05-21-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
st
11:30 AM Tuesday, May 21, 2019
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MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of April 2019
EDA Board Members
Operations
Cash Available $76,290
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $17,919
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $124,991
Daron Vanderheiden
Redline Systems Balance $8,348
Chad Czmowski
Ashwill Industries Balance $8,847
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Jeremy Carter
Innovative Foam Balance (forgivable) $14,355
Advances to other funds (Enterprise Center) $301,145
Staff
Miles Seppelt, EDA Director Downtown Revolving Loan Fund
Matt Jaunich, City Administrator
Cash Available $527,100
Andy Reid, Finance Director
Loans Receivable $402,257
Maddie Newcomb, EDA Program Manager
Capital Assets $201,329
Total Assets $1,130,686
MIF Loan Fund
I. Call to Order
Cash Available $2,431
Meeting called to order at 11:36 AM.
MOXY Loan Receivable $17,858
II. Approve Agenda Enterprise Center Fund
Cash Available $27,138
III. Review Minutes
SHOPKO TIF District (TIF 4-5)
Cash Available $147,674
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a. April 17 Finance Team
Interfund Loans Receivable $478,307
meeting:
MEDICAL CLINIC TIF District (TIF 4-16)
Interfund Loan Payable $311,459
M/S/P: Stearns, Cannon to
approve the minutes as written. Passed unanimously.
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b. April 24 EDA Board Meeting
M/S/P: Block, Czmowski 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: Czmowski, Block to approve the financial report as presented. Passed unanimously.
V. Director’s Report
A Marketing Plan Facebook updates = 6 Twitter activity = 6 Website updates = 1
Social media has 302 likes on Facebook and 87 followers on Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C Uponor Street Project DEED grant has been approved, City Council approved the bid. Right
of way has been conveyed to the city.
D DALADO Property New company interested in DALADO building.
E McLeod County Solid Waste Terminated contractor that ran it, unsure of future operation.
F Warrior Mfg TIF District (modify budget?) With a larger project being planned, it may be necessary to amend the
TIF plan for the district.
G Clinic Site Redevelopment Developer still working on proposal to submit in the near future.
VI. Cenex Site Redevelopment
Consider Sales Price – Various options were discussed. Finance Team suggested $4 psf,
but that was before comps were available for review.
M/S/P: Block, Stearns to approve the price of $5.00 per square foot. Passed unanimously.
ALTA Survey (Pellinen Land Surveying) $1800
M/S/P: Czmowski, Cannon to approve $1800 for ALTA Survey. Passed unanimously.
VII. Business Prospect for NuCrane Building
New company projected to start in July 2019.
Might apply for financing from the Economic Development Loan Fund.
VIII. Semi-Annual Enterprise Center Loan Payment $11,969.28
Board decided to wait until the end of the year to get final numbers before payment.
IX. Landy’s Lodge Loan & Muddy Cow
New owners inquired about taking over EDA loan.
Board discussed and concluded that the EDA has never allowed that previously and did
not wish to establish a new precedent.
M/S/P: Cannon, Block to deny the request that the existing loan be assumed by the new
owners. Passed unanimously.
X. Vacant Seat on Finance Team.
Josh Gehlen resigned from the Finance Team
Discussion on adding a new member – no action.
XI. Grant & Loan Program Applications
Sign & Awning Grant Program
Main Street Sports Bar – Ryan Alsleben $1,000
18 & 16 Main St N.
Façade Improvement Program
Main Street Sports Bar – Ryan Alsleben $5,000
18 & 16 Main St N
M/S/P: Czmowski, Stearns to approve both the Sign & Awning grant and the Façade
Improvement grant application. Mike Cannon abstained. Passed unanimously.
XII. Other Business – Farmers Market update.
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XIII. Set Next Meeting – 11:30 AM Wednesday, June 26, 2019
XIV. Adjourn Meeting adjourned at 12:47pm.
M/S/P: Czmowski, Cannon to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager