08-25-2021 EDAM
EDA Board Meeting
Hutchinson Enterprise Center
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11:30 AM Wednesday, August 25, 2021
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MEETING MINUTES
Economic Development Authority
Financial Summary as of July 2021
Members present in bold.
Operations
Cash Available $140,242
EDA Board Members
Reserved $56,736
Unreserved $98,486
Mike McGraw
Jonny Block Economic Development Loan Fund
Mike Cannon Cash Available $131,442
Corey Stearns
Ashwill Industries Balance $1,738
Daron Vanderheiden
Zephyr Wind Services $80,860
Chad Czmowski
Laser Dynamics Balance (forgivable) $23,000
Mary Christensen
Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $255,423
Center)
Downtown Revolving Loan Fund
Cash Available $408,382
Staff
Loans Receivable $368,102
Miles Seppelt, EDA Director
Capital Assets $201,329
Matt Jaunich, City Administrator
Total Assets $1,112,508
Andy Reid, Finance Director
Maddie Newcomb, EDA Program Manager MIF Loan Fund
Cash Available $5,183
MOXY Loan Receivable $12,146
I. Call to Order
Enterprise Center Fund
Meeting called to order at 11:35 AM.
Cash Available $2,828
SHOPKO TIF District (TIF 4-5)
II. Review Agenda no action
Cash Available $198,242
Interfund Loans Receivable $474,085
III. Review Minutes
MEDICAL CLINIC TIF District (TIF 4-16)
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Interfund Loan Payable $333,863
a. July 21 Finance Team meeting
M/S/P: Stearns, Czmowski to approve the minutes as written. Passed unanimously.
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b. July 28 EDA Board Meeting
M/S/P: Block, Christensen 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: Stearns, Czmowski to approve the financial report as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 619, T = 97, Facebook updates = 18, Twitter updates = 18, Website updates = 0
B. Business recruitment / expansions Staff provided an update on recent prospects and ongoing
conversations.
C. BR&E Visits staff gave an overview of findings at BR&E visits that took place last month.
D. Enterprise Center - Rents getting caught up. Should be all caught up by year-end.
E. Uptown Commons / Franklin House Purchase & Development Agreements signed. Closing slated for
October.
F. Solar Array potentially operational by the end of September.
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G. McLeod County Economic Development Jim Hartshorn hired; starts September 1.
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H. Site Selector Visit Janet Ady toured Hutchinson August 9
I. TigerPath DEED Commissioner Steve Grove visited / Duluth delegation visit / Mat with local legislative
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delegation / Congresswoman Michelle Fischbach visiting August 30
VI. American Recovery Plan (ARP) Funding Discussion
Staff reviewed several options to use ARP funding: industrial park infrastructure / JumpStart Downtown
Discussion followed.
VII. Jorgensen Hotel Redevelopment TIF District
Developer ready to move ahead on project
Consensus was to move ahead with TIF as proposed.
VIII. 2021 EDA Levy / Budget Priorities
Maximum EDA levy amount allowed by state statute would be $222,817 for the next year.
Current levy is $200,325
Additional dollars would cover increased operating expenses, increased marketing & signage, website
improvements, lawn mowing service for the Enterprise Center, with any year-end amount going to
shore up the EDA operating fund balance.
M/S/P: Block, Stearns to request an EDA levy amount of $222,817 from the City Council. Passed
unanimously.
IX. Grant & Loan Program Applications
Sign & Awning Grant
Amazing Grace Boutique Courtney Orwoll $2,000
11 Main ST N
M/S/P: Czmowski, Christensen to approve the grant request. Passed unanimously.
Façade Improvement Matching Grant
The Dragonfly Inn Michael & Deborah Brewer $7,500
325 Hassan St SE
M/S/P: Christensen, Stearns to approve the grant request. Passes unanimously.
X. Other Business
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XI. Set Next Meeting 11:30 AM Wednesday, September 22, 2021
XII. Adjourn With no further business to attend to the meeting was adjourned at 12:28 pm.
Respectfully Submitted,
Miles R. Seppelt
Economic Development Director