Goodhue County EDA elects Todd Gressett as chair and discusses loan write-offs

The Goodhue Economic Development Authority (EDA) held its first meeting of the year on March 12, 2024, where several key decisions were made regarding leadership appointments, budget approvals, and updates on ongoing projects.

The meeting began with the election of Todd Gressett as chair, followed by the appointment of Commissioner Flanders as vice chair. The board also confirmed the county attorney as the EDA's legal advisor and appointed the finance director as treasurer.

A significant topic of discussion was the approval of the CETA contract, which has been in place for nearly two decades. This year, CETA requested a 5% increase in their rate, which was justified by rising wages and benefits. The board unanimously approved the contract, emphasizing its cost-effectiveness compared to using county staff for similar services.

The EDA also reviewed the proposed budget for 2025, which remains largely unchanged from previous years. The budget includes funding for various outside agencies and totals $45,000,009.74, which was also approved for recommendation to the county board.

In a notable update, the finance director provided insights into the Minnesota Investment Fund Loan program, initiated in response to the 2010 flood. The program has issued over $1 million in loans, with a significant portion forgiven under specific conditions. However, the board discussed the challenges of collecting a remaining balance of $551,325.82 from Orinoco Auto Salvage, a business facing environmental remediation issues. Given the circumstances, staff recommended writing off this balance, as recovery appears unlikely.

The meeting concluded with a consensus on the importance of these decisions for the county's economic development efforts and the management of public funds. The EDA's actions reflect a commitment to supporting local businesses while navigating the complexities of financial and environmental challenges.