03-28-2012 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, March 28, 2012
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden
Chad Czmowski Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Joe Lang, EDA Assistant
Andy Reid, City Controller
Liaison
Bill Corby, Chamber President
Call to order
A. EDA President Tim Ulrich called the meeting to order at 11:35 AM
II. Approve Agenda — Review of the 2011 Annual Report was added under agenda item 9,
"Other Business."
III. Review meeting minutes:
a. February 22nd , 2012 Board of Directors
M /S /P: Retterath, Christensen to approve the Board minutes as written; passed
unanimously.
b. February 15th, 2012 Finance Team
M /S /P: Ulrich, Czmowski to approve the Finance Team minutes as written; passed
unanimously.
IV. Review February EDA Financial Statements — Andy Reid
• Cash available in operations is $124,405
• $56,736 is reserved (proceeds from Warrior land sale) and $64,196 is unreserved.
• The Economic Development Loan fund has $528,208 in cash available.
• Loan payments for the month were $9,759
• Total assets in the Economic Development Loan fund are $921,579.
• Downtown revolving loan fund has $524,885 in cash available, loans totaling
$509,793 and $201,329 in capital assets (Cenex & Wright property).
• Loan repayments totaled $7,826 for the month.
• MIF Loan fund has $118,494 in cash available and loans receivable of $402,320
(NuCrane).
• A total of $11,281 in MIF loan repayments came in during the month.
M /S /P: McGraw, Vanderheiden to approve the January financials as presented; passed
unanimously.
V. Director's Report
a. Federal Grant Status (Industrial Park): $238,995 Remaining — Staff informed the
board that additional closing documentation has been sent to Chicago, at their request.
Hopefully this will be the end of it and final payment will be forthcoming soon.
b. Marketing Plan Update — Staff handed out new business cards and informed the board
on the progress of the new website.
c. Depot / Farmer's Market Update — Staff updated the board on the city council's
approval to re -plat the lot and mentioned the environmental assessment is in progress.
Staff will also begin to look for bids on the project and discussed the outlook on finishing
the project. Furthermore, the farmer's market will be held at the VFW parking lot until the
new facility is ready. Discussion followed.
d. Business Recruitment
• Company "X" — Company is still looking for a building.
• Company "Y" — Company is still in the pursuit of building space, but in no rush.
Staff will keep in touch.
e. Minnesota Angel Network Update
Staff briefed the board on a recent meeting at SWIF to lay out the roles & responsibilities
of the regional intake centers. In addition, the staff gave the finance team an update on
the MNAN process and the companies currently working through the process. Discussion
followed.
VI. Discussion of EDA Goals — Staff handed out an updated list of proposed EDA goals for
review by the board which was followed by discussion. Tim Ulrich informed the board about a
past discussion regarding the spec building /incubator space goal held at the finance team
meeting. Tim suggested that it be a good idea if a few board members would join a sub-
committee to evaluate the spec building /incubator space goal. More discussion followed.
vll. Request by Cornerstone Commons for Interest Rate Reduction & Reset of Term (cc is
requesting a reduction of their interest rate to 2.25% and a reset of the loan term to 15 years so as to reduce
their monthly payment. Finance team discussed and is recommending approval) - Staff informed the
board about Cornerstone Commons request and summarized the finances teams discussion
and recommendation.
M /S /P: McGraw, Retterath to approve Cornerstone Commons loan adjustment: resetting
their interest rate to 2.25% and re- amortizing the existing loan balance for 15 years,
conditioned upon the EDA receiving updated personal guarantees from all the Cornerstone
Commons partners. Passed unanimously.
VIII. Grant & Loan Applications
Storefront Revitalization Matching Grant
Wendling Insurance — Jim Wendling $1,488
40 Main Street North
M /S /P: Vanderheiden, Retterath to approve the grant request; passed unanimously.
Sign & Awning Grant Program
Krazy (vans - Craig Hagen $2,000
101 Park Place
M /S /P: Retterath, Christensen to approve the grant request; passed unanimously.
IX. Other Business - 2011 Annual Report
Staff handed out the EDA's 2011 annual report and provided a brief summary. Positive
feedback from the Board.
M /S /P: McGraw, Retterath to accept the report as written and commend it to the City Council;
passed unanimously.
X. Chamber / CVB Update — Chamber President Bill Corby updated the board on upcoming chamber
events.
a. 3rd Annual Bring It Home Family Fun and Business Expo — Saturday, April 21, 94, McLeod
County Fairgrounds, 64 Exhibitors registered
b. McLeod Manufacturing Assoc. —4th Meeting, Tuesday, April 21, 7:15, Plato Woodworking,
Employee Retention and Training
XI. Set Next Meeting — April 25th
XII. Adjourn — With no further business to attend to, the meeting was adjourned at 12:27 pm.
Respectfully Submitted,
Joe Lang
EDA Assistant