05-22-2014 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Thursday, May 22nd, 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
Jeffrey Page, EDA Assistant
Daron Vanderheiden Chad Czmowski
Jonny Block
Call to order - EDA President Tim Ulrich called the meeting to order at 11:35 AM
II. Approve Agenda — No Action
III. Review Meeting Minutes
• April 16th Finance Team Meeting
M/S/P Jansick, Block to approve the April 16th Finance Team minutes as presented; passed
unanimously.
• April 23rd Board of Directors
M/S/P: Block, Czmowski to approve the April 23rd Board of Directors minutes as
presented; passed unanimously.
IV. Review April EDA Financial Statements — Andy Reid
• Cash available in operations is $139,991.
• $56,736 is reserved (proceeds from Warrior land sale) and $76,729 is unreserved.
• The Economic Development Loan fund has $1,154,609 in cash available.
• $100,000 is reserved (Luce Line Trail contribution). $1,056,707 is unreserved.
• Loan repayments for the month were $9,233.
• Downtown revolving loan fund has $235,958 in cash available; $226,291 is unreserved,
loans receivable total $702,550 and $201,329 in capital assets (Cenex & Wright property).
• Loan repayments totaled $11,091 for the month.
• MIF Loan fund has $265,135 in cash available and loans receivable of $270,375 (NuCrane).
M/S/P: McGraw, Jansick to approve the April Financials as presented; passed unanimously.
V. Director's Report
• Depot Marketplace Redevelopment: The first farmers' market of the season was on
May 17th at the Depot Marketplace. It was a success with 16 vendors and approximately
180 shoppers. The Rail Authority has exhausted almost all of their project funds for the
depot restoration and is requesting financial assistance from the EDA to finish the
project. Staff recommends using a portion of the remaining budget surplus from the
2013 budget to gap finance the remainder of project.
M/S/P: Ulrich, Gehlen to recommend approval to the EDA Board to utilize $21,681.27 of the
2013 operational surplus to gap finance the depot project; passed unanimously.
• 2014 Jumpstart Downtown Competition: The deadline to turn in business plans for
the Jump -Start Downtown is 4:00 PM May 23rd. Staff has yet to receive any
submissions. The competition will be wrapping up on June 5th with oral presentations
from the finalists.
• 2015 Budget: Staff presented a preliminary budget for 2015 to the Board for review.
• Hwy 15 S. land for sale: Staff informed the Board that Colliers International has a
property for sale on the south side of Hutchinson. They have reduced the price to help
encourage the property's sale.
• Small Cities Development Program grant: Staff informed the Board that the EDA and
HRA are working on a joint application for redevelopment funds. Part of the targeted
area will include properties around the Depot Marketplace.
• Update on Business Prospects: Staff is continuing discussion with several prospective
companies regarding buildings and financing needs.
VI. Grant and Loan Applications
Equipment Loan Fund
Redline Systems, Inc. $40,000
M/S/P: Block, McGraw to approve equipment loan request of $40,000 at 5% for 7 years,
subject to applicant's creation as a new legal entity, fulfillment of all program requirements, and
meeting equity guidelines; passed unanimously; Gehlen abstained.
VII. Set Next Meeting — 11:30 AM June 26th, 2014
VIII. Adjourn - With no further business to attend to, the meeting adjourned at 12:45 PM
Respectfully Submitted,
Jeffrey Page
EDA Assistant