11-28-2012 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, November 28, 2012
Members present in bold.
MEETING MINUTES
NAemhers
Tim Ulrich Steve Jansick
Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Andy Reid, City Controller
Liaison
Mary Hodson, Chamber President
Daron Vanderheiden
Guest
Laurie Schroeder
Call to order
EDA President Tim Ulrich called the meeting to order at 11:35 AM
II. Approve Agenda — No Action
Chad Czmowski
III. Review meeting minutes:
A. October 24, 2012 Board of Directors
M/S/P: Vanderheiden, Christensen to approve the minutes as written; passed
unanimously.
B. October 17, 2012 Finance Team
M/S/P: Jansick, Ulrich to approve the Finance Team minutes as written; passed
unanimously.
IV. Review October EDA Financial Statements — Andy Reid
• Cash available in operations is $104,530
• $56,736 is reserved (proceeds from Warrior land sale) and $43,987 is unreserved.
• Stritesky property rent came in: $12,293.
• The Economic Development Loan fund has $600,021 in cash available.
• Loan payments for the month were $9,759.
• Downtown revolving loan fund has $202,116 in cash available, loans totaling $799,908
and $201,329 in capital assets (Cenex & Wright property).
• Loan repayments totaled $11,038 for the month.
• MIF Loan fund has $164,299 in cash available and loans receivable of $362,328
(NuCrane).
• Loan payments for the month were $11,281 — reflecting two months of payments.
M/S/P: Jansick, Czmowski to approve the financials as presented; passed unanimously.
V. Director's Report
A. EDA signage for Industrial Park — new sign has been put up
B. Depot Marketplace Redevelopment — grant decision in late December
C. NuCrane MIF grant de -federalization — paperwork complete, awaiting DEED action
D. BR&E visit: Impressions — 62 employees, going strong.
E. Marketing Plan Update: — Continuing bulk mailings
a. Brochures 625/1130
b. Postcards 570/1000
VI. Requests for Loan Subordination
Staff summarized two requests to subordinate EDA loans.
A. Center for the Arts (Citizens Bank)
M/S/P: Vanderheiden, Christensen to approve the loan subordination. Passed unanimously.
Ulrich abstained.
B. Oman Properties (Wells Fargo Bank
M/S/P: Ulrich, Czmowski to approve the loan subordination. Passed unanimously. Jansick
abstained.
VII. Downtown Business Plan Contest — Further Discussion
Staff reviewed the current status of the Jump Start Downtown business plan contest and asked for
feedback. Discussion followed. No significant changes to the contest materials were made.
VIII. Incubator Project
A. Update — working to finalize the grant agreement with the State of Minnesota.
B. Guidance on architectural firm (needed for grant agreement with state)
Staff inquired if the Board wanted to re -visit the process of identifying the architectural/engineering
firm for the project. As part of the grant agreement with the State we're being asked to provide the
name of the firm as soon as possible. After brief discussion the Board indicated that ZRT
Architects & Engineers would be the firm used — since they were the firm identified in the RFP
process conducted this past summer.
IX. Grant & Loan Applications
Commercial Rehabilitation Loan Program
Hutch Cafe —122 Main Street South $10,000
M/S/P: Ulrich, Czmowski to approve the grant. Passed unanimously.
X. Chamber Update
Mary Hodson gave an update on Chamber activities.
XI. Other Business — Short discussion on the need to recommend a new board member to the
Mayor.
XII. Set Next Meeting — December 26th or January 2nd (staff will canvas members to see
which date works the best)
XIII. Adjourn — Meeting was adjourned at 12:39 PM.
Respectfully Submitted,
Miles R. Seppelt, EDA Director