06-26-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
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11:30 AM Wednesday, June 26, 2019
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MEETING MINUTES
Economic Development Authority
Financial Summary as of May 2019
Members present in bold.
Operations
Cash Available $63,871
EDA Board Members
Reserved $56,736
Unreserved $5,973
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon
Cash Available $125,610
Corey Stearns
Redline Systems Balance $8,348
Daron Vanderheiden Ashwill Industries Balance $8,599
Chad Czmowski Laser Dynamics Balance (forgivable) $23,000
Mary Christensen Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise Center) $301,145
Downtown Revolving Loan Fund
Cash Available $532,236
Staff
Loans Receivable $396,937
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,130,501
Andy Reid, Finance Director
MIF Loan Fund
Maddie Newcomb, EDA Program Manager
Cash Available $2,676
MOXY Loan Receivable $20,296
I. Call to Order Enterprise Center Fund
Cash Available $32,220
Meeting called to order at 11:33 AM.
SHOPKO TIF District (TIF 4-5)
Cash Available $148,062
II. Approve Agenda
Interfund Loans Receivable $478,307
III. Review Minutes
MEDICAL CLINIC TIF District (TIF 4-16)
Interfund Loan Payable $311,459
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a. May 14 Finance Team meeting:
M/S/P: Cannon, Stearns to approve the minutes as written. Passed unanimously.
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b. May 21 EDA Board Meeting
M/S/P: Block, Czmowski to approve the minutes as written. Passed unanimously
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c. June 6 EDA Board Special Meeting
M/S/P: Christensen, 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: Czmowski, Stearns to approve the financial report as presented. Passed unanimously.
V. Director’s Report
A Marketing Plan Facebook updates = 5 Twitter activity = 5 Website updates = 2
Social media has 303 likes on Facebook and 87 followers on Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C Mid-America Best Practices Conference Staff will be presenting about TigerPath in Milwaukee, WI.
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D Uponor Street Project Projected start date is the week of July 8. Projected completion is
before Labor Day.
E DALADO Property Client made an offer on the building. Everything is progressing.
F Landy’s Lodge Loan paid off $26,480.99 paid off the EDA loan.
G Clinic Site Redevelopment Two developers still interested in the site. Working on the FEMA grant.
H Warrior Mfg. Expansion Site plan was approved by Planning Commission and City Council.
VI. Cenex Site Redevelopment
Developer will be making changes to the original proposal they submitted and will re-
submit next month.
VII. Business Recruitment
New Company: Zephyr Wind Services – Wind Turbine generator repair company in
the NuCrane building.
Company “M” – looking at space in the Industrial Park.
VIII. Enterprise Center
Consider authorization of light fixture repair (e2 electric) $1,082.14
Consider authorization for monument sign pad (Triple G) $2,050
M/S/P: Christensen, Stearns to approve both authorizations for light fixture repair and
monument sign pad. Passed unanimously.
IX. Grant & Loan Program Applications
Sign & Awning Grant Program
Crow River Floral & Gifts – George Quast $850
136 Hassan Street South
M/S/P: Cannon, Block to approve the grant application. Passed unanimously.
Dostal Electronics – Larry Dostal $1,000
147 Main Street South
M/S/P: Block, Czmowski to approve the grant application. Passed unanimously.
Richard Peterson $1,000
116 Main Street South
M/S/P: Czmowski, Christensen to approve the grant application. Passed unanimously.
Façade Improvement Program
Dostal Electronics $677
147 Main Street South
M/S/P: Cannon, Block to approve the grant application. Passed unanimously.
Richard Peterson $3,458.33
116 Main Street South
M/S/P: Czmowski, Stearns to approve the grant application. Passed unanimously.
X. Other Business – Enterprise Minnesota Survey
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XI. Set Next Meeting – 11:30 AM Wednesday, July 24, 2019
XII. Adjourn Meeting adjourned at 12:29pm.
M/S/P: Block, Christensen to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager