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06-30-2010 EDAMEDA Board Meeting Main Conference Room — City Center 11:30 AM Wednesday, June 30th, 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 11:33 AM. II. Approve agenda III. Review meeting minutes A. May 26th Board of Directors M /S /P: Haugen, Czmowski to approve the minutes as written. Passed unanimously. B. May 19th Finance Team M /S /P: Jansick, Haugen to approve the minutes as written. Passed unanimously IV. Review of May financial statements — Finance director Mr. Seppelt reviewed EDA financial statements: ■ Cash available in operations is $100,544 ■ $56,736 is reserved (proceeds from Warrior land sale) and $39,054 is unreserved. ■ $500 in rental income was received in May for the Wetherell property. ■ The EDA paid $7,498 in property taxes. ■ The Economic Development Loan fund has $117,574 in cash available. ■ Both loans are performing as required. ■ Total assets in the Economic Development Loan fund total $206,658. ■ Downtown revolving loan fund has $349,564 in cash available, loans totaling $694,637 and $201,329 in capital assets (Cenex / Wright property) ■ Loan repayments totaled $9,179 for the month. • MIF Loan fund has $214,704 in cash available, grant receivable of $500,000 (NuCrane) and loans receivable of $500,096. • A total of $8,553 in loan repayments came in during the month/ M /S /P: Jansick, Retterath to accept the financial report as presented. Passed unanimously. V. Director's Report A. EDAM Award ■ The EDAM 2010 Business Recruitment Award was presented. B. Industrial Park • Street curbing was expected to be done today. • Paving of streets in the new industrial park should begin next week. • The entire project should be completed by mid -July C. Washington Avenue / Adams Street project update • Staff briefed the EDA Board on the project progress. • Construction is expected to be completed in the Washington Avenue phase of the project by July 17. D. NuCrane Manufacturing (MIF Grant) ■ The City has received the grant funds from the State and is expected to issue a check to NuCrane Manufacturing by the end of the week. E. McLeod County Project (delayed...) • Staff indicated that the "county project" is going to be delayed indefinitely due to constraints with raising capital. • Staff will contact the company sometime in the next 4 -6 weeks for an update. VI. Industrial Park lot (3.09 acres) Staff updated the Board on an offer received from McLeod County Solid Waste. The Board discussed the various challenges in developing the lot (multiple gas pipelines, electric lines, etc.) M /S /P: Haugen, Jansick to approve the sale of Lot 1, Block 1 of Energy Park to McLeod County Solid Waste for the price of $40,320.30; with the buyer assuming responsibility for all assessments. VII. Update on Company "X" project: MITGI (appears to be dead) ■ Company seems to have identified another location option and is apparently no longer interested in Hutchinson. VIII. Proposed sale of industrial park land to "Chips Holding Company, LLC" Staff briefed the EDA Board on multiple lot layout options for Chips Holding Company, LLC. The Board had a number of questions regarding maintenance of the storm water ponds, liability issues, and so forth that staff will have to research. The Board agreed that the company will have to buy all the available "dry" land back to the north easement line so as to not create an "island" of usable land behind the proposed facility. IX. Wetherell Property • The Wetherell's have notified the EDA that they would be vacating the property shortly. • They have asked for permission to salvage various parts of the property when they move. Staff indicated that salvage rights are included as a provision of their lease agreement with the city. • Discussion followed about what should be done with the property once it was vacant. X. Cornerstone Commons ■ Staff updated the Board on the current vacancies at Cornerstone Commons and plans by the ownership group to reconfigure the interior spaces. XI. Grant & loan applications Storefront Matching Grant $4,156 Julie Elder -Urban Hair Studio 18 Main Street South M IS /P: Czmowski, Retterath to approve the grant request. Passed unanimously. Sign & Awning Grant $2,000 Aquaria Pets – Steve Barton 30 Main Street South Sign & Awning Grant $1,500 BARTCO – Steve Barton 30 Main Street South Storefront Revitalization Matching Grant $5,000 Aquaria Pets – Steve Barton 30 Main Street South M IS /P: Retterath, Vanderheiden to approve all three grants subject to all program criteria being met and all required supporting documentation being submitted. Passed unanimously. XII. Other business —None XIII. Chamber update ■ Staff provided a brief summary of recent Chamber activities XIV. Set next meeting – July 28th XV. Adjourn Tim Ulrich adjourned the meeting at 12:53 pm. Respectfully Submitted, Patrick J. Bramante EDA Intern