05-25-2011 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, May 25th, 2011
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden
Chad Czmowski Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Seth Kauffman, EDA Assistant
Jeremy Carter, City Administrator
Liaison
Bill Corby, Chamber President
I. Call to order
EDA President Tim Ulrich called the meeting to order at 11:30 AM
II. Approve Agenda — No Action
III. Review meeting minutes:
A. April 27th Board of Directors
M IS /P: McGraw, Vanderheiden to approve the minutes as written. Passed unanimously.
B. April 20th Finance Team
M IS /P: Jansick, McGraw to approve the April 20th Finance Team minutes as written. Passed
unanimously.
IV. Review March EDA Financial Statements
■ Cash available in operations is $90,935
■ $56,736 is reserved (proceeds from Warrior land sale) and $28,871 is unreserved.
■ The Economic Development Loan fund has $437,201 in cash available.
■ Total assets in the Economic Development Loan fund are $924,360.
■ Downtown revolving loan fund has $421,791 in cash available, loans totaling $608,904 and
$201,329 in capital assets (Cenex & Wright property)
■ Loan repayments totaled $10,749 for the month.
■ MIF Loan fund has $61,225 in cash available and loans receivable of $456,447 (NuCrane).
■ A total of $5,640 in MIF loan repayments came in during the month.
M IS /P: Vanderheiden, Christensen to approve the financial report as presented. Passed unanimously.
V. Director's Report:
A. County Project / USDA — Project still waiting for funding. Staff spoke with Colleen Landkamer,
State Director for the USDA and she indicated that the project is not eligible for USDA financing.
This can only be remedied through a change in the federal farm bill.
B. Federal Grant Status (Industrial Park): $238,955 Remaining- Payment request pending.
C. "Shovel Ready" certification for Energy Park - Application turned in — waiting for DEED action.
D. Website Updates- Staff is currently updating the EDA website, More to report next month
E. Stritesky Property Tiling- Currently waiting on fields to dry out — will be another week or so.
F. HTI building Status HTI is still planning on using both buildings for the foreseeable future.
G. Internship Grant A $1000 grant obtained help offset cost of intern's salary.
H. Customer Elation Loan- Customer elation is ready to expand and is looking for loan options. Miles
explained the process to Customer elation. Discussion followed on exercising their option on the
Wetherell property.
I. Leader Building — staff provided an update on this facility
VI. Depot Renovation / Farmers Market
■ Staff updated the board on the planned Depot Renovation. Discussion involved terms of the
lease, site would be leased for 20 years for $1 per year with a 20 year extension option. Also
the city would take control of the site and would take on responsibility for all improvements and
site maintenance. Discussion followed about cost, scrapping current snow plow, and possible
expansion of farmers market in the future.
VII. Marketing Plan- Mayor Cook
■ Staff updated the Board on the current marketing plans of the city. Discussion followed about
business attraction.
VIII. Grant & Loan Applications
Sign and Awning Grant
Picture the Pages — 37 Main Street North $225
M IS /P: McGraw, Retterath to approve sign and awning grant. Passed unanimously.
IX. Other Business — None.
X. CHAMBER / CVB UPDATE
■ 4th Annual Hometown Golf Challenge — Monday July 25th 2011, Crow River Golf Club, 1 PM
Shotgun Start.
■ Business After Hours — June 22, Harmony River Living Center, 4:00 — 6:00 pm.
■ Leadership Institute Graduation — Thursday, May 19th, 4 outstanding project groups
XI. Set Next Meeting — June 22 "d
XII. Adjourn
With no further business to attend to, the meeting was adjourned at 12:21 PM.
Respectfully Submitted,
Seth Kauffman
EDA Assistant