04-22-2020 EDAM
EDA Board Meeting
ZOOM Conference Call
nd
11:30 AM Wednesday, April 22, 2020
____________________________________________________________________________
MEETING MINUTES
Economic Development Authority
Financial Summary as of March 2020
Members present in bold.
Operations
Cash Available $93,182
EDA Board Members
Reserved $56,736
Unreserved $35,629
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $70,350
Corey Stearns Ashwill Industries Balance $6,050
Zephyr Wind Services $94,798
Daron Vanderheiden
Chad Czmowski Laser Dynamics Balance (forgivable) $23,000
Mary Christensen Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $283,146
Center)
Downtown Revolving Loan Fund
Cash Available $582,448
Staff
Loans Receivable $340,009
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,123,787
Andy Reid, Finance Director
MIF Loan Fund
Maddie Newcomb, EDA Program Manager
Cash Available $3,136
MOXY Loan Receivable $15,240
Enterprise Center Fund
Cash Available $33,623
I. Call to Order
Meeting called to order at 11:32 AM. SHOPKO TIF District (TIF 4-5)
Cash Available $184,559
II. Review Agenda Interfund Loans Receivable $480,906
MEDICAL CLINIC TIF District (TIF 4-16)
III. Review Minutes
Interfund Loan Payable $322,661
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a. March 18 Finance Team meeting (cancelled no minutes)
M/S/P:
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b. March 25 EDA Board Meeting
M/S/P: Christensen, Vanderheiden 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, Cannon to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 353, T = 94, Facebook updates = 2, Twitter updates = 2, Website updates = 2.
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. Cenex Site Redevelopment Waiting to hear from developer on possible market rate apartments.
D. Clinic Site on hold until we hear back about the FEMA grant.
E. Solar Project staff to meet with Utilities tomorrow to discuss Developers.
F. Business Check-ins staff have been reaching out to manufacturers to see how they are doing during
this time. Some companies are shut-down, some have reduced hours/production, others are very busy.
VI. Systems West Project
A. Consider Resolution 2020-01
RESOLUTION ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR
DEVELOPMENT DISTRICT NO.4, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 4-21
THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR.
M/S/P: Block, Stearns to adopt Resolution 2020-01 for the TIF District No. 4-21 as presented. Passed
unanimously.
VII. Grant & Loan Program Applications
Façade Improvement Matching Grant
Premier Investments $5,000
31 Main Street North
M/S/P: Cannon, Christensen to approve the grant application as presented. Passed unanimously.
Staff noted that a grant application was received from Zellas but that it was ineligible due to a
Façade Improvement Grant approved for that building in late 2019.
VIII. Other Business NONE.
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IX. Set Next Meeting 11:30 AM Wednesday, May 27, 2020
X. Adjourn
With no further business to attend to, the meeting was adjourned at 12:00 pm.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager