08-24-2011 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, August 24, 2011
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden
Chad Czmowski Mary Christianson Mike McGraw
Staff
Miles Seppelt, EDA Director
Seth Kauffman, EDA Assistant
Andy Reid, City Controller
Liaison
Bill Corby, Chamber President
I. Call to order
A. EDA President Tim Ulrich called the meeting to order at 11:32 AM
II. Approve Agenda
III. Review meeting minutes:
A. July 27th Board of Directors
M/S/P: McGraw, Jansick to approve the minutes as written. Passed unanimously.
B. July 20th Finance Team
M/S/P: Ulrich, Czmowski to approve the Finance Team minutes as written. Passed unanimously.
IV. Review April EDA Financial Statements — Miles Seppelt
■ Cash available in operations is $131,004
■ $56,736 is reserved (proceeds from Warrior land sale) and $71,292 is unreserved.
■ The Economic Development Loan fund has $466,478 in cash available.
■ Total assets in the Economic Development Loan fund are $925,629.
■ Downtown revolving loan fund has $448,683 in cash available, loans totaling $581,812 and
$201,329 in capital assets (Cenex & Wright property).
■ Loan repayments totaled $12,244 for the month.
■ MIF Loan fund has $72,506 in cash available and loans receivable of $441,783 (NuCrane).
■ A total of $0 in MIF loan repayments came in during the month (NuCrane had made a double
payment in July)
M/S/P: Jansick, Retterath to approve the financial report as presented. Passed unanimously.
V. Director's Report:
A. Federal Grant Status (Industrial Park): $238,955 Remaining — Awaiting payment from Federal
Government expected in the next few weeks.
B. Industrial Blvd. Update — Reconstruction is underway, on schedule and should be complete by
about October 1St
C. Business Recruitment Update- Staff updated the board on a business recruitment visit earlier in
the month, discussion followed about potential sites for company "X" should they elect to come to
Hutchinson.
D. Customer Elation parking lot update — Parking lot expansion completed. Discussion followed.
E. Warrior Mfg. update - Warrior Mfg. is getting their storm water ponds filled in and are tying in to
the city's storm water system.
F. Maintenance on EDA Parcels — EDA parcels have been mowed.
VI. Minnesota Angel Network — The Board discussed the merits of becoming a member of the Minnesota
Angel Network.
Staff provided a summary of a discussion with Todd Leonard, executive director of the Minnesota Angel
Network. The key benefit for Hutchinson is that EDA staff will have an opportunity to work with and
cultivate relationships with a steady stream of early stage businesses. Since approximately half of
these companies will be "location neutral," there will be a significant opportunity to recruit them to
Hutchinson.
Funding for membership could come from the interest earnings gained on grant monies obtained by the
EDA in recent years.
Further discussion centered on the numerous projects that City and the EDA have partnered on over
the years.
M/S/P: McGraw, Christensen to become members of the Minnesota Angel Network with an investment
of $12,500 in 2011 and up to $12,500 in 2012, funded by the EDA's Economic Development Loan
Fund, contingent upon the City making an equal contribution. Passed Unanimously
VII. Project Update: Depot Renovation / Farmers Market - Staff updated the board on the status of the
depot renovation / farmer's market project. Discussion followed and the Board expressed satisfaction
with how the project was shaping up.
VIII. EDA 2012 Budget — Staff updated the Board on minor revisions to the EDA 2012 budget.
IX. Grant & Loan Applications
Downtown Commercial Loan Program
Skip Quade —122 Main Street North $13,792
M/S/P: Jansick, McGraw to approve the loan request with an interest rate of 1.25% and a 10 -year term.
Passed Unanimously.
Brett Oman — 141 Main Street South
$17,487
M/S/P: Retterath, Jansick to approve the loan request with an interest rate of 1.25% and a 10 -year
term. Passed Unanimously.
X. Other Business — EDA President Tim Ulrich noted that several downtown buildings were in need of
maintenance — tuck pointing in particular. Should the EDA give consideration to a new grant or loan
program to encourage and assist building owners in making these improvements? General Discussion
followed. Staff will do some research on existing program usage and bring some ideas back next
month for discussion by the Board.
XI. CHAMBER CVB UPDATE — Chamber President Bill Corby updated the board on upcoming Chamber
events, including arts and crafts festival and the leadership institute.
XII. Set Next Meeting — September 28, 2011
XIII. Adjourn
With no further business to attend to, the meeting was adjourned at 12:35PM.
Respectfully Submitted,
Seth Kauffman
EDA Assistant