04-22-2015 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, April 22nd, 2015
Members present in bold.
MEETING MINUTES
Members
Steve Jansick Corey Stearns
Mary Christensen Mike McGraw
Staff
Miles Seppelt, EDA Director
Andy Reid, City Controller
Matt Jaunich, City Administrator
Jeffrey Page, EDA Assistant
Daron Vanderheiden Chad Czmowski
Jonny Block
Call to Order - Jansick called the meeting to order at 11:42 AM.
II. Approve Agenda
III. Review Minutes of March 18th Finance Team Meeting
M/S/P: Stearns, Block to approve the March Finance Team meeting minutes; passed
unanimously
Review Minutes of the March 25th EDA Board Meeting
M/S/P:Block, Czmowski to approve the March EDA Board meeting minutes; passed
unanimously.
IV. Review March EDA Financial Statements — Miles Seppelt
A. Format of financials has been revised to bring them in line with the most recent
accounting practices. The key change is that interest is shown as income while loan
principal is not.
B. Cash available in operations is $143,187.
C. $56,736 is reserved (proceeds from Warrior land sale) and $85,249 is unreserved.
D. The Economic Development Loan fund has $418,630 in cash available.
E. Loan repayments totaled $0 for the month.
F. Downtown revolving loan fund has $242,847 in cash available; $168,847 is unreserved;
loans receivable total $699,125 and $201,329 in capital assets (Cenex & Wright
properties).
G. Loan repayments totaled $9,258 for the month, of which $1,267 was interest income.
H. MIF Loan fund has $1,010,324 in cash available and loans receivable of $253,067
($223,354 NuCrane and $29,713 Customer Elation).
M/S/P: Block, Christensen to approve the March financials as presented; passed unanimously.
V. Director's Report
A. BR & E Visits: Visits were made to NuCrane Mfg., Pride Solutions, RD Machine.
B. Marketing Plan Report; Director presented marketing metrics from social media efforts.
C. JumpStart Manufacturing Update: Sponsors include: Vivid Image, MN CORE, Hutchinson
Chamber of Commerce, SBDC, SWIF, Crow River Press, and the EDA. 1st Round
proposals are due July 2nd
D. Hutchinson Way -Finding & Signage Plan: Some concepts have been rolled out for
consideration. There will be a public open house in May.
E. ARTPLACE Grant: Our application did not advance to the semi-finalist round.
F. McLeod County Solid Waste & Energy Park: The Board and Staff discussed the effects of
spring winds on the refuse stored outdoors.
G. Ohly Update: Director updated the Board on the most recent information from Ohly.
H. Potential expansion projects: The Board and Staff discussed possible concerns regarding
the availability of leasable mid-sized manufacturing and industrial properties.
I. Ag Land Bids — The winning bid was from Thomas Schlueter for $50/acre and a total of
$2347.50.
VI. Downtown Redevelopment Opportunities — Discussion
• Consider recommendation to proceed with TIF District Modification —tabled until May
• Consider TIF District boundaries recommended by Finance Team —tabled until May
• Board discussed the staff recommendation to fund '/2 the cost of Levee & Trail
Evaluation.
M/S/P: Stearns, Vanderheiden to approve the use of $15,495 of tax increment dollars to fund '/2 the
cost of a Levee & Trail Evaluation in partnership with the Engineering Department; passed
unanimously.
VII. FORMSTACK: Staff presented software that would enable applicants to complete and submit
EDA loan and grant applications online.
VIII. Grant and Loan Applications
Sign & Awning Grant Program
River of Hope — Laura Aase / Hutchinson Properties $ 1,000
16 Washington Ave
MSP: Czmowski, Stearns to approve the application contingent on its meeting program
guidelines; passed unanimously.
IX. Other Business: None.
X. Set Next Meeting — 11:30 AM Wednesday, May 27th, 2015.
XI. Adjourn - With no further business to attend to, the meeting was adjourned at 1:12 PM.
Respectfully Submitted,
Jeffrey Page
EDA Program Assistant