11-24-2010 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, November 24th, 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
Eric Browne, EDA Assistant
Dave Blumberg, Assistant Finance Director
Liaison
Bill Corby, Chamber President
Call to order
EDA President Tim Ulrich called the meeting to order at 11:35 AM
II. Approve Agenda — No Action
III. Review meeting minutes
A. October 27 Board of Directors
M /S /P: McGraw, Camowski to approve the minutes as written. Passed unanimously.
B. October 20th Finance Team
M /S /P: Ulrich, Jansick to approve Finance Team minutes as written. Passed
unanimously
IV. Review October EDA Financial Statements — Asst. Finance Director, Dave Blumberg
• Cash available in operations is $95,982.
• $56,736 is reserved (proceeds from Warrior land sale) and $32,816 is unreserved.
• $8,335 in rental income was received in October for the Stritesky property.
• The Economic Development Loan fund has $124,031 in cash available.
• Total assets in the Economic Development Loan fund are $208,004.
• Downtown revolving loan fund has $370,469 in cash available, loans totaling
$647,697 and $201,329 in capital assets (Cenex & Wright property)
• Loan repayments totaled $10,421 for the month.
• MIF Loan fund has $275,193 in cash available and loans receivable of $944,140.
• A total of $8,553 in MIF loan repayments came in during the month.
• EDA staff updated the Board on the status of two downtown loans that were behind
in payments. Once has been completely brought up to date and the other is making
progress towards that goal.
M /S /P: Czmowski, Vanderheiden to approve the financial report as presented. Passed
unanimously.
V. Director's Report
A. County Project — Company X is ironing out final legal items before construction begins.
B. Industrial Park
1. BDIA Grant— Last $10k received /grant closed out.
2. Federal Grant status — Payment request submitted, waiting for check.
3. Chips Holding Company project — Project is very nearly complete.
C. Wetherell Property Update — Demolition began Monday, November 15th and is
essentially done. There are two approaches onto the property from 5th Avenue that still
need to be removed.
D. "Shovel Ready" certification for Energy Park — Project is progressing, waiting for final
soil boring results.
E. Warrior Mfg. Land Sale / Purchase — City Council approved the sale of the lot to the
east of Warrior and approved the purchase of the lot to the north of Warrior.
F. Stritesky Property Tile Work — Waiting on one more quote. Will have to be completed
in the spring due to the onset of winter.
VI. Stritesky Property Lease
Bids were received for 2011 lease of the property. High bid was $330 per acre, which works
out to $24,212.10 for the year for 73.37 acres.
M /S /P: McGraw, Retterath to recommend approval of leasing the Stritesky property for 2011
to David Ludowese for $330 per acre for the 2011 crop year. Passed unanimously.
VII. Consideration of 2011 Projects & Goals
Staff reviewed the status of 2010 projects. The EDA Board considered projects for upcoming
year.
VIII. Grant & Loan Applications
Matching Grant
Karen Schmeling (Unity Uniform) — 40 Main Street South $2,535
M /S /P: Jansick, Czmowski to approve matching grant. Passed unanimously.
Sign and Awning Grant (Final Invoice Adjustment)
Ann McMahon
$975 4 $1,133.63
M /S /P: Retterath, McGraw to approve an adjustment for sign and awning grant from $975 to
$1,133.63. Passed unanimously.
IX. Other Business — None.
X. Chamber Update
• Megan Peterson will be leaving the Chamber CVB at the end of the year. Currently
interviewing to fill position.
• Holiday Business After Hours — Thursday, December 9th, The Vic, 5:00 — 7:00 PM.
• Award Nominations Being Accepted
• Volunteer of the Year
• Outstanding Young Leader
• Business Person of the Year
• Ag Service Award
• Annual Banquet — Friday, January 28th
XI. Set Next Meeting — December 22nd
XII. Adjourn
Mr. Ulrich adjourned the meeting at 12:17 PM
Respectfully Submitted,
Eric Browne
EDA Assistant