08-26-2015 EDAMEDA Board Meeting
Main Conference Room — City Center
11:30 AM Wednesday, August 26th, 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 11:34 AM.
II. Approve Agenda
M/S/P: Stearns, McGraw to approve the Agenda as presented; passed unanimously
III. Review Minutes of July 15th, 2015 Finance Team Meeting
M/S/P: Stearns, Block to approve the July Finance Team meeting minutes; passed unanimously
Review Minutes of July 22nd EDA Board Meeting
M/S/P: Block, Czmowski to approve the July EDA Board meeting minutes; passed unanimously.
IV. Review July EDA Financial Statements — Andy Reid
• Cash available in operations is $161,640.
• $56,736 is reserved (proceeds from Warrior land sale) and $104,301 is unreserved.
• The Economic Development Loan fund has $423,007 in cash available, of which $317 was
interest income.
• Downtown revolving loan fund has $171,626 in cash available; loans receivable total
$762,917 and $201,329 in capital assets (Cenex & Wright properties).
• Loan repayments yielded $1,419 in interest income for the month.
• MIF Loan fund has $1,071,702 in cash available and loans receivable of $197,566.
($191,613 NuCrane and $5,953 Customer Elation).
M/S/P: McGraw, Christensen to approve the July financials as presented; passed unanimously.
V. Director's Report
A. BR & E Visits: Visits were made to Done Rite Powder Coating and Applied Kinetics, Inc.
B. Marketing Plan Report; Website updates = 5, Facebook updates = 17, Tweets = 17
C. JumpStart Manufacturing Update: One of the two entrants was invited to present their
plan to the judges at 4pm on Friday, August 28tH
D. McLeod County Solid Waste: Staff updated the Board on his recent visit to the facility.
They anticipate the fence will be completed within the week.
E. DEED $763,000 grant
F. The Director updated the Board on Business recruitment efforts and potential business
expansion projects.
VI. Consider EDA Resolution 2015-01 - RESOLUTION RECOMMENDING THE CITY COUNCIL
MODIFY THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 4 AND
MODIFY THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICT NOS. 5, 6, 7, 8, 11, 4-13, AND 4-14 THEREIN.
M/S/P: McGraw, Czmowski to adopt EDA resolution 2015-01 and recommend to the City
Council the modifications to the above development district and to the tax increment financing
plans as shown above; passed unanimously.
VII. Downtown Redevelopment Project: The Board considered the Finance Team recommendation
to proceed to the next step as presented by Staff.
M/S/P: Block, Christensen to pursue a 2 year purchase option at 1% of the agreed purchase
price; make initial offer of $175,000 and not to exceed $250,000.
VIII. Hutchinson High School CTE Center: The Board discussed with staff the potential of providing
monetary assistance to the school district in order to acquire modern equipment for the
CTE Center. A matching challenge grant to local businesses was discussed as one
method to reach the funding level as enumerated by CTE faculty.
IX. EDA Contribution to Signage & Wayfinding Project: The Board discussed both the level of
contribution that would be appropriate coming from the EDA and when the final consideration
ought to be made.
X. Grant and Loan Applications: None
XI. Other Business:
A. Staff shared that DEED was very complimentary of the Site Selector page staff
designed for the EDA website.
B. A representative from the New Ulm EDA requested technical assistance from staff.
XII. Set Next Meeting — 11:30 AM Wednesday, September 23rd, 2015.
XIII. Adjourn - With no further business to attend to, the meeting was adjourned at 1:07 PM.
Respectfully Submitted,
Jeffrey Page
EDA Program Assistant