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07-28-2010 EDAMEDA Board Meeting Main Conference Room — City Center 11:30 AM Wednesday, July 28th, 2010 Members present in bold. 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 David Blumberg, Assistant Finance Director Liaison Bill Corby, Chamber President I. Call to order Tim Ulrich called the meeting to order at 11:37 AM II. Approve agenda — No Action III. Review meeting minutes A. June 30th Board of Directors BR & E Visits • Hillyard Floor Care ( +3 emp.) • Crow River Printing (30 emp.) • 3D CNC (33 emp.) • Goebel Fixture Co. (116 emp.) M /S /P: Haugen, Vanderheiden to approve the minutes as written. Passed unanimously. B. June 23rd Finance Team M /S /P: Ulrich, Haugen to approve Finance Team minutes as written. Passed unanimously IV. Review of June financial statements — Finance director • Cash available in operations is $155,980 • $56,736 is reserved (proceeds from Warrior land sale) and $93,887 is unreserved. • Tax levy funds of $77,326 were received (1St half taxes) • $500 in rental income was received in for the Wetherell property. • The Economic Development Loan fund has $118,780 in cash available. • The Warrior and Ashwill Industries loans are performing as required. • Total assets in the Economic Development Loan fund total $206,926. • Downtown revolving loan fund has $360,206 in cash available, loans totaling $684,040 and $201,329 in capital assets (Cenex & Wright property) • Loan repayments totaled $10,688 for the month. • MIF Loan fund has $223,257 in cash available and loans receivable of $991,804. • A total of $8,553 in loan repayments came in during the month. M /S /P: Retterath, Haugen to approve the financial report as presented. Passed unanimously. V. Director's Report A. Industrial Park • Project is essentially complete, street signs will be installed in the coming weeks. B. Washington Avenue Update ■ Project is mostly complete. Street lights will be put up sometime around August 6m Adams Street is set to begin reconstruction. C. NuCrane Manufacturing ■ MIF monies have been disbursed to NuCrane, project completed. D. County Project ■ Company is continuing efforts to raise capital. EDA staff will be in contact with the company in the next month or so to get an update. E. Buffalo Wild Wings ■ Construction will begin shortly — project should be complete and open by November 1st, 2010 F. Web Site Updates ■ Staff demonstrated some updates to the EDA website. G. Wetherell Property • The current renters will be leaving September 1 St • Staff briefed the EDA Board on the "land purchase option" that Customer Elation has on the property. • Board members agreed that something needs to happen with the property. • The topic will be discussed in more detail at next month's meeting. H. Customer Elation grant close -out ■ Staff reported that the final job- creation report was being completed on the Customer Elation project. This will be submitted to DEED. ■ To date, 94 jobs have been created. VI. Sale of industrial park land to "Chips Holding Company, LLC" 1.95 acres @ $30,000 / ac. = $58,579.89 Staff briefly reviewed the proposed Chips Holding Company warehouse project. Discussion followed. M /S /P: Haugen, Vanderheiden to approve the sale of 1.95 acres of land in the industrial park to Chips Holding Company, LLC for the price of $58,579.89. VII. EDA Budget for 2011 Staff presented a draft 2011 EDA Budget for review by the board of directors. Discussion followed. M /S /P: Ulrich, Vanderheiden to approve 2011 EDA Budget as presented. Passed unanimously. VIII. Energy Park PR Event ■ EDA Staff presented the idea of having a public relations event at the new industrial park to commemorate its completion. ■ Board members suggested there should be a short program, a "ribbon cutting" and as many dignitaries invited as possible. M /S /P: Retterath, Haugen to approve a budget of $1,000 for the industrial park PR event. Passed unanimously IX. Grant & loan applications Storefront Revitalization Matching Grant Mark Schmidt — 34 Main Street North $3,100 M /S /P: Haugen, Vanderheiden to approve the matching grant request. Passed unanimously Sign & Awning Grant Steve Barton — Aquaria Pets $500 adjustment M /S /P: Ulrich, Haugen to approve the increase of BARTCO sign and awning grant from $1,500 to $2,000. Passed unanimously X. Other business ■ This is the last meeting for Patrick Brama, EDA intern. The Board wished him well in his future endeavors. The new intern, Eric Browne, will begin on August 2nd XI. Chamber update • 3rd Annual Golf Challenge —July 26 • Hutchinson Leadership Institute — Currently accepting applications • 32 Annual Music in the Park — Through August 9 h • DEED Road Show -50+ attendees • Strategic Planning Process — Beginning in August • River Songs Festival —This weekend XII. Set next meeting — August 25th XIII. Adjourn Mr. Ulrich adjourned the meeting at 12:41 PM Respectfully Submitted, Patrick Brama EDA Assistant