04-24-2013 EDAMEDA Board Meeting
Members present in bold.
Main Conference Room — City Center
11:30 AM Wednesday, April 24th, 2013
MEETING MINUTES
Members
Tim Ulrich Steve Jansick
Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Sanskriti Thapa, EDA Assistant
Andy Reid, City Controller
Daron Vanderheiden
Jonny Block
Liaison
Mary Hodson, Chamber President
I. Call to order
EDA President Tim Ulrich called the meeting to order at 11:45 AM
II. Approve Agenda — No Action
Chad Czmowski
III. Review Meeting Minutes
A. March 27th Board of Directors
M/S/P: Vanderheiden, McGraw to approve the minutes as written: passed unanimously.
B. March 20th Finance Team
M/S/P: Ulrich, Czmowski to approve the minutes as written: passed unanimously.
IV. Review of January financial statements — Miles Seppelt
■ Cash available in operations is $131,978.
■ $56,736 is reserved (proceeds from Warrior land sale) and $70,597 is unreserved.
■ The Economic Development Loan fund has $1,166,895 in cash available.
■ Cash balance includes the proceeds from the sale of the Stritesky land; $522,160.
■ $100,000 is reserved (Luce Line Trail contribution) and $125,000 for Depot/ farmers
market costs. $941,895 is unreserved.
■ Loan payments for the month were $10,285.
■ Downtown revolving loan fund has $185,763 in cash available; $162,070 is
unreserved, loans totaling $779,846 and $201,329 in capital assets (Cenex & Wright
property).
■ Loan repayments totaled $10,250 for the month.
■ MIF Loan fund has $187,439 in cash available and loans receivable of $342,132
(NuCrane).
■ Loan payments for the month were $5,640.
M/S/P: McGraw, Christensen to approve the financials as presented: passed
unanimously.
V. Director's Report
A. Depot Marketplace Redevelopment — The engineering department is in the process of putting
together the bid document. The project will be separate from the Jefferson street project. The fill
to come in by the end of June after the excavation of the contaminated soil in May which is the
first phase of the project. The second phase is site work and construction. The engineering
department is to work with environmental consultants. The building mover is in the process of
getting the permit to get the building off the site. The soil will be excavated by the first week of
May. The staff received the quotes for the concrete filling in the amount of $12,700.
i. M/S/P: McGraw, Vanderheiden to approve the size of the building and concrete.
Passed unanimously.
B. NuCrane MIF Grant De -federalization- The staff contacted the staff person from DEED. The
HUD is to come up with new set of rules within a month or two. DEED is consulting with HUD to
understand what the rules are for establishing a "Local Development Organization (LDO) and
whether or not an existing EDA can be an LDO.
C. Incubator Project Update: The grant agreement from the state is signed. The grant agreement
is good for five years, so there is not urgency to move ahead with the project immediately.
D. JUMPSTART DOWNTOWN Update: the staff received eight entries. The selection committee
selected five entries for the second phase where they will submit fully fledged business plans.
The second phase will take place on May 7th. The finalists will then make presentations for the
committee.
E. EDA Director Search Update: the interview committee is down to two final candidates. The City
administrator to make the final decision within the last week of April.
F. Luce Line Trail Update: the trail will be graveled probably by summer and if the EDA gets the
Bonding Bill, the line will most likely be paved.
G. Intern Update: the last day of the current intern is May 17th. The deadline to submit the
application is May 3rd and the interview will be sometime in the second week of May.
VI. Grant and Loan Applications
Commercial Rehabilitation Loan Program $24,640
Katherine and Anthony Prellwitz 10 years @ 1.25 %
8 North Main Street
Storefront Matching Grant $5,000
Katherine and Anthony Prellwitz
8 North Main Street
Sign and Awning Grant Program $1,530
Sandy Hoy- David Hoy and Associates
101 Park Place
The Board to look at it next month after the review from EDA Finance Team.
VII. Chamber Update — the chamber has 315 members and the staff is visiting to recruit more.
The chamber is looking to organizing "Music in the Park" with more genres added to the
playlist and a time change. The event will take place at the Library Square. The date on the
"Dairy day" is pending. The "Bring it Home Expo" was successful with 700 people coming
through the door.
VIII. Other Business -
The staff fashioned a letter to the City for the Xcel Energy Grant. The President of the Board
signed the letter.
M/S/P: Czmowski, Christensen to approve the letter of support. Hodson abstained.
IX. Set Next meeting — May 22nd, 2013
11:00 AM
X. Adjourn- 12:35 PM
Respectfully Submitted,
Sanskriti Thapa
EDA Intern