05-29-2013 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, May 29th, 2013
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick
Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Lee Miller, EDA Director
Nate Keller, EDA Assistant
Andy Reid, City Controller
Daron Vanderheiden
Jonny Block
Liaison
Mary Hodson, Chamber President
I. Call to order
EDA President Tim Ulrich called the meeting to order at 11:37 AM
II. Approve Agenda — No Action
Chad Czmowski
III. Review Meeting Minutes
A. April 24th Board of Directors
M/S/P: McGraw, Vanderheiden to approve the minutes as written; passed unanimously.
B. April 17th Finance Team
M/S/P: Jansick, Block to approve the minutes as written; passed unanimously.
IV. Review of April financial statements — Andy Reid
A. Cash available in operations is $124,317.
B. $56,736 is reserved (proceeds from Warrior land sale) and $62,277 is unreserved.
C. The Economic Development Loan fund has $1,176,654 in cash available.
D. Cash balance includes the proceeds from the sale of the Stritesky land; $522,160.
E. $100,000 is reserved (Luce Line Trail contribution) and $125,000 for Depot/ farmers
market costs. $951,654 is unreserved.
F. Loan payments for the month were $9,759.
G. Downtown revolving loan fund has $193,592 in cash available; $171,650 is
unreserved, loans totaling $771,333 and $201,329 in capital assets (Cenex & Wright
property).
H. Loan repayments totaled $9,829 for the month.
I. MIF Loan fund has $198,720 in cash available and loans receivable of
$331,983(NuCrane).
J. Loan payments for the month were $11,281.
M/S/P: Christensen, McGraw to approve the financials as presented; passed
unanimously.
V. Director's Report
a
A. Depot Marketplace Redevelopment — Project hopes to begin within the next 10 days.
Authorization to order Pavilion structure for cost of $95,284 and cost of $17,843 for
cement work.
M/S/P: Vanderheiden, McGraw to approve the ordering of the pavilion structure and
cement; passed unanimously.
B. NuCrane MIF Grant De -federalization- Staff contacted the staff person from DEED. The
HUD is to come up with new set of rules within a month or two. DEED is consulting with
HUD to understand what the rules are for establishing a "Local Development
Organization" (LDO) and whether or not an existing EDA can be an LDO.
C. Incubator Project Update: on hold.
D. JUMPSTART DOWNTOWN Update: On May 28th a Winner was announced. The winner
is Elena Volkov who will be starting a bakery on Main St. MeshedDesign, LLC finished in
2nd place. Staff is speaking with sponsors to come up with a 2nd place package for
MeshedDesign, LLC.
E. Luce Line Trail Update: Project is pushed back to next year, due to not being included
in current year bonding bill.
Grant and Loan Applications
Commercial Rehabilitation Loan Program
Katherine and Anthony Prellwitz
8 North Main Street
$19,640
10 years @ 1.25 %
M/S/P: McGraw, Block, to approve loan as long as the applications do not exceed limits and
policy; passed unanimously.
Storefront Matching Grant
Katherine and Anthony Prellwitz
8 North Main Street
$5,000
M/S/P: McGraw, Block, to approve Grant as long as the applications do not exceed limits and
policy; passed unanimously.
Sign and Awning Grant Program
Sandy Hoy- David Hoy and Associates
101 Park Place
$1,530
M/S/P: Block, Christensen to approve Grant as presented; passed unanimously.
Chamber Update — Dairy Day is Friday June 7th. Over 1,000 lunches will be served. Music in
the park starts after the week of June 10th. The Chambers newly updated website is almost
complete and finished.
Other Business -
Public Arts Commission meet and greet tomorrow May 30th from 5:30-6:30.
Set Next meeting — June 19th, 2013 11:30 AM
Adjourn- 12:36 PM
Respectfully Submitted,
Nate Keller
EDA Intern