09-25-2013 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, September 25th, 2013
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick
Mary Christensen Mike McGraw
Staff
Lee Miller, EDA Director
Nate Keller, EDA Assistant
Andy Reid, City Controller
Daron Vanderheiden
Jonny Block
Liaison
Mary Hodson, Chamber President
Call to order- The meeting was called to order at 11:34 a.m.
Approve Agenda — No Action
III. Review Meeting Minutes
A. August 28th Board of Directors
Chad Czmowski
M/S/P: Czmowski, Block to approve the minutes as written; passed unanimously.
B. August 21st Finance Team
M/S/P: Ulrich, Czmowski to approve the minutes as written; passed unanimously.
IV. Review August EDA Financial Statements — Andy Reid
A. Cash available in operations is $161,074.
B. $56,736 is reserved (proceeds from Warrior land sale) and $100,481 is unreserved.
C. The Economic Development Loan fund has $1,219,144 in cash available.
D. $100,000 is reserved (Luce Line Trail contribution) and $125,000 for Depot/ farmers
market costs. $994,144 is unreserved.
E. Loan payments for the month were $10,285
F. Downtown revolving loan fund has $165,792 in cash available; $161,842 is unreserved,
loans totaling $777,005 and $201,329 in capital assets (Cenex & Wright property).
G. Loan repayments totaled $9,184 for the month.
H. MIF Loan fund has $221,957 in cash available and loans receivable of $311,583
(NuCrane).
I. Loan payments for the month were $5,640
M/S/P: Block, Christensen to approve the financials as presented; passed unanimously.
Director's Report
A. JUMPSTART DOWNTOWN: Staff is working on press release to accompany opening of
the bakery. Staff received the proofs for the new signage for the bakery.
B. Depot Marketplace Redevelopment: Construction of the pavilion has begun. Painting of
the Depot is underway.
C. Business Prospects: Staff talked about potential tenant inquiring about prospective
building space.
D. Positively Minnesota: Staff attended a meeting where site selectors highlighted what
companies are looking for when locating. The discussion pointed to the importance of a
strong workforce as the number one tool cities can use to attract businesses and
companies.
E. Business Incubator: Staff talked about the potential avenues to take to best utilize an
incubator.
F. MN Angel Network: Staff discussed how to best utilize its role in the MN Angel Network.
G. Industrial Park Land Maintenance: Staff discussed the possibility of bidding out the
services and land maintenance of industrial park.
M/S/P: Czmowski, Christensen to approve the bidding of the industrial park land
maintenance; passed unanimously.
H. Industrial Park Incentive Programs: Staff discussed possible incentives to attract
developers to industrial park.
V. Grant and Loan Applications
<none>
VI. Chamber Update — no update.
VII. Other Business -.none.
VIII. Set Next meeting — October 23rd, 2013 11:30 AM
IX. Adjourn -
With no further business to attend to, the meeting was adjourned at 12:34PM.
Respectfully Submitted,
Nate Keller
EDA Intern