04-28-2010 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, April 28th, 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
Steve Heinz, Finance Director
Liaison
Bill Corby, Chamber President
Call to Order
EDA President Tim Ulrich called the meeting to order at 11:32 AM.
Approve Agenda — No Action
Review Meeting Minutes
A. March 31st Board of Directors
Daron Vanderheiden
M IS /P: Haugen, Czmowski to approve the minutes as written. Passed unanimously.
B. March 17th Finance Team
M IS /P: Ulrich, McGraw to approve the minutes as written. Passed unanimously.
IV. Review of March Financial Statements — Finance Director
■ Cash available for operations is $125,099.
■ The Economic Development Loan Fund has $90,688 in cash available and assets totaling $206,363.
All loans are current.
■ The Downtown Revolving Loan Fund has $371,540 in cash available, $674,416 in loans receivable
and has assets totaling $1,247,285. All loans are current.
■ A total of $9,697 in payments were received for the Downtown Loan Fund for the month.
■ The MIF Loan Fund has $197,598 in cash available, $500,000 in grants receivable and $516,666 in
loans receivable. Total assets are $1,214,264.
■ The MIF Loan Fund collected $8,553 in loan payments during the month.
M IS /P: Vanderheiden, Haugen to approve the Financial Report as presented. Passed unanimously
V. Director's Report BR & E Visits
A. MCCF — membership E SHOPKO
Membership closed, $25K returned E Hutch Iron & Metal
B. Industrial Park
■ Stritesky Tile Issue — Gene Olson has been hired to take a look at the tile problem.
■ Stritesky property rent — we received first half rent payment (about $8,500)
■ Construction in the new industrial park is underway — Should be completed around July 1st
weather permitting.
■ Hackbarth Parcel — Annexed, being rezoned
■ Grant Status
1. State $240,000 received ($10K remaining)
2. Federal $544,819 received ($405K remaining)
C. NuCrane Manufacturing
Staff is in the process of working through the various loan documents. Hopefully the closing on the
loan can take place in the next 30 days.
D. Company "X" — May
No news, the company indicated we should contact them again in May.
VI. County Project Update
Project is on hold until about July 1st. The company is adding partners to raise more capital for the project.
An estimated 3 million dollars of equity will be needed. The JOBZ application is complete and has been
submitted to DEED; the MIF application is about 90% complete and staff is awaiting additional information
from the company.
VII. Grant & Loan Applications
Storefront Matchinq Grant
Kim Kotzer $5,000
132 Main Street North
M IS /P: Retterath, Czmowski to approve the grant request. Passed unanimously
Siqn and Awning Grant
LBC of Hutchinson $2,000
132 Main Street North
M IS /P: Czmowski, Vanderheiden to approve the grant request. Passed unanimously
VIII. Other Business — None.
IX. Chamber Update
Chamber President Bill Corby updated the EDA Board on current Chamber of Commerce activities.
X. Set Next Meeting — May 26th
XI. Adjourn
With no further business to attend to, President Ulrich adjourned the meeting at 11:52 PM.
Respectfully Submitted,
Patrick J. Brama
EDA Assistant