07-31-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
st
11:30 AM Wednesday, July 31, 2019
____________________________________________________________________________
MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of June 2019
EDA Board Members
Operations
Cash Available $145,853
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $88,655
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $138,027
Daron Vanderheiden
Redline Systems Balance $8,348
Chad Czmowski
Ashwill Industries Balance $8,348
Mary Christensen
Laser Dynamics Balance (forgivable) $23,000
Jeremy Carter
Innovative Foam Balance (forgivable) $14,355
Advances to other funds (Enterprise Center) $292,146
Staff
Downtown Revolving Loan Fund
Miles Seppelt, EDA Director
Cash Available $559,937
Matt Jaunich, City Administrator
Loans Receivable $366,089
Andy Reid, Finance Director
Capital Assets $201,329
Maddie Newcomb, EDA Program Manager
Total Assets $1,120,370
MIF Loan Fund
Cash Available $2,918
I. Call to Order
MOXY Loan Receivable $17,382
Meeting called to order at 11:34 AM.
Enterprise Center Fund
II. Approve Agenda
Cash Available $24,500
SHOPKO TIF District (TIF 4-5)
III. Review Minutes
Cash Available $148,250
Interfund Loans Receivable $478,307
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a. June 19 Finance Team
MEDICAL CLINIC TIF District (TIF 4-16)
meeting:
Interfund Loan Payable $311,459
M/S/P: Cannon, Stearns to
approve the minutes as written. Passed unanimously.
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b. June 26 EDA Board Meeting
M/S/P: Christensen, Stearns 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: Cannon, Czmowski to approve the financial report as presented. Passed unanimously.
V. Director’s Report
A Marketing Plan Facebook updates = 6 Twitter activity = 6 Website updates = 0
Social media has 314 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 Project underway, completion is expected before Labor Day.
D DALADO Property Purchase agreement fell through. Currently no other prospects.
E Enterprise Center Monument sign is in, e2 electrical came and fixed light fixtures.
F Cenex Site Redevelopment
G Clinic Site Redevelopment Staff working on FEMA grant.
H Warrior Mfg. Expansion Everything has been approved, project is ready to go.
I Ady Award Staff went to Milwaukee for Mid-America Conference and received a
trophy and a page in Ady Advantage magazine on TigerPath.
VI. Consider Zephyr Wind Services Loan $100,000
Reviewed results of Zephyr Credit Check
Finance Team recommended approval with stipulations in regards to more information.
That information has been obtained but not yet shared with the Finance Team.
M/S/P: Stearns, Vanderheiden to approve the equipment loan of $100,000 for 7 years at 4%
annual interest with the condition that the Finance team gives final approval. Mike Cannon
abstained. Passed unanimously.
VII. Consider Adjustment to Sign & Awning Grant Language
Staff noted it’s often difficult to obtain two quotes for project.
Language proposed: At its sole discretion and on a case-by-case basis, the EDA Board
may waive the two-bid requirement.
M/S/P: Czmowski, Cannon, to approve language adjustment for Sign & Awning grant.
Passed unanimously.
VIII. Consider EDA Levy Request $189,133
Discussion of requesting he maximum levy permitted by state statute. The amount of $189,133
represents a 3.7% increase over last year’s amount.
M/S/P: Vanderheiden, Stearns to approve an EDA Levy request of $189,133. Passed
unanimously.
IX. Consider obtaining appraisals for clinic site houses $2,000
Robinson Appraisals $2500 ($500 ea.)
Sorenson Appraisals $2000 ($400 ea.)
At the point in the FEMA grant application where appraisals are needed.
Funds would come from the SHOPKO TIF and would be reimbursable from future tax
increment proceeds.
M/S/P: Christensen, Cannon to approve all five house appraisals for FEMA grant. Passed
unanimously.
X. Grant & Loan Program Applications
Sign & Awning Grant Program
Greener Pastures Natural Food Co-op – Alycia Gruenhagen $1,000
8 Main St N
M/S/P: Vanderheiden, Czmowski to approve the grant application. Passed unanimously.
XI. Other Business – None.
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XII. Set Next Meeting – 11:30 AM Wednesday, August 28, 2019
XIII. Adjourn Meeting adjourned at 12:26 pm.
M/S/P: Czmowski, Christensen to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager