11-27-2013 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, November 27th, 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.
II. Approve Agenda — No Action
III. Review Meeting Minutes
A. October 16th Finance Team
Chad Czmowski
M/S/P: Jansick, Czmowski to approve the October 16th Finance Team minutes as presented;
passed unanimously.
B. October 23rd Board of Directors
M/S/P: Czmowski, Block to approve the October 23rd Board of Directors minutes as
presented; passed unanimously.
IV. Review October EDA Financial Statements — Andy Reid
• Cash available in operations is $134,269.
• $56,736 is reserved (proceeds from Warrior land sale) and $73,003 is unreserved.
• The Economic Development Loan fund has $1,126,884 in cash available.
• $100,000 is reserved (Luce Line Trail contribution) and $13,911 for Depot/ farmers
market costs. $1,012,974 is unreserved.
• Loan payments for the month were $9,233.
• Downtown revolving loan fund has $183,784 in cash available; $171,218 is unreserved,
loans totaling $759,821 and $201,329 in capital assets (Cenex & Wright property).
• Loan repayments totaled $9,848 for the month.
• MIF Loan fund has $233,238 in cash available and loans receivable of $301,333
(NuCrane).
• Loan payments for the month were $11,281.
M/S/P: Block, Christensen to approve the financials as presented; passed unanimously.
V. Director's Report
A. Depot Marketplace Redevelopment: Pavilion was completed last week. Soda -blasting
has been completed on the western half of the building.
B. MN Angel Network: Staff and representatives from the Finance Team attended a
meeting with Minnesota Angel Network representatives talked about the discussions that
took place. Staff will continue to look at ways to remain engaged with MNAN.
C. Business Incubator: Staff is continuing to evaluate the project and alternatives.
D. Land Write Down Program: Staff informed the Board about federal regulations that
could hinder the utilization of a Land Write Down Program.
E. SBDC: Staff informed the Board that the SBDC will be operating a satellite office in
Hutchinson with regular office hours.
VI. Grant and Loan Applications
<NONE>
VII. Chamber Update
VIII. Other Business
IX. Set Next meeting — December 19th, 2013 11:30 AM
X. Adjourn -
With no further business to attend to, the meeting was adjourned at 12:32 PM
Respectfully Submitted,
Nate Keller
EDA Intern