02-23-2011 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, February 23, 2011
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden
Chad Czmowski Mary Christianson Mike McGraw
Staff
Miles Seppelt, EDA Director
Colin Heintzeman, EDA Assistant
Jeremy Carter, City Administrator
Liaison
Bill Corby, Chamber President
I. Call to order
EDA President Tim Ulrich called the meeting to order at 11:32 AM
II. Approve Agenda — No Action
III. Review meeting minutes:
A. January 26th Board of Directors
M /S /P: McGraw, Czmowski to approve the minutes as written. Passed unanimously.
B. January 19th Finance Team
M /S /P: Ulrich, Czmowski to approve the January Finance Team minutes as written.
Passed unanimously.
IV. Review January EDA Financial Statements — City Administrator, Jeremy Carter:
• Cash available in operations is $114,195
• $56,736 is reserved (proceeds from Warrior land sale) and $52,343 is unreserved.
• Expenditures include $1,808 in storm water fees, which will be refunded.
• The Economic Development Loan fund has $403,605 in cash available.
• Total assets in the Economic Development Loan fund are $927,216
• Downtown revolving loan fund has $394,688 in cash available, loans totaling
$637,979 and $201,329 in capital assets (Cenex & Wright property)
• Loan repayments totaled $10,366 for the month.
• MIF Loan fund has $32,895 in cash available and loans receivable of $475,884
(NuCrane.).
• A total of $5,640 in MIF loan repayments came in during the month.
M /S /P: Jansick, McGraw to approve the financial report as presented. Passed unanimously.
V. Director's Report:
A. County Project — Outlook for the project is positive in the coming building season.
B. "Shovel- Ready" certification for Energy Park- Application is mostly complete, waiting
for further guidance from state.
C. Warrior Mfg. Land Sale / Purchase — DONE
D. BDPI Grant Application- Looking for letters of approval, Impressions don't want the
assessments that will come with the improvements.
E. Small Business Development Center- Working on getting a local phone line connected
and someone to staff the office for a set time.
VI. Final review / update of Economic Development Loan Fund rules:
M /S /P: Jansik, Christianson to approve the to approve the application form with the final changes
made. Passed unanimously.
VII. Grant & Loan Applications: None
VIII. Other Business — None.
IX. Chamber CVB Update
• Social Media — Website is now mobile m.explorehutchinson.com
• Business After Hours — March 10, MN Lynx at MidCountry Bank, 4:00 — 6:00 pm
• Bring It Home Business Expo — Saturday, April 16, 9:00 — 4:00, McLeod County
Fairgrounds, Early Bird deadline is Friday, Feb. 25.
X. Set Next Meeting — March 23rd
XI. Adjourn
Mr. Ulrich adjourned the meeting at 12:03 PM
Respectfully Submitted,
Colin Heintzeman
EDA Assistant