05-25-2016 EDAM
EDA Board Meeting
Main Conference Room City Center
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11:30 AM Wednesday, May 25, 2016
____________________________________________________________________________
Members present in bold.
MEETING MINUTES
Members
Mike CannonCorey Stearns Daron VanderheidenChad Czmowski
Mary ChristensenMike McGrawJonny Block
Staff
Miles Seppelt, EDA Director
Andy Reid, Finance Director
Matt Jaunich, City Administrator
Jeffrey Page, Program Assistant
I.Call to Order
The meeting was called to order at 11:30 AM.
II. Approve Agenda
no action
III. Review Minutes
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a. April 20, 2016 Finance Team Meeting
M/S/P:
Stearns, Cannon to approve the Finance Team minutes as presented; passed unanimously.
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b. April 27, 2016 EDA Board Meeting
M/S/P:
Block, Christensen to approve the EDA Board minutes as presented; passed unanimously.
IV.Review April EDA Financial Statements
Andy Reid
a. Cash available in operations is $117,172.
b. $56,736 is reserved (proceeds from Warrior land sale) and $58,776 is unreserved.
c. The Economic Development Loan fund has $429,379 cash available and two loans receivable,
Redline Systems and Ashwill Industries, with balances of $16,939 each.
d. Downtown revolving loan fund has $347,536 in cash available; loans receivable totaling $599,051
and $201,329 in capital assets (Cenex & Wright properties). $30,000 is reserved for the EDA
contribution to the Signage & Wayfinding project.
e. MIF Loan fund has $937,662 in cash available and one loan receivable in the amount of
$148,795 (from NuCrane).
i. $300,000 is reserved for the CTE Equipment Purchase initiative.
ii. Unreserved fund balance is $786,457
f. Pages will be added to upcoming financial reports to track the finances of Development District #
4 and TIF District 4-16.
Cannon, Vanderheiden to approve the financial report as presented; passed unanimously
M/S/P:
.
V.
a. Marketing Plan Report: Website updates = 2, Facebook updates = 16, Twitter activity = 15
b. Social media effort has 145 followers on Facebook and 46 on Twitter.
c. Business recruitment / expansions: Staff provided an update on recent prospects and ongoing
conversations.
d. Old Medical Clinic: The demolition is complete and the RFP is being distributed.
e. Downtown Signage project update: Staff updated the Board on the current timeline estimates and
expected completion date.
VI. Skilled Workforce Development Plan
a. Staff updated the Board on the progress toward funding the purchase of equipment for the CTE.
There are currently 16 contributors, two of which are in the form of in-kind contributions.
b. Discussion followed.
VII. Hotel Project
a. Staff reviewed the site challenges for the Board
b. Following contact with the developer, EDA staff met with City Engineering, Planning and
Environmental staff to identify and evaluate the challenges in detail.
c. Staff presented the Board with the details of making the site more shovel ready to facilitate more
sure development.
d. During the discussion, staff reviewed ROI scenarios, funding of the project and the pros and cons
on of the project. It was pointed out that this development would have a
considerable influence on the success of the Downtown Plan.
MSP
: Cannon, Stearns to recommend to the City Council the property on the NE corner of Hwy 15/7 is
made more shovel-ready and be incorporated into the downtown TIF District as articulated by staff;
passed unanimously.
VIII. Hutchinson Enterprise Center
a. Staff updated the Board on progress of the HEC development.
b. Consideration of Resolution 2016-04 Recommending that City Council adopt TIF Plan for
District 4-17
2016-04 to recommend that the City Council adopt TIF
M/S/P:
Block, Czmowski to adopt EDA Resolution
Plan for District 4-17;
Passed unanimously.
IX. Grant & Loan Program Applications
- None
X. Other Business -
None
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XI. Set Next Meeting
11:30 AMWednesday,June 22, 2016.
XII. Adjourn
M/S/P:
Block, Christensen to adjourn the meeting at 12:40 PM. Passed unanimously.
Respectfully Submitted,
Jeffrey Page
Economic Development Program Assistant