01-02-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
nd
11:30 AM Wednesday, January 2, 2019 (December meeting)
____________________________________________________________________________
MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of November 2018
EDA Board Members
Operations
Cash Available $77,690
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $18,535
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $105,180
Daron Vanderheiden
Redline Systems Balance $9,590
Chad Czmowski
Ashwill Industries Balance $10,079
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance (forgivable) $14,355
Downtown Revolving Loan Fund
Staff Cash Available $484,268
Miles Seppelt, EDA Director Loans Receivable $439,495
Matt Jaunich, City Administrator Capital Assets $201,329
Andy Reid, Finance Director Total Assets $1,125,093
Maddie Christie, EDA Program Manager
MIF Loan Fund
Cash Available $755
MOXY Loan Receivable $19,048
Enterprise Center Fund
Cash Available $47,443
SHOPKO TIF District (TIF 4-5)
Cash Available $38,293
Interfund Loans Receivable $455,492
MEDICAL CLINIC TIF District (TIF 4-16)
Interfund Loan Payable $300,257
I. Call to Order
Meeting called to order at 11:34 AM.
II. Approve Agenda – no action.
III. Review Minutes
st
a. November 21 Finance Team meeting:
M/S/P: Cannon, Stearns to approve the minutes as written. Passed unanimously.
th
b. November 28 EDA Board Meeting
M/S/P: Block, Vanderheiden to approve the minutes as written. Passed unanimously.
IV. Review of EDA Financial Statements
Finance Director Andy Reid provided an update on the EDA financials. (Please refer to table on
the previous page)
EDA tax levy came in, approximately $80,700
EDA operating budget is going to be about $17,000 in the red this year, due to:
o Unemployment benefits paid $5,600
o Unforeseen insurance costs $7,100
o Intern hours / benefits $4,300
Enterprise Center will have to make an interest payment by the end of the year to the Economic
Development Loan Fund
The final tax increment has come in for the Shopko TIF District, about $52,000.
M/S/P: Vanderheiden, Czmowski to approve the financial report as presented. Passed
unanimously.
V. Director’s Report
A Marketing Plan Facebook updates = 7 Twitter activity = 7 Website updates = 0
Social media has 297 likes on Facebook and 83 followers on
Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
Firelake Manufacturing is moving to Hutchinson.
C UPONOR street project Annexation complete. BDPI grant application is mostly written.
In the process of having right-of-way conveyed to the City.
D Farmer’s Market Prospective Board members met last week to review by-laws.
rd
Next Board Meeting is January 3, will hopefully adopt by-laws
and elect board.
E Enterprise Center Still awaiting monument sign installation. Property taxes for
2019 will be $20,880.
F Skilled workforce development plan Working to formalize Tiger Manufacturing, 2 classes proposed-
roughly 60 kids hand-picked. Goes live on Sept. 3, 2019.
G Industrial Park Rent Rent came in. About $46.
H HUC Partnership HUC Board declined to partner with the Enterprise Center, they
will not take on our utilities.
I Mid-America EDC Conference Provided useful information on how to connect with corporate
site selectors.
J City Council Approved EDA levy. TIF application fee adopted.
VI. EDA Strategic Planning
Discussion on formulating Mission, Vision & Values Statements for the EDA. Consensus
reached on all three statements:
Mission Statement (why we exist)
The mission of the Hutchinson EDA is to facilitate redevelopment, job creation and the success of
manufacturing in our community.
Vision Statement (what does success look like)
Hutchinson will have a vibrant, attractive downtown; be a thriving center for precision, high-tech
manufacturing and be recognized as Minnesota’s leader in innovative, project-oriented economic
development.
Values Statement (key values for our organization)
Commitment to excellence.
Collaboration, partnership & teamwork to achieve common goals.
Integrity, honesty and good communication in our relationships.
Innovation and creativity in the way we do our work.
Achieving results for our community.
VII. 2019 EDA Work Plan
Results from 2018 Work Plan were reviewed and proposed work plan / goals for 2019
were discussed. (see ATTACHED)
VIII. Grant & Loan Program Applications – NONE
IX. Other Business – None.
X. Set Next Meeting – 11:30 AM Wednesday, January 23, 2019
XI. Adjourn
Meeting adjourned at 12:24 pm.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager