10-23-2019 EDAM
EDA Board Meeting
Main Conference Room – Enterprise Center
rd
11:30 AM Wednesday, October 23, 2019
____________________________________________________________________________
MEETING MINUTES
Members present in bold.
Economic Development Authority
Financial Summary as of September 2019
EDA Board Members
Operations
Cash Available $110,306
Mike McGraw
Reserved $56,736
Jonny Block
Unreserved $40,298
Mike Cannon
Economic Development Loan Fund
Corey Stearns
Cash Available $40,409
Daron Vanderheiden
Redline Systems Balance $7,338
Chad Czmowski
Ashwill Industries Balance $7,592
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 $573,727
Andy Reid, Finance Director
Loans Receivable $350,152
Maddie Newcomb, EDA Program Manager
Capital Assets $201,329
Total Assets $1,125,208
MIF Loan Fund
I. Call to Order
Meeting called to order at 11:33 AM.
Cash Available $3,650
MOXY Loan Receivable $16,906
II. Approve Agenda
Enterprise Center Fund
Cash Available $23,137
III. Review Minutes
SHOPKO TIF District (TIF 4-5)
Cash Available $148,000
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a. September 18 Finance Team
Interfund Loans Receivable $478,307
meeting:
MEDICAL CLINIC TIF District (TIF 4-16)
M/S/P: Cannon, Stearns to approve
Interfund Loan Payable $311,459
the minutes as written. Passed
unanimously.
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b. September 25 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: Vanderheiden, Czmowski to approve the financial report as presented. Passed
unanimously.
V. Director’s Report
A Marketing Plan Facebook updates = 7 Twitter activity = 7 Website updates = 1
Social media has 321 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 In the process of filling out the payment request for DEED to get
reimbursed for the project.
D DALADO Property Planning to auction the property.
E Clinic Site Redevelopment FEMA grant is 90% done.
F Warrior Mfg. Expansion Project is moving along nicely, completion project for March 2020.
G Zephyr Wind Services Open house went well. Closed on the loan and check was issued.
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H TigerPath 2.0 Conference November 12, mostly at High School, will also utilize Crosspoint
Church for breakout sessions.
I Senator Tina Smith visit Toured TigerPath, Senator Smith put a bill up for consideration at the
Senate that would give grants to schools to help implement something
that highly resembles TigerPath.
J Solar Energy Project Met with HUC, looking at a larger scale project.
VI. Clinic Site Redevelopment / FEMA Grant
Project Update – working on project budget, FEMA grant to be completed within a week.
Discussed local match.
VII. Grant & Loan Program Applications - NONE
VIII. Other Business
Discussion on School Referendum
Staff discussed Senate Capital Committee plans for completing HWY 212
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IX. Set Next Meeting – 11:30 AM Wednesday, November 27, 2019
X. Adjourn Meeting adjourned at 12:24pm.
M/S/P: Czmowski, Cannon to adjourn the meeting. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager