04-23-2014 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, April 23rd, 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 11:30 AM
II. Approve Agenda — No Action
III. Review Meeting Minutes
A. March 19th Finance Team Meeting
M/S/P: Jansick, Ulrich to approve the March 19th Finance Team minutes as presented;
passed unanimously.
B. March 26th Board of Directors
M/S/P: Czmowski, Jansick to approve the March 26th Board of Directors minutes as
presented; passed unanimously.
IV. Review March EDA Financial Statements — Lee Miller
• Cash available in operations is $153,451.
• $56,736 is reserved (proceeds from Warrior land sale) and $92,408 is unreserved.
• The Economic Development Loan fund has $1,145,955 in cash available.
• $100,000 is reserved (Luce Line Trail contribution). $1,047,474 is unreserved.
• Loan repayments for the month were $9,233.
• Downtown revolving loan fund has $224,867 in cash available; $215,200 is unreserved,
loans receivable total $712,305 and $201,329 in capital assets (Cenex & Wright property).
• Loan repayments totaled $10,210 for the month.
• MIF Loan fund has $253,854 in cash available and loans receivable of $280,728 (NuCrane).
M/S/P: Block, Christensen to approve the March Financials as presented; passed unanimously.
V. Director's Report
• Depot Marketplace Redevelopment: Staff informed the Board that work is moving
along at the Depot. The Depot should be done in time for the beginning of the Farmers'
Market on May 17tH
• 2014 Jumpstart Downtown Competition: The deadline to turn in applications for the
Jump -Start Downtown (JSDT) was on April 11th. Staff has received three applications,
all applications have been moved on to the next round of the competition. Also,
discussion took place on the future of the competition.
• MIF de -federalization: Staff provided an update on the status of de -federalizing the MIF
award. Staff will provide more information after a training event scheduled for June 10tH
• Land Write Down Program: Staff is waiting for clarification from federal EDA on the
eligibility of initiating the program.
• MN Angel Network/Innovation Engine: Staff informed the board last Tuesday a group
of representatives from Innovation Engine visited Hutchinson to tour a handful of local
companies.
• Hwy 212: Staff traveled to Glencoe on 4/18 to participate in discussion concerning
efforts to expand Hwy 212 to four lanes.
• Downtown Gateway: Staff provided an update from a committee meeting regarding
downtown gateway. In 2010, the EDA committed $4,000 to the downtown gateway
project
• Update on Business Prospects: Staff is continuing discussion with several prospective
companies regarding buildings and financing needs.
VI. Grant and Loan Applications
Sign & Awning Grant Request
-none-
VII. Other Business — None
VIII. Set Next Meeting — 11:30 AM May 22nd, 2014
IX. Adjourn - With no further business to attend to, the meeting adjourned at 12:30 PM
Respectfully Submitted,
Brandon Sobotta
EDA Assistant