08-27-2014 EDAMEDA Board Meeting
Depot Marketplace
11:30 AM Wednesday, August 27th, 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
Jeffrey Page, EDA Assistant
Daron Vanderheiden Chad Czmowski
Jonny Block
I. Call to Order - Ulrich called the meeting to order at 11:38 AM
II. Approve Agenda — No Action
III. Review Minutes of July Finance Team Meetings
M/S/P: Ulrich, Block to approve the July Finance Team Minutes; passed unanimously.
IV. Review Minutes of the July EDA Board Meeting
M/S/P: Vanderheiden, Jansick to approve the July EDA Board Meeting Minutes; passed
unanimously.
V. Review July EDA Financial Statements — Andy Reid
■ Cash available in operations is $171,053.
■ $56,736 is reserved (proceeds from Warrior land sale) and $114,120 is unreserved.
■ The Economic Development Loan fund has $1,142,308 in cash available.
■ $100,000 is reserved (Luce Line Trail contribution). $1,044,406 is unreserved.
■ Loan repayments for the month were $9,233.
■ Downtown revolving loan fund has $263,977 in cash available; $175,406 is unreserved,
$88,905 in approved/unpaid loans; loans receivable total $678,977 and $201,329 in
capital assets (Cenex & Wright properties).
■ Loan repayments totaled $9,312 for the month.
■ MIF Loan fund has $282,056 in cash available and loans receivable of $254,779
(NuCrane).
M/S/P: Block, Jansick to approve the July financials as presented; passed unanimously.
VI. Director's Report
A. Depot Marketplace Redevelopment: The scheduled work on the interior of the Depot is
nearly complete. The electrical contractor ordered fixtures August 20th. Staff is compiling a list
of final details that will be addressed as opportunities and funding present themselves. A brief
discussion was had regarding the cost and funding opportunities for the Depot Marketplace
signage. Staff will apply to the Community Foundation for a grant to pay for the concrete
footings and lighting. Discussion followed regarding appropriate rental fees for the Depot
Marketplace site. Staff will return with recommendations for the September meeting.
B. Positively MN marketing update: Staff reviewed events of the Site Selector FAM Tour and
enumerated the details that made our experience superior to the majority of the other tours in
the state. At the Statewide recap hosted by Positively Minnesota following the tours,
Hutchinson was identified as a community that excelled in presentation. Overall, the site
selectors in attendance identified workforce as the critical element their clients evaluate in
making a site decision and that shovel ready sites are a standard in the industry.
C. Finance Team discussed restructuring of Sign & Awning Grant Program: Wurdell,
Gehlen, and staff will meet as a subcommittee to review program policies and will report back
at a future meeting.
D. Update on business prospects: Staff is continuing discussions with several prospective
companies regarding space and financing needs.
VII. Grant and Loan Applications
Sign and Awning
Touch of Grace Dance Studio - $1135.30
M/S/P: Block, Christensen to approve the lower of the two submitted bids, $860, according to
program guidelines; Passed unanimously.
VIII. Other Business: none
IX. Set Next Meeting — 11:30 AM Wednesday September 24th, 2014.
X. Adjourn - With no further business to attend to, the meeting was adjourned at 12:44 PM.
Respectfully Submitted,
Jeffrey Page
EDA Assistant