12-18-2014 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Thursday, December 18th, 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
Jeffrey Page, EDA Assistant
Daron Vanderheiden Chad Czmowski
Jonny Block
Call to Order - Ulrich called the meeting to order at 11:37 AM.
II. Approve Agenda — No Action
III. Review Minutes of November 19th Finance Team Meeting
M/S/P: Ulrich, Block to approve the November Finance Team meeting minutes; passed
unanimously
Review Minutes of the November 26th EDA Board Meeting
M/S/P: Jansick, McGraw to approve the November EDA Board meeting minutes; passed
unanimously.
IV. Review November EDA Financial Statements — Lee Miller
■ Cash available in operations is $127,816.
■ $56,736 is reserved (proceeds from Warrior land sale) and $70,766 is unreserved.
■ The Economic Development Loan fund has $505,552 in cash available.
■ $100,000 is reserved (Luce Line Trail contribution). $405,552 is unreserved.
■ There were no loan repayments for the month; Redline Systems' first loan payment of
$565 is expected in December.
■ Downtown revolving loan fund has $208,640 in cash available; $130,640 is unreserved;
loans receivable total $731,203 and $201,329 in capital assets (Cenex & Wright
properties).
■ Loan repayments totaled $9,486 for the month.
■ MIF Loan fund has $967,235 in cash available and loans receivable of $292,631
($239,106 NuCrane and $53,525 Customer Elation).
M/S/P: McGraw, Jansick to approve the November financials as presented; passed unanimously.
V. Director's Report
A. 2015 Work Plan and Priorities: staff reviewed the status of the 2014 work plan & goals
before outlining the 2015 work plan & goals. Discussion followed the statement of many goal
items regarding their relevance and relative merit.
M/S/P: Block, McGraw to approve the 2015 Work Plan & Goals with the discussed
alterations; passed unanimously.
B. 2015 Finance Team Membership: Staff and the Board discussed the merits of recruiting a
CPA and/or an attorney to the Finance Team.
C. Technical Academy: Staff reviewed the vision for a technical academy with the focus of
developing the next generation workforce for manufacturing and other industries in
Hutchinson and the surrounding region.
D. Downtown Redevelopment Opportunity: Staff presented to the Board an opportunity to
facilitate discussions among parties interested in redeveloping 45 3rd Ave SE primarily into
additional parking.
E. Portfol: Staff informed the Board of the plan to transition from CDM to Portfol beginning in
January.
F. DEED Positively MN Marketing Update: Staff reported on his attendance of the most recent
Positively MN Marketing meeting at which there was a focus on trade shows.
G. Update on business prospects: Staff is continuing discussions with several prospective
companies regarding space and financing needs.
VI. Grant and Loan Applications
None
VII. Other Business: Staff updated the Board on recent conversations with the school district
regarding career and technical training opportunities that could be made available to
grades 7-12 students.
VIII. Set Next Meeting — 11:30 AM Wednesday, January 28th, 2014.
Ix. Adjourn - With no further business to attend to, the meeting was adjourned at 12:58 PM.
Respectfully Submitted,
Jeffrey Page
EDA Assistant