09-25-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
th
11:30 AM Wednesday, September 25, 2019
____________________________________________________________________________
MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of August 2019
EDA Board Members
Operations
Cash Available $111,797
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $54,601
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $39,764
Daron Vanderheiden
Redline Systems Balance $7,592
Chad Czmowski
Ashwill Industries Balance $7,845
Mary Christensen
Zephyr Wind Services $100,000
Jeremy Carter
Laser Dynamics Balance (forgivable) $23,000
Innovative Foam Balance (forgivable) $14,355
Staff Advances to other funds (Enterprise Center) $292,146
Miles Seppelt, EDA Director
Downtown Revolving Loan Fund
Matt Jaunich, City Administrator
Cash Available $566,059
Andy Reid, Finance Director
Loans Receivable $355,780
Maddie Newcomb, EDA Program Manager
Capital Assets $201,329
Total Assets $1,123,168
MIF Loan Fund
I. Call to Order
Meeting called to order at 11:32 AM.
Cash Available $3,406
MOXY Loan Receivable $16,906
II. Approve Agenda
Enterprise Center Fund
Cash Available $30,907
III. Review Minutes
SHOPKO TIF District (TIF 4-5)
Cash Available $147,776
st
a. August 21 Finance Team
Interfund Loans Receivable $478,307
M/S/P: Cannon, Stearns to approve
MEDICAL CLINIC TIF District (TIF 4-16)
the minutes as written. Passed
Interfund Loan Payable $311,459
unanimously.
th
b. August 28 EDA Board
M/S/P: Czmowski, 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: Christensen, 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 = 1
Social media has 318 likes on Facebook and 85 followers on Twitter.
B Business Recruitment / Expansions Staff updated the board on recent contacts and conversations.
C Uponor Street Project Project is complete, waiting for TDK sign installation.
D DALADO Property No current prospects.
E Clinic Site Redevelopment Staff to meet with developer next week, received appraisals for 5
houses. FEMA grant due mid-October.
F Warrior Mfg. Expansion Project moving along nicely, TIF budget will need to be revised due to
larger scale project.
st
G Zephyr Wind Services Open house on October 1.
th
H Civil Air Patrol Base Went in front of City Council on the 24. Waiting to hear the final word.
th
I TigerPath 2.0 Conference Nov. 12, working on getting planned. SWIF to sponsor again this
year.
J Coworking Space Workshop Staff attended.
VI. Potential Solar Energy Project for Enterprise Center
Report and Discussion
Possible Solar Array at the Enterprise Center
Goal is to cover all of the electrical needs of the building.
Staff to do more research.
VII. Unique Tool, LLC
Looking for a 5,000 sq. ft. building.
VIII. Marketing Plan 2020
Last year, EDA did a $6,000 ad in the DEED “Thriving in the North” magazine
Site Selectors do not look at print ads.
Staff suggested joining the MN Marketing Partnership for $625 and working to cultivate
relationships with a small group of site selector firms/individuals specializing in
manufacturing projects in the Midwest.
IX. Possible Donation of DALADO Property to City
Discussion on the possibilities of the property
Staff to meet with owners.
X. Grant & Loan Program Applications
Sign & Awning Grant Program
Robynn Real Estate – Pollman $1,000
12 & 14 Main St S (not yet considered by FT)
Zella’s – Pollman $1,000
12 & 14 Main St S (not yet considered by FT)
Ward Law Office – Steve Ward $1,000
113 Main St S
Purse-a-nalities – Mark Schmidt $1,000
34 Main St N
Urban Hair Studio – Julie Elder $1,000
18 Main St S
M/S/P: Block, Czmowski to approve the grant applications. Passed unanimously.
Façade Improvement Grant
Urban Hair Studio – Julie Elder $1,000
18 Main St S
Robynn Real Estate – Pollman $1,000
12 & 14 Main St S (not yet considered by FT)
M/S/P: Czmowski, Christensen to approve the grant applications. Passed unanimously.
Commercial Rehabilitation Loan Programs
Urban Hair Studio – Julie Elder $25,000
18 Main St S 10 years @ 5.25%
M/S/P: Block, Czmowski to approve the Commercial Loan at $22,000 pending the receipt of final needed
information from the applicant. Mike Cannon abstained. Passed unanimously.
XI. Other Business – None.
rd
XII. Set Next Meeting – 11:30 AM Wednesday, October 23, 2019
XIII. Adjourn Meeting adjourned at 1:04 pm.
M/S/P: Block, Cannon to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager