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05-26-2010 EDAMEDA Board Meeting Main Conference Room — City Center 11:30 AM Wednesday, May 26th, 2010 MEETING MINUTES Members Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden 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 Tim Ulrich called the meeting to order at 11:35 AM. II. Approve agenda — no action. III. Review meeting minutes A. April 28th Board of Directors M /S /P: Haugen, Vanderheiden to approve the minutes as written. Passed unanimously. B. April 22nd Finance Team M /S /P: Czmowski, Retterath to approve the May 19th Finance Team minutes as written. Passed unanimously. IV. Review of April financial statements — Finance director ■ Balance Sheet Operations • Cash available for operations is $119,038 • Revenues for the month are $8,835 (rent from Wetherell & Stritesky properties) • Expenditures were $14,908 for the month, primarily salary expense Economic Development Loan Fund o Cash available is $116,894 o A total of $1,206 in loan payments was received during the month o All loans are performing as required o $25,000 was received from closing out our membership in the Minnesota Community Capital Fund Downtown Revolving Loan Fund • Cash available is $347,671 • Loans receivable is $664,879 • Loan repayments totaled $11,223 for the month • All loans are performing as required. Minnesota Investment Fund • Cash available is $206,151 • Total loans receivable is $508,383 • Grants receivable is $500,000 (for the NuCrane project) • Loan payments totaled $8,553 for the month • All loans are performing as required. M /S /P: Haugen, Jansick to approve the April financial report. Passed unanimously. V. Director's Report A. BR &E Visits ■ 3 BR &E visits were conducted during the month: Warrior Mfg., Customer Elation, Cenex CO -OP. B. Industrial park ( Hackbarth parcel, construction update) • The Hackbarth parcel is annexed to the city and re -zoned to 1 -1, "Light Industrial" • Street construction in Energy Park is on schedule and should be complete by mid -July. C. Cenex 3 d Avenue redevelopment ■ The site was re- seeded with grass this past week. D. NuCrane Manufacturing (MIF grant) • Still working to close on this grant • Most documents are signed and we're just waiting for the company to provide the final supporting documentation. E. Company "X" (Sonoco) — DEAD ■ Staff spoke briefly with company officials — there are no plans to move ahead with a Hutchinson project for the foreseeable future. F. Washington / Adams Street ■ Construction is on schedule. The Washington Avenue portion should be completed by mid -July. VI. McLeod County project update Staff updated the Board on the status of the project: • Staff met with company officials on May 12th at the site. • They are in the process of bringing in additional partners • Project should be ready to move ahead sometime after July 1 st • Site work & underground pipe construction will be done this fall • Building construction will take place next spring. • The JOBZ application has been submitted to the state and the MIF application is mostly complete, awaiting additional information from the company. Discussion followed. VII. Stritesky property tile issue update Staff updated the Board: • The north half of the Stritesky property has been re -tiled • Ewert Brothers was the tile contractor who did the job • Total cost came to approximately $9,600 • The property already is much drier and the renter has planted soybeans • Project complete Discussion followed. VIII. Downtown Gateway project Staff updated the Board on the status of the project: ■ The proposed wall mural is approaching completion and should be installed sometime in the next 4 -6 weeks. Staff summarized the proposed site development plan. Discussion followed. M /S /P: Retterath, Czmowski to authorize $4,000 in support of the project. Passed unanimously. IX. Company prospect • Staff updated the board on a potential new company for the industrial park. • The company is interested in an 8 — 10,000 sf facility initially, but could grow to about 20,000 sf. • The EDA's 3.09 acre lot might be a good fit. • A meeting with company officials is scheduled for June 91h Discussion followed. X. EDAM awards banquet (Wednesday, June 16th 6 — 8:30 PM at Madden's Resort) • The Hutchinson EDA has won EDAM's "Business Recruitment Project of the Year" award. • An awards ceremony will take place at the EDAM summer conference at tH Madden's report on Gull lake on June 16 ■ Two tickets for the banquet are being provided by EDAM, and additional tickets are available for $35 each. Discussion followed. XI. Grant & loan applications — NONE XII. Other business A. Surplus MNDOT Lots (Hwy 7) • Staff advised the Board of the availability of three lots along Hwy 7 that are being made available to the city by MNDOT. These are lot remnants left over the Hwy 7 construction project. • Due to their limited economic development potential, and following the EDA Finance Teams recommendation, the EDA Board indicated that it had no interest in acquiring the lots. B. Cherrywood Advanced Living ■ Staff advised the Board of a potential investment opportunity in a senior - living facility. No action. XIII. Chamber update Chamber President Bill Corby provided a brief summary of recent Chamber activities: • The "Bring It Home" business expo was a big success. • The Hutchinson Leadership Institute recently graduated 21 members • A new initiative is being developed to combat hunger in McLeod County. XIV. Set next meeting — June 30th (proposed — 1 week later than usual) XV. Adjourn Tim Ulrich adjourned the meeting at 12:46 PM.