02-26-2014 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, February 26th, 2014
Members present in bold.
MEETING MINUTES
Members
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 President Tim Ulrich called the meeting to order at 11:31 AM
II. Approve Agenda — Approved
III. Review Meeting Minutes
A. January 15th Finance Team Meeting
M/S/P: Jansick, Vanderheiden to approve the January 15th Finance Team minutes as
presented; passed unanimously.
B. January 28th Board of Directors
M/S/P: Czmowski, Block to approve the January 28th Board of Directors minutes as
presented; passed unanimously.
C. February 10th Board of Directors
M/S/P: McGraw, Christensen to approve the February 10th Board of Directors minutes as
presented; passed unanimously
IV. Review January EDA Financial Statements — Andy Reid
■ Cash available in operations is $175,833.
■ $56,736 is reserved (proceeds from Warrior land sale) and $119,097 is unreserved.
■ The Economic Development Loan fund has $1,136,772 in cash available.
■ $100,000 is reserved (Luce Line Trail contribution). $1,036,772 is unreserved.
■ Loan repayments for the month were $14,495
■ Downtown revolving loan fund has $214,316 in cash available; $204,364 is unreserved,
loans receivable total $729,420 and $201,329 in capital assets (Cenex & Wright
property).
■ Loan repayments totaled $10,551 for the month.
■ MIF Loan fund has $250,159 in cash available and loans receivable of $285,892
(NuCrane).
■ Loan repayments for the month were $5,640.
M/S/P: Block, McGraw to approve the January Financials as presented; passed unanimously.
V. Director's Report
A. Depot Marketplace Redevelopment: Staff informed the Board that the Depot is tentatively
to be finished by April 15th 2014, and that plans for the farmers market are already moving
forward. A grand opening for the farmers' market at the Depot site will be scheduled for
some time in June.
B. 2014 Jumpstart Downtown Competition: The EDA held the Jump Start Downtown Kick
Off meeting on February 20th. Most sponsorship returned from last year with the addition of
Crow River Signs and the Hutchinson Downtown Association.
C. Greater Minnesota Econ. Dev. Partnership: Staff presented materials from The Greater
Minnesota Economic Development Partnership (GMNEDP). The GMNEDP is a lobbying and
advocacy group for economic development efforts in greater Minnesota. The Board feels
waiting until next year will give them a better idea on the benefits of joining this organization.
D. Land Write Down Program: Staff is working with the Federal EDA to gain approval on
pursuing the land write down program to aid in development of the industrial park.
E. Update on Business Prospects: Staff is continuing discussion with several prospective
companies regarding space needs.
VI. Grant and Loan Applications
Sign & Awning Grant Request
Amazing Grace Boutique $1,567
11 Main St. N
M/S/P: Jansick, McGraw to approve the grant request as presented. Block abstained from
the vote citing conflict of interest; passed unanimously.
VII. Other Business — None
VIII. Adjourn - With no further business to attend to, the meeting adjourned at 12:30 PM
Respectfully Submitted,
Brandon Sobotta
EDA Assistant