EDA Minutes 02-17-1998
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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
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EDA MINUTES
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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:
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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.
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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
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EDA MINUTES
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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.
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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 ~
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