01-09-2023 EDAM (Dec Mtg)
EDA Board Meeting
Hutchinson Enterprise Center
11:30 AM Monday, January 9, 2023 (December 2022 Meeting)
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MEETING MINUTES
Economic Development Authority
Members present in bold.
Financial Summary as of November 2022
Operations
EDA Board Members
Cash Available $186,229
Reserved $56,736
Mike McGraw
Unreserved $125,981
Jonny Block
Mike Cannon Economic Development Loan Fund
Corey Stearns Cash Available $148,028
Chad Czmowski
Zephyr Wind Services $62,856
Pat May
Laser Dynamics Balance (forgivable) $23,000
Jack Daggett
Innovative Foam Balance (forgivable) $14,355
Jeremy Carter
Advances to other funds (Enterprise $236,488
Center)
Staff
Downtown Revolving Loan Fund
Miles Seppelt, EDA Director
Cash Available $374,159
Matt Jaunich, City Administrator
Loans Receivable $340,180
Andy Reid, Finance Director Capital Assets $201,329
Maddie Newcomb, EDA Program Manager Total Assets $1,052,581
MIF Loan Fund
Guest
Cash Available $9,068
Liz Danielson, McLeod County Economic Dev.
MOXY Loan Receivable $8,338
Enterprise Center Fund
I. Call to Order
Cash Available $42,280
Meeting called to order at 11:32 AM.
SHOPKO TIF District (TIF 4-5)
Cash Available $282,239
Introduced the new City Council
representative Pat May. Interfund Loans Receivable $384,685
MEDICAL CLINIC TIF District (TIF 4-16)
II. Review Agenda
Interfund Loan Payable $260,412
III. Review Minutes
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a. November 16 Finance Team meeting
M/S/P: Cannon, Czmowski to approve the minutes as written. Passed unanimously.
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b. November 30 EDA Board Meeting
M/S/P: Czmowski, Block to approve the minutes as written. Passed unanimously
IV. Review of EDA Financial Statements
Staff provided an update on the EDA financials. (Please refer to table)
M/S/P: Block, Cannon to approve the financial reports as presented. Passed unanimously.
V.
A. Marketing Plan: FB = 780, T = 98, Facebook updates = 13, Twitter updates = 0, Website updates = 2
B. Business Recruitment / Expansions staff gave an overview of projects.
C. BR & E Visits staff wrapped up the current round with visits to Rath Racing, Hutch Iron & Metal,
Hutchinson Mfg., and Minnesota Specialty Yeast.
D. Jorgenson Hotel waiting on the development agreement to come back from developer, Spring project.
E. Uptown Grand Closed on Olson & Rannow houses, staff will reach out to Witt for an update on his 3
houses. Next is to get reimbursed by FEMA for 75% of acquisition costs for the two houses we now own,
approximately $432,000. Pond design is done, cost to build estimated to be $115,173. Trail cost is $96,189
to link the new development to Girl Scout Park / Downtown.
F. Gold Coin builder has been quiet, staff to reach out to owner for an update on this project.
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G. Human Resources Roundtable -Dec 21 this was the 3 overall meeting and the turnout was great. Next
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meeting in February 8. Shared updated workforce facts.
H. 8,000 9,500 Workers Campaign staff met with 3M, Uponor, & Goebel Fixture Co., all of which are
interested in potentially partnering to get this going. Meetings with Impressions and Hutch Health to come.
Working on details for partner participation costs.
I. Received one proposal for the Franklin House lot, a 4-unit, owner-occupied residential project. Will
bring back next month for consideration.
J. TigerPath staff met with school representatives to discuss ways to ramp up Tiger Mfg. Sounds like
Andrea Moore will be retained as TigerPath Coordinator even though grant dollars funding that position
have ran out.
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K. RD Machine TIF District Public Hearing to be held tomorrow, Jan. 10.
VI. Consideration of Resolution recommending the adoption of TIF District 4-23 (RD Machine)
Brief Discussion
M/S/P: Cannon, Block to approve Resolution No. 2023-1 recommending the adoption of TIF District 4-23.
Passed unanimously.
VII. 2023 Goals & Objectives
Further discussion of 2023 project list.
New items to include: Develop a new Downtown Plan, Recruit new tenants for 2024 at the Enterprise
Center, and Host the next TigerPath Conference.
M/S/P: Czmowski, Cannon to approve the 2023 Goals and Objectives as written. Passed unanimously.
VIII. Grant & Loan Program Applications none.
IX. Other Business
Reminder: Election of EDA Officers next month
Liz Danielson provided a brief update on the McLeod County EDA.
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X. Set Next Meeting 11:30 AM Wednesday, January 25, 2023
XI. Adjourn M/S/P: Block, Cannon to adjourn the meeting at 12:18pm. Passed unanimously.
Respectfully Submitted,
Madison Newcomb
EDA Program Manager