10-29-2015 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, October 29th, 2015
Members present in bold.
MEETING MINUTES
Members
Steve Jansick Corey Stearns Daron Vanderheiden Chad Czmowski
Mary Christensen Mike McGraw Jonny Block
Staff
Miles Seppelt, EDA Director
Andy Reid, City Controller
Jeffrey Page, EDA Assistant
Matt Jaunich, City Administrator
IV
Call to Order - Jansick called the meeting to order at 11:37 AM.
Approve Agenda
Review Minutes of September 16th, 2015 Finance Team Meeting
M/S/P: Stearns, Christensen to approve the September Finance Team meeting minutes; passed
unanimously
Review Minutes of September 23rd EDA Board Meeting
M/S/P: Block, McGraw to approve the September EDA Board meeting minutes; passed unanimously.
Review September EDA Financial Statements — Andy Reid
• Cash available in operations is $130,831.
• $56,736 is reserved (proceeds from Warrior land sale) and $81,411 is unreserved.
a. The final payment on assessments in the Energy Park was paid in September: $2,744.
• The Economic Development Loan fund has $423,572 in cash available.
• Downtown revolving loan fund has $162,652 in cash available; loans receivable total $774,601 and
$201,329 in capital assets (Cenex & Wright properties).
• Loan repayments yielded $1,325 in interest income for the month.
• MIF Loan fund has $913,936 in cash available and loans receivable of $180,962, all of which is for
NuCrane. Loan repayment yielded $310 in interest income for the month.
• Finance has added a Tax Increment Financing Fund balance sheet beginning with this report.
Current cash available is $367,833 and an unreserved fund balance of $365,396. There is an
accounts payable balance of $2,438 and expenditures of $2,453 for professional services this
month.
M/S/P: Block, McGraw to approve the September financials as presented; passed unanimously.
V. Director's Report
A. BR & E Visits: None
B. Marketing:
a. The magazine marketed to site selectors in which the EDA placed a full page ad, has been
published. It is titled "Business Climate Minnesota: Thriving in the North."
b. Website updates = 4, Facebook updates = 19, Tweets = 19
C. JumpStart Manufacturing Update: The contest winner's growth and educational efforts are
progressing as expected.
D. Downtown redevelopment project: Staff updated the Board on current negotiations and progress.
E. Business Expansion/Recruitment: Staff updated the Board on Business recruitment efforts and
potential business expansion projects.
F. Seppelt updated the Board on his attendance of the Site Selector Forum in Philadelphia.
VI. Workforce Development: Hutchinson High School CTE Center $300,000
A. The Finance Team recommended the support for the CTE equipment project
B. The Board and Staff discussed private -industry fundraising efforts. The item will remain tabled
until the November meeting.
VII. Review of Industry Revolving Loan Fund Program(s)
A. Staff presented the changes to the program that were developed by the special committee. The
Board discussed the changes at length and determined there are several questions requiring
additional explanation and consideration.
M/S/P: Czmowski, Block to table the question until the November meeting to enable further review of
eligible uses, late penalties, and interest rates; passed unanimously.
VIII. Hutchinson Enterprise Center: Staff presented a proposal for the development of business incubator
located in the Energy Park.
IX. 2016 Goals and Objectives — Discussion was tabled until the November meeting.
X. Grant and Loan Applications:
Sign & Awning Program Application
Thrivent Financial — Christine Ruppert
116 Main Street South (Rich Peterson's Building)
$1,000
M/S/P: Czmowski, McGraw to approve application, subject to the request meeting program guidelines;
passed unanimously.
XI. Other Business:
A. Reschedule Manufacturers' Summit - Board will coordinate schedules with Staff prior to or at the
next Board meeting.
B. Hay Land Rental 2016 — Staff will advertise for bids in November. Bid submissions will require a
check of the same amount be presented in order to be considered.
XII. Set Next Meeting — 11:30 AM Thursday, November 25th, 2015.
XIII. Adjourn - With no further business to attend to, the meeting was adjourned at 1:05 PM.
Respectfully Submitted,
Jeffrey Page
EDA Program Assistant