03-29-2018 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
11:30 AM Wednesday, March 29, 2018
____________________________________________________________________________
Members present in bold.
MEETING MINUTES
EDA Board Members
Mike Cannon Corey Stearns Daron Vanderheiden Chad Czmowski
Mary Christensen Mike McGraw Jonny Block
Staff Guest
Miles Seppelt, EDA Director Mary Hodson, President, Chamber of Commerce
Matt Jaunich, City Administrator
Andy Reid, Finance Director
Meagan Donahue, EDA Manager/Intern
Economic Development Authority
Financial Summary as of March 2018
Operations
Cash Available $134,390
I. Call to Order
Reserved $56,736
Mike Cannon called the Board to order at
Unreserved $75,099
11:32 AM.
Economic Development Loan Fund
Cash Available $98,174
II. Approve Agenda – no action.
Redline Systems Balance $11,996
Ashwill Industries Balance $12,697
III. Review Minutes
Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance (forgivable) $14,355
st
March 21 Finance Team meeting.
Downtown Revolving Loan Fund
Cash Available $442,780
M/S/P: Cannon, Czmowski to approve
Loans Receivable $471,799
the minutes as written. Passed
Capital Assets $201,329
unanimously.
Total Assets $1,115,574
MIF Loan Fund
February 28th EDA Board meeting.
Cash Available $5,756
NuCrane Loan Receivable $28,062
M/S/P: Cannon, Czmowski to approve
Enterprise Center Fund
the minutes as written. Passed
Cash Available $133,422
unanimously.
Expenditures (Ebert Construction) $25,040
SHOPKO TIF District (TIF 4-5)
IV. Review of March EDA Financial
Cash Available $2,216
Statements
Interfund Loan Receivables $480,496
Expenditures $
City Finance Director Andy Reid
MEDICAL CLINIC TIF District (TIF 4-16)
provided an update on the EDA
Interfund Loan Payable $300,256
financials. (see table)
M/S/P: Stearns, Christensen to approve the financial report as presented. Passed
unanimously.
V. Director’s Report
A. Marketing Plan Report:
Facebook updates = 7,
Twitter activity = 7, Website updates = 2
Social media effort has
268 likes on Facebook and 74 followers on Twitter.
B. Business Recruitment / Expansions – staff updated the board on recent contacts and
conversations.
C. UPONOR
Staff is still working with HTI to move the road project forward. HTI wants City to pay to
move their sign. EDA staff is working on MIF and BDPI application for Uponor as well.
D. Hotel Project
Retaining wall is complete and building construction is moving forward.
E. Skilled Workforce Development Plan
Funds collected thus far = $1.23 m
New website is nearly complete.
VI. EDA Strategic Planning
Review comparison metrics – Meagan Donahue. Meagan explained the research of various
Minnesota cities similar in size to Hutchinson.
Discuss S/W/O/T Analysis – Lots of discussion on the SWOT analysis. SWOT is attached
VII. Grant & Loan Program Applications –
Sign and Awning Grant
Happy Sprout Brew & Grow, Casey Clark $1,000
M/S/P: Czmowski, Vanderheiden moved to approve $1,000 grant. Passed unanimously.
VIII. Other Business – None.
IX. Set Next Meeting – 11:30 AM Wednesday, April 25th, 2018
X. Adjourn
M/S/P: Cannon, Christensen to adjourn the meeting at 12:48 PM. Passed unanimously.
Respectfully Submitted,
Meagan Donahue
Economic Development Manager