03-31-2010 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, March 31St, 2010
MARCH MINUTES
Members
Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden
Chad Czmowski Jim Haugen Mike McGraw
Staff
Miles Seppelt, EDA Director
Patrick Brama, EDA Assistant
Jeremy Carter, Finance Director
Liaison
Bill Corby, Chamber President
I. Call to Order
EDA President Tim Ulrich called the meeting to order at 11:37 AM.
Approve Agenda — No Action
Review Meeting Minutes
A. February 24th Board of Directors
M /S /P: Czmowski, Jansick to approve the minutes as written. Passed unanimously.
B. February 17th Finance Team
M /S /P: Ulrich, Czmowski to approve the minutes as written. Passed unanimously.
IV. Review of February Financial Statements — Finance Director
• Cash available for operations is $174,067.
• The Economic Development Loan Fund has $88,956 in cash available and assets
totaling $206,775. All loans are current.
• The Downtown Revolving Loan Fund has $381,027 in cash available, $684,035 in loans
receivable and has assets totaling $1,266,391. All loans are current.
• A total of $11,665 in revenues was received (loan payments and interest earnings) for the
Downtown Loan Fund.
• The MIF Loan Fund has $189,045 in cash available, $500,000 in grants receivable and
$524,944 in loans receivable. Total assets are $1,213,709.
• The MIF Loan Fund collected $8,553 in loan repayments and interest earnings.
M /S /P: Jansick, Vanderheiden to approve the Financial Report as presented. Passed
unanimously.
V. Director's Report
A. Minnesota Community Capital Fund (MCCF)
Staff reported that they had a long visit with Scott Martin, President and CEO of the
Minnesota Community Capital Fund. There is essentially no activity at present because
the secondary loan market is essentially frozen. MCCF is seeking legislation to provide
government loan guarantees for the secondary credit market, but at this point action is
pending.
The Board discussed the status of MCCF. It was noted that our traditional partners in
economic development projects have been Prairieland EDC, Southwest initiative
Foundation and the Mid - Minnesota Development Commission.
M /S /P: Ulrich, Czmowski to close out our membership in the Minnesota Community
Capital Fund. Passed unanimously.
B. Industrial Park
■ Construction (R & R starting 415; Mathiowetz possibly 4112)
■ Bill & Jon Christensen will farm two small EDA lots
■ Hackbarth Parcel —Annexed, being rezoned
■ Grant Status
1. State $240,000 received (out of $250K)
2. Federal $544,819 requested
C. NuCrane Manufacturing
• Ribbon cutting ceremony held on March 24tH
• Staff is working on closing the MIF grant.
D. Company "X" — May
■ No news, company asked EDA staff to make contact in May
E. County Project — moving ahead
• Staff and Company X are completing JOBZ application
• Company would like to begin construction in May
• Staff is working on the MIF application
VI. Stritesky Property — wind farm?
Staff briefed EDA Board on a proposal to possibly locate wind - turbines on the Stritesky
Property.
The pros and cons of such a project were discussed.
The consensus of the Board was that there was no interest in going any further at this time.
VII. Stritesky Property — the issue
Staff indicated there may be a broken tile line on the property.
M /S /P: Czmowski, Vanderheiden to authorize up to $1,000 to correct the tile issue. Passed
unanimously
VIII. Grant & Loan Applications
None
IX. Other Business
A. Correspondence
B. Blue Zones
Mr. Vanderheiden and Mr. Corby briefed the EDA Board on the "Blue Zone" concept.
X. Chamber Update
Chamber President Bill Corby updated the EDA Board on current Chamber of Commerce
activities.
XI. Set Next Meeting — April 281h
XII. Adjourn
The meeting was adjourned at 12:33 PM.
Respectfully Submitted,
Patrick J. Brama
EDA Assistant