07-22-2015 EDAM-EDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, July 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
Jeffrey Page, EDA Assistant
Matt Jaunich, City Administrator
Daron Vanderheiden Chad Czmowski
Jonny Block
Call to Order - Jansick called the meeting to order at 11:32 AM.
II. Approve Agenda
III. Review Minutes of June 17th, 2015 Finance Team Meeting
M/S/P: Stearns, McGraw to approve the June Finance Team meeting minutes; passed
unanimously
Review Minutes of June 24th EDA Board Meeting
M/S/P: Block, Christensen to approve the June EDA Board meeting minutes; passed
unanimously.
Review Minutes of June 8th EDA Board Meeting w / City Council
M/S/P: Czmowski, McGrawto approve the June Joint EDA / City Council meeting minutes;
passed unanimously.
IV. Review June EDA Financial Statements — Andy Reid
• 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.
• Cash available in operations is $181,227 (1St half taxes came in).
• $56,736 is reserved (proceeds from Warrior land sale) and $115,405 is unreserved.
• Notable expenses in June
o $1570 to Vivid Image for FormStack (online loan application forms)
o $5,575 for the advertising in Minnesota Economic Development magazine
• Due mostly to our advertising initiative, we are slightly over budget (52.9%) compared to
where we should be at this point of the year (50%)
• The Economic Development Loan fund has $420,326 in cash available.
o Redline Systems is one month behind on payments / EDA staff will send them
a paper invoice each month
• Downtown revolving loan fund has $184,889 in cash available; $132,450 is unreserved;
loans receivable total $750,969 and $201,329 in capital assets (Cenex & Wright properties).
• Loan repayments totaled $10,142, yielding $1,358 in interest income.
• MIF Loan fund has $1,056,386 in cash available and loans receivable of $208,779
($196,925 NuCrane and $11,854 Customer Elation).
M/S/P: Block, Vanderheiden to approve the June financials as presented; passed unanimously.
V. Director's Report
A. BR & E Visits: Visits were made to Hutch Iron & Metal and Hutchinson COOP, making 24
visits so far this year.
B. Marketing Plan Report; Website updates = 3, Facebook updates = 15, Tweets = 13
C. JumpStart Manufacturing Update: Onl� two entries; both have been invited to submit full
business plans, due Friday, August 14 .
D. Hutchinson Way -Finding & Signage Plan: Currently being finalized, should be on the City
Council agenda July 28 for review.
E. TIF District Modification Update; The request goes before the City Council on September
8th
F. The Director updated the Board on Business recruitment efforts and potential business
expansion projects.
G. McLeod County Solid Waste: Seppelt and Jansick met with county commissioner the
morning of July 22nd
VI. EDA Website: The Director presented the most recent version of the EDA website and how it
incorporates the content site selectors want to see.
VII. DEED $763,000 Grant: The Board and staff discussed approaches to engaging local
manufacturers as partners in the development of the CTE project at the high school.
VIII. Hutchinson High School CTE Center: Vanderheiden and Seppelt updated the Board on their
recent trip to tour the CTE Academy in Sioux Falls, SD.
IX. Grant and Loan Applications: None
X. Other Business: None
XI. Set Next Meeting — 11:30 AM Wednesday, August 26th, 2015.
XII. Adjourn - With no further business to attend to, the meeting was adjourned at 12:43 PM.
Respectfully Submitted,
Jeffrey Page
EDA Program Assistant