11-23-2011 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, November 23, 2011
Members present in bold.
MEETING MINUTES
Members
Tim Ulrich Steve Jansick Mike Retterath Daron Vanderheiden
Chad Czmowski Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Seth Kauffman, EDA Assistant
Andy Reid, City Controller
Liaison
Bill Corby, Chamber President
Call to order
A. EDA President Tim Ulrich called the meeting to order at 11:35 AM
II. Approve Agenda — No Action
III. Review meeting minutes:
A. October 26th Board of Directors
M/S/P: McGraw, Retterath to approve the minutes as written. Passed unanimously.
B. October 19th Finance Team
M/S/P: Jansick, Czmowski to approve the Finance Team minutes as written. Passed
unanimously.
IV. Review September EDA Financial Statements — Andy Ried
■ Cash available in operations is $89,009
■ $56,736 is reserved (proceeds from Warrior land sale) and $28,830 is
unreserved.
■ The Economic Development Loan fund has $486,218 in cash available.
■ Loan payments for the month were $10,285
■ Professional services payments for the month were $12,500 for Minnesota Angel
Network.
■ Total assets in the Economic Development Loan fund are $917,275.
■ Downtown revolving loan fund has $481,042 in cash available, loans totaling
$554,004 and $201,329 in capital assets (Cenex & Wright property).
■ Loan repayments totaled $8,579 for the month.
■ MIF Loan fund has $89,747 in cash available and loans receivable of $427,046
(NuCrane).
■ A total of $5,640 in MIF loan repayments came in during the month.
M/S/P: Christianson, Jansick to approve the financial report as presented. Passed
unanimously.
V. Director's Report
A. Minnesota Angel Network — Staff updated the board on the MN Angel Network.
Training for staff will take place in the next month and the process of getting Hutchinson
established as an intake center will be initiated.
B. Federal Grant Status (Industrial Park): $238,955 Remaining — Final payment request
is in Chicago and is being processed. Still waiting.
C. Business Recruitment Update — Haven't heard anything back from either company "X"
or "Y" — generally not a good sign.
D. BDPI Grant — The grant is finished and closed out, the EDA has collected on the
payment.
E. Stritesky Property 2"d half rent paid — Received $12,106, Randy Luthens will be
renting the property next year.
F. Downtown Program Outreach — Staff informed the Board of efforts to notify downtown
businesses of EDA downtown grant & loan programs — outreach will be ongoing.
G. Marketing Plan Update — Staff met with Steve Gasser last Friday and will meet with him
again on December 2nd to continue to discuss marketing for the Hutchinson EDA.
H. Nathan Matti added to Finance Team — Staff informed the board that Nathan Matti had
attended the finance team meeting this month.
VI. Project Update: Depot renovation / Farmers Market
A. MPCA Program Application — The application has been sent into the MPCA. Their
assessment was positive and accepted the project into the program.
B. Planning Commission Process — Seth will be taking this site plan to the planning
commission for approval.
C. Easements — Staff will talk with the City Attorney to acquire the necessary easements for
the project.
VII. Grant & Loan Applications
A. Commercial Loan
Dr. David Mach — Dental Office
36 & 40 Washington Ave.
$130,000
(Approval requested contingent upon all other project financing being approved, loan -to -value ratio,
being satisfied, and all other program rules being met. Loan would be 3rd position behind Bank &
Prairieland EDC)
M/S/P: Jansick, McGraw to approve loan request of $130,000 for 10 years at 1.25%,
contingent upon all program requirements and rules being satisfied. Passed unanimously.
Ulrich abstained. Staff will send out an approval letter to Prairieland EDC and Citizens Bank.
B. Sign & Awning Grant Program
Robert McCarthy — Robert Michael's
140 Main Street South
$1,559.19
M/S/P: Czmowski, Retterath to approve the grant request; passed unanimously.
VIII. Other Business —
A. Strategic Planning Meeting — Dec 7th or 14th
Staff mentioned the upcoming planning meeting with the EDA Board & Finance Team. An e-mail
will be sent out to everyone to coordinate the best available date.
IX. Chamber/ CVB Update — Mr. Corby updated the EDA Board on upcoming chamber events.
A. Holiday after hours —Thursday December 8th
B. Social Marketing Seminar — 1:00 to 2:30 Wednesday December 7th
C. New Membership Investment Structure
X. Set Next Meeting — December 28th
XI. Adjourn
With no further business to attend to, the meeting was adjourned at 12:06 PM.
Respectfully Submitted,
Seth Kauffman
EDA Assistant