07-27-2011 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, July 27, 2011 (June meeting)
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
Seth Kauffman, EDA Assistant
Andy Ried, City Controller
Liaison
Bill Corby, Chamber President
Call to order
A. EDA President Tim Ulrich called the meeting to order at 11:32 AM
II. Approve Agenda — Agenda changed to allow Todd Leonard to present first.
III. Todd Leonard — Executive Director of Minnesota Angel Network
A. Mr. Leonard discussed the Angel Network with the board.
B. The board was also informed on the guidelines of the network, and the goals for incoming
companies.
C. Questions followed about specific fees and benefits of the angel network
IV. Review meeting minutes:
A. July 1St Board of Directors
M IS /P: McGraw, Christianson to approve the minutes as written. Passed unanimously.
B. June 15th Finance Team
M IS /P: Ulrich, Czmowski to approve the Finance Team minutes as written. Passed unanimously.
V. Review June EDA Financial Statements- Andy Ried
■ Cash available in operations is $141,665
■ $56,736 is reserved (proceeds from Warrior land sale) and $80,803 is unreserved.
■ The Economic Development Loan fund has $457,165 in cash available.
■ Total assets in the Economic Development Loan fund are $925,269.
■ Downtown revolving loan fund has $438,438 in cash available, loans totaling $592,459 and
$201,329 in capital assets (Cenex & Wright property).
■ Loan repayments totaled $10,887 for the month.
■ MIF Loan fund has $72,506 in cash available and loans receivable of $441,783 (NuCrane).
■ A total of $11,281 in MIF loan repayments came in during the month.(July and August.
M IS /P: Jansick, Vanderheiden to approve the financial report as presented. Passed unanimously.
VI. Director's Report:
A. County Project — Stalled for this year.
B. Federal Grant Status (Industrial Park): $238,955 Remaining — Awaiting payment from Federal
Govt.
C. "Shovel Ready" certification for energy park (July 19th site visit & Seminar) — Passed
inspection and currently waiting on DEED to post on their website. Not only is our site shovel ready
it is also considered "pad ready ".
D. Customer Elation Equipment Loan — Staff discussed the expansion of customer elation's parking
E. Maintenance updates on EDA parcels — Tiling is done and currently maintaining the mowing on
the property owned
VII. Depot Renovation / Farmers Market
A. Miles reviewed the proposed redevelopment plan for the Depot site. Showed pavilion, parking lot,
and gravel driveways for vendors.
B. Discussion followed on size of building and finalizing price.
VIII. Request for Loan Subordination — State Theatre (Earthly Delights) — The board discussed the
parameters of the loan subordination. (Ulrich Abstained)
M IS /P: McGraw /Czmowski to approve the Subordination of Earthly Delights: Passed Unanimously
IX. Request to extend term on EDA loan — State Theatre (Earthly Delights) — The board discussed the
extension of the loan term.
M IS /P: Jansick/Christianson to approve the extension of the loan term for Earthly Delights: Passed
Unanimously (Ulrich Abstained)
X. EDA 2012 Budget — Miles discussed the budget increases and decreases and answered general
questions about the budget.
M IS /P: Czmowski /Jansick to approve the budget for city council approval : Passed Unanimously.
XI. Resolution in support of state bonding for Luce Line Trail development — Board briefly discussed
the support for the trail
M IS /P: McGraw/Vanderheiden to approve the support of the state bonging for Luce Line Trail: Passed
Unanimously.
XII.
Grant & Loan Applications — None
XIII.
Other Business — None
XIV.
CHAMBER CVB UPDATE — None
XV.
Set Next Meeting — August 24th
XVI.
Adjourn
With no further business to attend to, the meeting was adjourned at 1:04 PM.
Respectfully Submitted,
Seth Kauffman
EDA Assistant