A company from Fairmont that is moving to Blue Earth, TM Properties, applied for a loan for work they are doing on the former M & H building on North Main.

There was a lot to discuss at the Blue Earth EDA meeting on Thursday, Oct. 9, including a draft of the Business Education & Product Development Forgivable Loan program, the creation of a Lease Review Committee, two Commercial Business Improvement Forgivable Loans, and a Utility Loan.

EDA specialist Amy Schaefer presented the EDA with an updated draft of the Business Education & Product Development Forgivable Loan program, which was first discussed at the Sept. 11 EDA meeting.

“As was requested at our last meeting, I have added a list of sample uses as an example for what businesses might be able to do through this loan program,” Schaefer shared. “I have been informed by local businesses that this would help fill some of the gaps in our programming that currently exist.”

Lissia Laehn brought up a point she had made at the previous EDA meeting, and asked whether there would be specific language added to the draft specifying that any educators hired through the program would need some type of certification or proven qualifications.

“I can certainly revise the language on the application form to clarify that,” Schaefer replied.

EDA member Bill Rosenau raised a question as to whether the loan needed to be capped at a specific amount, and if so, how high that initial cap should be set.

“It looks like the current draft would cap the maximum loan amount at $5,000, but that seems a little high to me for this sort of loan,” Rosenau commented. “Maybe we could lower that amount to start, and then adjust it upwards after we see how much use it gets.”

“Actually, for the kinds of training and services that a loan of this type would help pay for, $5,000 is about right,” Schaefer countered. “But I do agree that we could set the maximum value lower to start, and then raise it after a while.”

EDA member Kara Drake voiced her support for this option, and mentioned that the EDA could review the program after a year to reevaluate the community’s needs.

“This loan would be a 1:1 match with what the business contributes, so we can definitely adjust the cap depending on the need after a year, or even just a few months,” Drake shared. “This would also be an exclusive loan – you could apply for this one, or the Commercial Business Improvement Forgivable Loan, but not both at the same time.”

Hearing no further discussion, an agreement was reached to revise the draft some more and present it for approval at the Nov. 13 EDA meeting.

Mayor Rick Scholtes presented the EDA with a memo concerning the review of potential tenant businesses for the Ag Center.

“Now that we have some tenants moving around in the Ag Center, there will be space available to rent out, and I’d like there to be a committee in place to review potential tenants before the EDA approves their lease,” Scholtes explained. “These potential tenants would be subject to a nondisclosure agreement to protect their identities while their lease application is under review by this committee, in case something falls through before it comes to the EDA for approval.”

Scholtes also noted that this committee would be a two-person job, and nominated EDA members Dan Ristau and Kara Drake for the position.

Hearing no further discussion, a motion was made and seconded to form a Lease Review Committee, with Ristau and Drake as its members. The motion was passed unanimously.

Schaefer presented the EDA with a Commercial Business Improvement Forgivable Loan application from Julie Loge of Dikken’s Decorating.

“Loge is asking for $5,000 to help repair the floors after some water damage,” Schaefer commented. “She qualifies for the loan, and I recommend that we approve this.”

A motion was made and seconded to approve the loan in the amount of $5,000 for Dikken’s Decorating. The motion passed unanimously.

Schaefer presented the EDA with a Commercial Business Improvement Forgivable Loan application from TM Properties.

“TM Properties, also known as Kevko, has decided to move from Fairmont to Blue Earth, and has purchased the old M&H building near the Blue Earth Locker,” Schaefer shared. “They’re asking for $5,000 to install a new garage door and fix the tin siding on the building, and they more than qualify for the loan.”

A motion was made and seconded to approve the loan in the amount of $5,000 for TM Properties. The motion was passed unanimously.

Schaefer presented the EDA with a Utilities Loan application, also from TM Properties.

“Related to the above loan, TM Properties requires utilities to be installed in their new building, as it currently has none,” Schaefer added. “They qualify for this loan as well, and have opted for a $10,000 loan over a five year term.”

Hearing no further discussion, a motion was made and seconded to approve the loan in the amount of $10,000 for TM Properties. The motion was unanimously approved.

Other business discussed at the EDA meeting included:

• A farmland lease for Connor Olson for 40 acres, lasting from Jan. 1 through Dec. 31 of 2026, was unanimously approved.

• A motion to renew the EDA’s corporate membership with the Kiwanis Club for another year was unanimously approved.