02-27-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
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11:30 AM Wednesday, February 27, 2019
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MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of January 2019
EDA Board Members
Operations
Cash Available $130,825
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $79,992
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $121,516
Daron Vanderheiden
Redline Systems Balance $9,345
Chad Czmowski
Ashwill Industries Balance $9,590
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance (forgivable) $14,355
Downtown Revolving Loan Fund
Staff Cash Available $507,085
Miles Seppelt, EDA Director Loans Receivable $419,529
Matt Jaunich, City Administrator Capital Assets $201,329
Andy Reid, Finance Director Total Assets $1,127,943
Maddie Christie, EDA Program Manager
MIF Loan Fund
Cash Available $1,237
MOXY Loan Receivable $18,572
Enterprise Center Fund
Cash Available $26,997
I. Call to Order
SHOPKO TIF District (TIF 4-5)
Meeting called to order at 11:36 AM.
Cash Available $88,039
Interfund Loans Receivable $478,307
II. Approve Agenda – no action.
MEDICAL CLINIC TIF District (TIF 4-16)
Interfund Loan Payable $311,459
III. Review Minutes
a. January 16th Finance Team meeting:
M/S/P: Stearns, Czmowski to approve the minutes as written. Passed unanimously.
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b. January 23 EDA Board Meeting
M/S/P: Christenson, Block 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)
M/S/P: Block, Stearns to approve the financial report as presented. Passed unanimously.
V. Director’s Report
A Marketing Plan Facebook updates = 9 Twitter activity = 9 Website updates = 0
Social media has 300 likes on Facebook and 84 followers on Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C Uponor Street Project Moving slowly, Staff has all the information needed for the DEED grant,
waiting for the right of way to be conveyed to the City.
D Downtown Loan EFT Update Got 2 loans to switch from check payments to automatic payments.
E Farmer’s Market Update Interviews for the Executive Director position underway, resubmitted
paperwork with the Secretary of State and then will file with IRS.
F Joint Meeting City Council & County Conversations of a possible new County EDA are happening. Talk on
Board finishing HWY 212 with 4 lanes. Hutchinson Ring Road, and paving the
Dakota Line Trail.
G Skilled workforce development plan Having meetings and ramping up Tiger Mfg.
H HTI Talk of another round of layoffs, board discussed possible changes at
HTI.
VI. Consider Acceptance of 2018 Annual Report
Review of Annual Report and discussions on downtown programs.
M/S/P: Stearns, Czmowski to accept the 2018 annual report.
VII. Report on Site Selector Conference
Report on a Site Selector seminar recently attended by staff.
VIII. EDA Joint Meeting with City Council
Discussion on whether this is this productive.
Conclusion was that staff will present the annual report at a regular City Council meeting
Future joint EDA/City Council meetings will take place on an “as needed” basis.
IX. Appointment of Eric Lipke to Finance Team
Attorney Ben King was discussed as another potential addition.
M/S/P: Stearns, Vanderheiden to appoint Eric Lipke to the Finance Team.
X. Ex-Officio member to EDA Board?
Discussion of inviting Jeremy Carter, General Manager of HUC to be an ex-offico, non-
voting member of EDA Board.
Intent is to foster greater cooperation between EDA & HUC in the recruitment of new
companies to Hutchinson.
XI. Grant & Loan Program Applications - NONE
XII. Other Business – None.
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XIII. Set Next Meeting – 11:30 AM Wednesday, March 27, 2019
XIV. Adjourn
Meeting adjourned at 1:00pm.
M/S/P: Vanderheiden, Block to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager