02-24-2016 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, February 24th, 2016
Members present in bold.
MEETING MINUTES
Members
Mike Cannon Corey Stearns Daron Vanderheiden Chad Czmowski
Mary Christensen Mike McGraw Jonny Block
Staff
Miles Seppelt, EDA Director
Andy Reid, City Controller
Matt Jaunich, City Administrator
Call to Order - The meeting was called to order at 11:32 AM.
II. Approve Agenda - no action
III. Review Minutes
a. January 20th, 2016 Finance Team Meeting
M/S/P: Stearns, Cannon to approve the Finance Team minutes as presented; passed unanimously.
b. January 27, 2016 EDA Board Meeting
M/S/P: Block, Stearns to approve the EDA Board minutes as presented; passed unanimously.
IV. Review January EDA Financial Statements — Andy Reid
■ Cash available in operations is $53,181
o $56,736 is reserved (proceeds from Warrior land sale) and $96,038 is unreserved.
o The $5,000 expenditure in "Other Professional Services" was to make the earnest money payment for
the Old Medical Clinic acquisition. Once the TIF District is established this will be reimbursed through
available TIF funds.
■ The Economic Development Loan fund has $428,290 in cash available and loans outstanding totaling $34,712.
■ Downtown revolving loan fund has $239,921 in cash available; loans receivable total $702,354 and $201,329 in
capital assets (Cenex & Wright properties). $30,000 is reserved for the EDA contribution to the Signage &
Wayfinding project.
■ MIF Loan fund has $903,968 in cash available and loans receivable of $175,623 (from NuCrane). $300,000 is
reserved for the CTE Equipment Purchase initiative.
■ Tax Increment Financing Fund has $416,297 in cash available.
M/S/P: Block, Vanderheiden to approve the financials as presented; passed unanimously.
V. Director's Report
■ Marketing Plan Report: Website updates = 0, Facebook updates = 14, Twitter activity = 14.
■ An update on the status of business recruitment /expansions was provided.
■ Cornerstone Commons sale has been completed and their downtown loan paid off.
■ Hotel project seems to be moving ahead. Developer is hoping to break ground in April and have the building
done by late October.
■ Property Assessed Clean Energy (PACE) program has been approved by the McLeod County Board, so now all
businesses in the county can take advantage of this resource to increase their energy efficiency (and save
money).
■ Workforce Development Plan Update
o Seven local companies had agreed to contribute to the CTE equipment fund
o One is pending and won't be decided until June
o The planned Welding Camp is all set for June
o Company internships for students are being worked on currently
■ Redline Systems will be dividing back into two separate companies.
VI. Finance Team
a. Consider establishment of terms of office for Finance Team Members
■ The Board discussed establishing terms of office for Finance Team members.
b. Consider establishment of minimum attendance policy for Finance Team members
■ A rolling attendance recommendation was discussed.
c. Additional Members
■ Matt McDougall has resigned from the Finance Team due to work conflicts. Steve Jansick might also
be resigning for the same reason.
■ Josh Karg, Jennifer Ortloff and Jack Daggett among others were discussed as potential new members
of the EDA Finance Team. Staff will contact them to see if they'd be interested.
M/S/P: Block, Christensen to adopt a 1 -year initial term of office for Finance Team members, to be followed by 3 -year
terms, and establish an 8 -out -of -12 recommended meeting attendance policy, on a rolling basis. Approved
unanimously.
VII. Hutchinson Enterprise Center - Project Update
• A potential partnership with Hutchinson Utilities was discussed.
• The project time -line was presented by staff.
VIII. Grant & Loan Program Applications - None
IX. Other Business
■ Brief discussion of the possibility of an organic farming operation in the industrial park.
■ An update on the status of the High School renovation was provided.
X. Set Next Meeting — 11:30 AM Wednesday, March 30, 2016.
Staff would be out of town on the regular meeting date, so the decision was to slide the meetings of the Finance
Team and EDA Board back a week
XI. Adjourn - 1:00 PM
Respectfully Submitted,
Miles R. Seppelt
Economic Development Director