×
×
homepage logo

Blue Earth EDA works on its ongoing work plan

In place since 2021, EDA looks at revamping the plan starting in 2024

By Fiona Green - Staff Writer | Jan 15, 2024

The Blue Earth Economic Development Authority (EDA) discussed its ongoing work plan at its first meeting of the year, on Thursday morning, Jan. 11.

The plan – a document detailing the EDA’s primary goals and accomplishments – has been a working document since 2021.

“We’ve really worked this plan to the end of its lifetime,” EDA specialist Amy Schaefer said. “I think it would be a good idea to put together a new work plan. This one took us through three years, and a lot was accomplished.”

Schaefer added she would like direction from the board as to what priorities they would like to focus on in 2024.

City administrator Mary Kennedy suggested it might be wise to put less on the EDA’s plate in 2024 after three years of very high productivity.

“I think it’s important to note that there’s a sense of burnout among boards and committees,” she observed. “That’s a good list of things that have been done, and it’s hard to come up with more. Let’s revisit a few projects and strengthen some of the collaborations that are in place. Two or three really big goals are okay, too.”

The EDA’s priorities have included pursuing marketing initiatives, attracting new commercial and industrial businesses to the community, supporting local small businesses and encouraging industrial development in Blue Earth.

Schaefer noted that the EDA could continue to work on the latter goal by considering options for developing the Golden Spike Business Park.

“We’re starting to get inquiries about available land,” she said.

Over the past three years, the EDA’s priorities have also included assisting the HRA with filling housing and attracting residents to the community, building collaborations and grant programs.

“Our collaborations are great,” Schaefer noted. “We have great relationships with the University of Minnesota, Region Nine and SMIF.”

The EDA agreed it is a good idea to keep an eye on what it has already accomplished over the past three years.

“You have to maintain these facets we’ve created,” board member Lissia Laehn reasoned.

The board also suggested a few new priorities which could be added to the work plan, including efforts to address the area workforce and childcare shortage.

Schaefer will draft a new work plan for the EDA to review in February which takes into consideration the points discussed on Jan. 11.

“If you have any major topics you want on there, let me know,” she said.

The EDA also approved a request from Kennedy, on behalf of the city, to help finance the ongoing Putnam Park Tennis Court Project, which has a total cost of $1,285,300.

Kennedy requested that the EDA loan the city $250,000 from its Revolving Loan Fund over a five year term, at a four percent interest rate.

By loaning the funds to the city, the EDA would eventually receive $30,783 in interest to be paid back to its Revolving Loan Fund, with a total annual payment of $56,156 per year.

“The Revolving Loan Fund is well funded at this point,” Kennedy said. “This would not affect the EDA’s ability to grant the proposed cap of $75,000 per year.”

Kennedy explained that the city intends to finance the remainder of the project’s cost by borrowing funds from the Fitness Center Fund and the Liquor Fund at a 2.5 percent interest rate.

She added, “If we cannot borrow from these sources, then we will need to increase the levy by $250,000.”

As the EDA has the necessary funds to grant the city’s request while still maintaining its usual activity, the board was comfortable approving the loan.

“I would make a motion to move forward if we have the funds to do it,” Laehn said. “We can still do all of our activities that we’re passionate about.”

In other business, the Blue Earth EDA:

• Approved a $2,097.50 Commercial Forgivable Loan for Winnebago Manufacturing to finance a project to remove and reinstall a door at their office.

• Approved a request from Tim Juba for an adjustment to the amount of funding Juba’s is receiving from the EDA to finance a parking lot repavement project.

The EDA had originally approved a Commercial Forgivable Loan in the amount of $2,350 for the project, but as the cost was much higher than expected, Juba’s is requesting a loan of $4,000 instead.

The requested loan amount still falls under the EDA’s $5,000 cap for forgivable loans, so the board approved Juba’s request.

• Approved Schaefer to apply for a Rural Child Care Innovation Program offered by First Children’s Finance through the MN Department of Human Services.

Schaefer intends to apply for the program jointly with the Winnebago EDA to increase the chances that their application is approved.

“This is another avenue to keep childcare on our forefront and hopefully get some new strategies to incite and encourage people to go into the field,” Schaefer explained.

•Approved Schaefer’s request to attend an online Leading Economic Transformation Workshop offered in partnership by the League of Minnesota Cities, the Association of Minnesota Counties and the Minnesota Association of Professional County Economic Developers. The fee to attend is $225.

“Considering we’ve been looking at revamping our work plan and our efforts, this would be a good opportunity to understand where the rest of the state is falling and what they’re doing for economic development,” Schaefer observed.

• Learned that Tafco is interested in expanding, and is looking for a 20,000 square foot industrial space in Blue Earth to accommodate their needs.

“I just wanted to put that out there in case you hear something,” Schaefer said.

• Approved Schaefer’s request to attend the Blue Earth Chamber Banquet on Monday, Jan. 29.