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EDA Minutes 02-17-1998 . . . MINUTES MONTICELLO ECONOMIC DEVELOPMENT AumORITY Tuesday, February 17,1998 - 7:00 p.m. City Hall MEMBERS PRESENT: Chair Ron Hoglund, Vice Chair Barb Schwientek, Assistant Treasurer Ken Maus, Roger Carlson, and Bill Demeules. MEMBERS ABSENT: Clint Herbst and Darrin Lahr. STAFF PRESENT: Treasurer Rick Wolfsteller and Executive Director Ollie Koropchak. GUEST: Rich Cline, Ernie's Bate. 1. Call to Order. Chair Hoglund called the annual meeting of the EDA to order at 7:00 p.m. 2. Consideration to approve the Janulll)' 20, 1998 EDA minutes. Tabled. 3. Consideration of additlB ajenda items. Koropchak submitted a draft copy of a marketing piece for local assistance programs. Submitted under item 9. Other business. 4. Consideration to review for approval/disapproval the DMRF application for 112 East Broadway. Taking Ernie's Bate Shop off the for~sale market, Rich Cline informed EDA members that workers began repairing the storm damage and make other improvements to the building. The front facade was replaced with new logs and new windows and a shingled awning was installed. One primary sign and smaller backlit signs are yet to be installed and the new log siding will be finished when the temperature is consistently above 50 degrees. Cline appeared interested in a fish sign if the new ordinance allows for such. Commissioners agreed the project is a big improvement; however, they had concerns about setting a precedence ifEDA funds were approved for projects outside the target area or in non-compliance ofthe DMRF guidelines. Bill Demeules made a motion to modify the DMRF Guidelines to include Lots 6 through 15, Block 34 and Lots 1 through 1 EDA MINUTES . FEBRUARY 17, 1998 10, Block 53, Original Plat, City of Monticello in the TARGET AREA of the DMRF Guidelines. Barb Schwientek seconded the motion and with no further discussion, the motion passed unanimously. Modification forwarded to the City Council for approval. Ken Maus made a motion to approve DMRF in the amount of $2,500 for front facade and signage improvements and $500 for fee reimbursement at 112 East Broadway (Ernie's Bate). Disbursal of the matching grant funds in the amount of $2,500 and fee reimbursement of$500 subject to compliance of the facade designs as recommended by DAT, compliance of codes and ordinances by the Building Official, and evidence of payment of approved improvement costs. The approved funding becomes null and void October 17, 1998. Bill Demeules seconded the motion and with no further discussion the motion passed unanimously. 5. Consideration to Elect 1998 EDA Officers. EDA commissioners reviewed the five-year staggering terms of each commissioner. Ken Maus made a motion to nominate and re.elect the current EDA officers for 1998: . President Vice President Treasurer Assistant Treasurer Secretary Ron Hoglund Barb Schwientek Rick W olfsteller Ken Maus Ollie Koropchak Roger Carlson seconded the motion and with no other nominations, the motion passed unanimously. 6. Consideration to review and accept the Year-End EDA Financial Statements. Activity Report, and 1998 Proposed Budget. Koropchak reviewed the year.end 1997 statements starting with the Statement of Revenues, Expenditures, and Changes in Fund Balance. With interest income from notes and investments totaling $35,266.87 and expenditures totaling $1,158.75, the year-end EDA fund balance is $976,278.70. The Balance Sheet shows assets and fund equity of an equal amount of $976,278.70. Noting the remaining principal balance of the GMEF loans and the $200,000 annual appropriation, the cash in bank is $458,594.05. . The 1998 Cash Flow Projections assume an annual appropriation of $200,000 from the SCREG and UDAG, payback from existing loans, and interest income investment for total 2 EDA MINUTES . FEBRUARY 17,1998 receipts of $302,873.43. Expenditures include GMEF loans of $200,000 and DMRF grants of$30,000 and loans of $20,000 plus miscellaneous for total expenditures of $251,500. Expected cash balance year~end 1998 is $529,539.60. Also included was the year-end EDA activity report. Commissioners noted to recognize the EDA as being self-supporting and that the $200,000 matching DMRF dollars will produce a one-half million dollar investment in the revitalization of downtown. In order to accelerate the revitalization of downtown, Ken Maus made a motion to sunset the DMRF allocation of $200,000 to January 1,2000, and to market the dated allocation accordingly. Barb Schwientek seconded the motion and with no further discussion, the motion passed unanimously. Bill Demeules made a motion to accept the year-end EDA financial statements and activity report for submittal to the City Council on February 23, 1998. Ken Maus seconded the motion and with no further discussion, the motion passed unanimously. 7. Consideration to review year-end fund balances ofthe GMEF, UDAG. and ERG Funds. . Koropchak reported on the year-end balances of the GMEF, UDAG, and ERG Funds stating with the disbursement ofthe GMEF loan to Lake Tool and the DMRF to Kathy Froslie, the total available uses offunds is $613,919.82. However, $199,000 is earmarked for the DMRF, the UDAG has two years of payback remaining, the SCREG is paid off, and perhaps the Liquor Fund dollars will be earmarked for other activities. All GMEF loan paybacks are Current. 8. Consideration of Executive Director's reports. The report was accepted as written. 9. Other Business Koropchak submitted a draft copy of the local financial assistance marketing piece for commissioners to review for comment. 10. Adjournment. The EDA meeting adjourned at 8: 15 p.m. (J~ ~(/)-&~- Executive Director ~ . 3