeting at 12:28 PM.
Respectfully Submitted,
Patrick J. Brama
EDA Assistant