A recap of the May 28 EDA meeting
The EDA Board received an update on Little Sprouts Learning Center from consultant, Brad DeVos. Brad’s report included an overview and information on the expenses, enrollment, and summary of other related topics on the day to day activities of the center. The EDA Board also gave final approval to the two installment notes for LSLC that were submitted from the city attorney and they will be presented to the LSLC Board for signatures.
I shared the financial reports including the Revolving Loan Fund (RLF), Downtown Rehab Improvement Program (DRIP), Sign and Awning Program, Interest Assistance Program (IAP), and the 2019 Downtown Façade Program. The RLF has seven notes that currently are being used, however, two of them are designated as being delinquent—one of which was called and at court awarded to the EDA. The second just recently went delinquent and the EDA Board will call that note if it is not brought current by the end of May. As I have mentioned in the past, the success rate of the EDA Revolving Loan Fund sits at 83% over the course of the years of use. The DRIP Fund currently has 11 accounts. All of them are current and being repaid consistently each month. The IAP has received only a couple of applicants over the past few years, and that fund is current at present. The 2019 Downtown Façade Program has two current applicants using the program and two pending as I wait for the completion of the application process from them.
The Board examined a submitted landscaping bid, along with preliminary drawing, of the planned pocket park on the corner of Highways 4 and 14. The Board has requested a second bid and design drawing to be submitted prior to making any final decisions on the park. I have also been in contact with Haala Industries as they have submitted a laser designed city logo to be displayed in that location.
The EDA owned cemetery property in Mitchell, South Dakota was tabled to the June meeting as there is more research and contact activities that need to be done regarding the proposed idea of selling the property.
I reported no update or new information on the housing development efforts for the community. This is a project that I continue to pursue.
I briefly shared an update on some inquiries that I have gotten regarding interest in a few of the downtown buildings that are currently unused. Hopefully there will be more information to share in the coming weeks regarding these buildings.
The EDA Finance Committee received application requests from the Sleepy Eye Brewing Company for the DRIP and Sign and Awning Programs. This committee made a recommendation to the full EDA Board to accept and award these requests. The Board approved the applications. I will continue to work with this group and the city attorney on the final necessary paperwork.
I reported to the Board that I am currently putting together information for a Sleepy Eye Business Community Luncheon scheduled for Tuesday, July 2, to begin at noon at the Event Center. The topic of luncheon meeting will be to have an informative question and answer session with local businesses on the availability of early childcare and related topics and how it affects our local businesses. More details and information will be sent through the Chamber Newsletter and other outlets as soon as I finish putting the information together. I am inviting all local businesses to attend this luncheon meeting.
Finally, I just want to mention the EDA Board appreciates and recognizes the fine job that Bob Elston is doing as interim city manager. The EDA Board also is pleased with the City Council’s decision to go through the complete process of determining finalists for the city manager position.
As always, anyone with questions, or who wants more information on current EDA activities, feel free to contact me by phone, 794-5636; email, firstname.lastname@example.org; or stop by the city office. I am always willing to share the details, if I am able to and the timing is right, on any particular projects. The EDA mission is to maintain and improve the community through the retention and growth of business, industry, and services.