05-25-2007 EDAMEDA Board Meeting
Minutes of Meeting
Friday, May 25th 2007
Members present in bold print:
Members:
Tim Ulrich Steve Jansick Jim Haugen Diane Gordon
Duane Hoversten Casey Stotts Mike McGraw
Staff:
Miles Seppelt, EDA Director
Brian Warzecha, EDA Assistant
Shan Ghimire, EDA Assistant
Ken Merrill, Finance Director
I. Call to Order
EDA President Tim Ulrich called the meeting to order at 7:04 AM.
II. Approve Agenda
No action.
III. Review & Approve Meeting Minutes
A. April 18th Finance Team Meeting
M/S /P: Jansick, Haugen to pass April 18th Finance Team Meeting Minutes.
Passed Unanimously.
B. April 27th EDA Board Meeting
M/S /P: Haugen, Jansick to pass April 27th EDA Board Meeting Minutes. Passed
Unanimously.
IV. Review of EDA April Financial Statements
Mr. Merrill gave the following report for April:
o On Pg 1 under operations for the EDA, there is $238,750 cash on hand and a total
mortgage is $62,977. This gives total assets of $301,727. Total Liabilities is
$71,570 and total fund balance is $230,157 giving total of liabilities & fund
balance equal to $301,727.
o Pg 2 and 3 is the statement of revenue and expenses. The EDA continues to
collect $500 each month for the Wetherell Property. The EDA spent down a total
of $17,698 for the month of April. The EDA has spent down a total of $50,745
for the year 2007.
o Pg 4 under the EDA Loan Fund, there is $128,174 as cash on hand with total
assets to be $208,054.
o Pg 5 under the EDA Downtown Loan Fund, there is $503,374 as cash on hand.
Mortgages receivable is $592,237. $46,455 has been collected this year for loan
repayments. A total of $151,594 has been paid out thus far for 2007 including
loans, downtown grant program, and miscellaneous. The current revenues over
expenditures were $105,139.
MIS/P: Gordon, McGraw to approve the April 30th financial statements. Passed
unanimously.
V. Director's Report
Mr. Seppelt presented the following report:
• Cornerstone Commons — American Pastime BBQ restaurant is still framing the
inside of the BBQ, doing the plumbing.
• Cenex — talks are moving ahead with people from Cenex. Another round of
meeting is to be held on the week of May 28tH
• Warrior Manufacturing — production equipments are already on the site; will start
production in three weeks.
• Industrial Park Design — consultations are going on with SEH. The timeline and
designs have not been framed out yet but are working to put the report and the
design together.
• Spec Building — Working on getting the TIF District established which should be
done by mid June. EDA is planning to have a public hearing. Mr. Ulrich wanted
to know if the floors had to be poured in the spec building. Mr. Seppelt mentioned
that different businesses would use different floor types so the final touch will not
be given now.
VI. MIF Grant Status (Customer Elation)
Mr. Seppelt informed the board that EDA was granted $500,000 for the MIF Grant.
The grant will be used for the Customer Elation Building. The next step is to bid for
the building and build it, rent it to the tenant with the possibility of them buying it.
With Customer Elation coming close to Wetherell property, Mr. Ulrich wanted to
know what the Board's thoughts were about continued existence of Wetherell farm.
Mr. Seppelt said that if we continue to have it there, EDA would generate a $30,000
in next five years. If Customer Elation wanted to expand on this property in next five
years, we could demolish it. Mr. Ulrich thought that we should have conversation
with Mr. Wetherell to see what he wants to do if everything is removed from the East
of driveway.
VII. Customer Elation Authorization for Architect
Mr. Seppelt mentioned that EDA would have to spend $75,000 to do architectural
work for Customer Elation Building. Mr. Jansick thought that we should get a
guaranty from customer Elation before we go forward with the project. The board
thought that we should get a letter of intent from them.
MIS/P: Gordon, McGraw to approve $75,000 to be spent towards Architectural
work for Customer Elation Building. Passed unanimously.
VIII. Farmers Market Pavilion
Mr. Seppelt mentioned that the design has been changed for the Pavilion with height
decreased from 12ft to l Oft. Next step is to complete the plan and receive final bids
which would cost $7,500.
MIS/P: Gordon, Stotts to approve $7,500.00 to be spent for plan completion and
final bids for Farmers' Market Pavilion. Passed unanimously.
IX. Braun Intertec — Authorization for Soil Borings
Mr. Seppelt mentioned that the EDA has to spend approximately $10,000 for soil
borings for the spec building in the Stritesky industrial park for the Wetherell
Property.
MIS/P: Jansick, Haugen to approve money for Soil Borings not exceeding
$10,000. Passed unanimously.
X. Grant & Loan Applications
Sign & Awning Grants
None
Storefront Revitalization Matching Grant Program
246 Main Building — Robert and Richard Hantge
$3,298.97
MIS/P: Haugen, McGraw to approve the Storefront Revitalization Matching
Grant to Robert and Richard Hantge. Passed Unanimously
Main Street Salon — Doug Dobratz
$5,000.00
MIS/P: Jansick, Gordon to approve the Storefront Revitalization Matching
Grant to Doug Dobratz. Passed Unanimously
XI. Chamber Update
It was mentioned that the Chamber is moving ahead to interview the candidates for
president.
XII. Other Business
• Brian Warzecha's last day as EDA Intern is May 25th. The board thanked him for
his work over the last five and half months.
• Dairy Days is on June 9th.
• Mr. Haugen wanted to know if we should go for two meetings a month; Mr.
Seppelt said that he would keep everyone posted if we have to call a special
meeting.
XIII. Set Next Meeting
The next meeting will be Friday, June 22nd, at 7:00 am in the City Center Main
Conference Room
XIV. Adjourn
The meeting adjourned at 8:11 AM.
Respectfully Submitted,
Shan Ghimire
Economic Development Assistant