01-28-2014 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Tuesday, January 28, 2014
Members present in bold.
MEETING MINUTES
NAamharG
Tim Ulrich Steve Jansick
Mary Christensen Mike McGraw
Staff
Lee Miller, EDA Director
Andy Reid, City Controller
Brandon Sobotta, EDA Assistant
Daron Vanderheiden Chad Czmowski
Jonny Block
Call to order: EDA Vice -President McGraw called the meeting to order at 11:33 AM
II. Approve Agenda — Approved
III. Election of 2014 EDA Officers
President
1-yearterm
Tim Ulrich
Vice -President
1-yearterm
Mike McGraw
Treasurer
1 -year term
Steve Jansick
Secretary*
1-yearterm
EDA Intern
Assistant Treasurer*
1 -year term
Andy Reid
*Can be non -Commissioner
M/S/P: Block, Vanderheiden to re-elect the current slate of officers for a new term, with the
exception of replacing City Administrator Carter with City Controller Reid as Assistant
Treasurer; passed unanimously.
IV. Review Meeting Minutes
A. November 20th Finance Team Meeting
M/S/P: Czmowski, Christensen to approve the November 20th Finance Team minutes as
presented; passed unanimously.
B. December 19th Board of Directors
M/S/P: Block, Vanderheiden to approve the December 19thth Board of Directors minutes as
presented; passed unanimously.
V. Review December EDA Financial Statements — Andy Reid
■ Cash available in operations is $184,761.
■ $56,736 is reserved (proceeds from Warrior land sale) and $128,025 is unreserved.
■ The Economic Development Loan fund has $1,135,391 in cash available.
■ $100,000 is reserved (Luce Line Trail contribution) and $13,911 for Depot/farmers market
costs. $1,135,391 is unreserved.
■ Loan repayments for the month were $11,337
■ Downtown revolving loan fund has $203,813 in cash available; $193,813 is unreserved,
loans receivable total $738,157 and $201,329 in capital assets (Cenex & Wright
property).
■ Loan repayments totaled $9,945 for the month.
■ MIF Loan fund has $244,519 in cash available and loans receivable of $291,048
(NuCrane).
■ Loan payments for the month were $5,640.
M/S/P: Block, Christianson to approve the December Financials as presented; passed
unanimously.
VI. Director's Report
A. Depot Marketplace Redevelopment: Staff informed the board that the depot soda blasting
is complete. Staff established a completion date of April 15, 2014.
B. 2014 Jumpstart Downtown Competition: Rollout announcement at Chamber meeting
later this month. Staff informed the Board that several inquiries have been received
regarding the 2014 competition.
C. Business Incubator: Staff continues to explore alternatives.
D. Land Write Down Program: Staff is waiting for clarification on the proposed Land Write
Down.
E. Update on Business Prospects: Staff is continuing discussions with several prospective
companies regarding space needs.
F. Job Creation Fund: Staff updated the EDA Board on the new Job Creation Fund. The
program is being billed as a replacement to JOBZ.
VII. Grant and Loan Applications
Storefront Revitalization Matching Grant
Amazing Grace Boutique $4,680
Grant request tabled until final quote obtained.
Sign and Awning Grant
The Paint Factory $1,439.95
M/S/P: Block, Christiansen to approve grant request as presented; passed unanimously.
VIII. Other Business - None
IX. Set Next meeting — February 26th, 2014
X. Adjourn — There being no further business to attend to, the meeting adjourned at 12:45 PM
Respectfully Submitted,
Brandon Sobotta
EDA Assistant