12-19-2013 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Thursday, December 19th, 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
Brandon Sobotta, EDA Assistant
Daron Vanderheiden
Jonny Block
Liaison
Mary Hodson, Chamber President
Call to order- The meeting was called to order at 11:31 a.m.
II. Approve Agenda — No Action
III. Review Meeting Minutes
A. November 20th Finance Team
Chad Czmowski
M/S/P: Ulrich, Vanderheiden to approve the November 20th Finance Team minutes as
presented; passed unanimously.
B. November 27th Board of Directors
M/S/P: Block, Christenson to approve the November 27th Board of Directors minutes as
presented; passed unanimously.
IV. Review November EDA Financial Statements — Andy Reid
• Cash available in operations is $124,930.
• $56,736 is reserved (proceeds from Warrior land sale) and $64,432 is unreserved.
• The Economic Development Loan fund has $1,136,117 in cash available.
• $100,000 is reserved (Luce Line Trail contribution). $1,021,117 is unreserved.
• Loan payments for the month were $9,233.
• Downtown revolving loan fund has $197,523 in cash available; $185,523 is unreserved,
loans totaling $747,040 and $201,329 in capital assets (Cenex & Wright property).
• Loan repayments totaled $14,305 for the month.
• MIF Loan fund has $238,878 in cash available and loans receivable of $296,194
(NuCrane).
• Loan payments for the month were $5,640.
M/S/P: Block, Vanderheiden to approve the financials as presented; passed unanimously.
V. Director's Report
A. Depot Marketplace Redevelopment: Soda blasting is complete. Staff to seek quotes on
replacing fire damaged wood. Once the charred wood is removed insulation will be put in
western half of building.
B. MN Angel Network: Staff is continuing to utilize the network for potential opportunities.
C. Business Incubator: Staff is continuing to evaluate the project and potential alternatives.
D. Land Write Down Program: Staff still researching possibilities for utilizing a Land Write
Down Program. Staff needs input from Federal EDA as it relates to the infrastructure
grant that was utilized to develop the industrial park.
E. Update on business prospects: Staff continuing to champion a business expansion
project and relocation project.
F. Positively Minnesota Marketing Partnership: Staff informed the Board of the upcoming
membership renewal and calendar of events for 2014.
M/S/P: Jansick, Christensen to approve $600 to continue membership for 2014; passed
unanimously.
VI. Grant and Loan Applications
Sign and Awning Grant
Farm Bureau Financial Services (Ryan Elbert) $1,655.98
114 Main St N
M/S/P: Czmowski, Vanderheiden to approve grant as presented; passed unanimously.
VII. Chamber Update- Annual banquet is January 24tH
VIII. Other Business
IX. Set Next meeting — January 28th, 2013 11:30 AM
X. Adjourn -
With no further business to attend to, the meeting was adjourned at 12:42p.m.
Respectfully Submitted,
Nate Keller
EDA Intern