03-26-2014 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, March 26th, 2014
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick
Mary Christensen Mike McGraw
Staff
Lee Miller, EDA Director
Andy Reid, City Controller
Brandon Sobotta, EDA Assistant
Daron Vanderheiden Chad Czmowski
Jonny Block
Call to order - EDA President Tim Ulrich called the meeting to order at 11:34 AM
II. Approve Agenda — No Action
III. Review Meeting Minutes
A. February 19th Finance Team Meeting
M/S/P: Jansick, Czmowski to approve the February 19th Finance Team minutes as
presented; passed unanimously.
B. February 26th Board of Directors
M/S/P: Czmowski, Block to approve the February 26th Board of Directors minutes as
presented; passed unanimously.
IV. Review January EDA Financial Statements — Lee Miller
A. Cash available in operations is $160,670.
B. $56,736 is reserved (proceeds from Warrior land sale) and $103,934 is unreserved.
C. The Economic Development Loan fund has $1,145,955 in cash available.
D. $100,000 is reserved (Luce Line Trail contribution). $1,045,955 is unreserved.
E. Loan repayments for the month were $9,233.
F. Downtown revolving loan fund has $221,559 in cash available; $205,612 is unreserved,
loans receivable total $721,253 and $201,329 in capital assets (Cenex & Wright property).
G. Loan repayments totaled $9,424 for the month.
H. MIF Loan fund has $250,159 in cash available and loans receivable of $285,892 (NuCrane).
M/S/P: Block, McGraw to approve the February Financials as presented; passed unanimously.
V. Director's Report
A. Depot Marketplace Redevelopment: Staff informed the Board that work has started back
up at the depot. A grand at the Depot site has been scheduled for June 15th 2014,
immediately following the Water Carnival parade. Volunteers from Historic Hutchinson will
be helping to coordinate the event. A donation of $100 is being requested, which will allow
for the event to be advertised with other Water Carnival events.
M/S/P: Ulrich, Vanderheiden to approve the $100 donation to the Jaycees; passed
unanimously
B. 2014 Jumpstart Downtown Competition: Jumpstart Downtown has officially kicked -off.
Staff expects to see applications to be submitted soon. Staff informed the Board that the
Finance Team recommends getting The Leader to write another article to further spur
interest.
C. Greater Minnesota Partnership: Staff presented membership materials from The Greater
Minnesota Partnership (GMP). The GMP is a lobbying and advocacy group for economic
development efforts in greater Minnesota.
M/S/P: McGraw, Jansick to approve the membership to the GMP as presented; passed
unanimously.
D. Land Write Down Program: Staff is working with the Federal EDA to gain approval on
pursuing the land write down program to aid in development of the industrial park.
E. Update on Business Prospects: Staff is continuing discussion with several prospective
companies regarding space needs.
F. Co. "X" letter of intent to purchase land: Staff informed the Board that a company has
submitted a letter of intent to purchase four acres in the industrial park. The company's
preferred lot is currently 7.5 acres. Discussion followed on splitting the lot to facilitate the
sale.
M/S/P: McGraw, Czmowski to recommend splitting the southerly four acres of 1105
Benjamin Ave SE and to affirm the price of $30,000 per acre.
VI. Grant and Loan Applications
Sign & Awning Grant Request
-none-
VII. Other Business — None
VIII. Adjourn - With no further business to attend to, the meeting adjourned at 12:37 PM
Respectfully Submitted,
Brandon Sobotta
EDA Assistant