May EDA Board meeting report
The Board returned to a face to face meeting for May, held at the Event Center and physical distancing was observed.
The Financial Reports were presented for the Revolving Loan Fund, the Sign and Awning Program, and the Business Rehab Program. The Board also discussed the 2020 budget funding for these programs and the fact that the budgeted amount for 2020 has been allotted. What does that mean for any additional applications that come in for the rest of the year? The Board decided that they would consider any additional application requests, but that since the funding has already been distributed there was probably not going to be any additional awarded. However, I am going to do some research on something that was done by the EDA in the past and that is to consider selling some of the EDA loans. This has not been done in about 15 years, so I will report back to the Board next month on information regarding this possibility.
Because most of the businesses are able to reopen on June 1, the Board has agreed to resume those suspended EDA loan payments in August. At the April meeting, the EDA Board approved the following: “Loan payment suspensions will go in to affect from the time the request is received until two months after the business is allowed to reopen. The amortization schedules will be adjusted accordingly once payments resume.” There were three requests for loan payment suspensions.
Updated information was shared on the status of the pocket park area and east building on the corner of Highways 4 and 14. Coordinated efforts continue on that site and once the wall on the east side is finished with the rehab work, the landscaping and sprinkling system will be finished up as well.
The City Attorney is still working with the attorney in Mitchell, South Dakota to finalize the title work on the cemetery property and finish up with the paperwork in the sale of that property.
I have had a one contact with a representative from Seneca since the announcement of the sale went public. This is the statement I received: “Given the amount of equipment left in the plant and the work needed to get it removed and dealt with, as well as the overwhelming resources being consumed by the current COVID related matters, we are not entertaining sale of the facility until at least after the pack season.”
The Board is inviting County Commissioner Dean Simonsen to their Quarterly Extended June Meeting to discuss the former Shane’s Tire property and the delay that continues with the County regarding the sale of the property.
Finally, even though it is the City Council that would make the final decision, the Board had some discussion on what might be some possible ways that outdoor dining for bars and restaurants in town could be expanded. Any businesses with ideas should submit a complete plan with what they would like considered and it will be presented to the City Council.
As always, if you have any other questions, or want more information on current EDA activities, feel free to contact me: 794-5636 or email@example.com