City of Wanamingo
Regular EDA Meeting
Monday January 13, 2025
6:00 P.M.
Wanamingo City Council Chambers
401 Main Street
Wanamingo MN
PRESENT: Annette Fritz, Brian Gudknecht, Rebecca Haugen, Ryan Holmes, Laurie Musselman, and Josh Schaefer
ABSENT: Jim Kittelson
ALSO PRESENT: Michael Boulton
Brian Gudknecht called the meeting to order at 6:05 p.m.
Pledge of Allegiance followed.
EDA Director Boulton administered the oath of office to Ryan Holmes and Rebecca Haugen for new two-year terms.
ADOPT AGENDA: Haugen motioned, seconded by Fritz to adopt. Approved 6-0-0.
CONSENT AGENDA: Schaefer motioned, seconded by Musselman to approve. Approved 6-0-0.
PRESENTERS: NONE
NEW BUSINESS:
Resolution 25-01 - Election of 2025 EDA Board Officers of President, Vice President, Treasurer, and Secretary. Schaefer moved to approve, seconded by Fritz. Passed 6-0-0.
Resolution 25-02 = Approving re-appointment of Ryan Holmes and Rebecca Haugen to the EDA Board: Fritz to approve, seconded by Musselman. Boulton explained that the two-year terms of Holmes and Haugen had expired at the end of 2024. Holmes recommended each of their re-appointments to the EDA Board. Passed 6-0-0
Resolution 25-03 = Setting EDA Meeting Schedule for 2025: Haugen moved to approve, seconded by Fritz. Boulton stated that the meeting dates are holding places and that meetings would only occur if an agenda packet was delivered by the Friday before the Monday meeting. Boulton stated that the EDA By-Laws requires the EDA to hold quarterly meetings, at minimum. Passed 6-0-0.
Administrator Boulton presented the 2024 Wanamingo Outstanding Indebtedness Report. The Wanamingo EDA paid $28,000 in principal in 2024 and owes $270,000 at the beginning of 2025. The City paid $482,000 in principal in 2024 and owes $4,584,000 at the beginning of 2025. Boulton stated that the current debt service is manageable with the interest rates associated with the existing bonds. Boulton stated that the City has roughly $130,000 of debt service capacity available for 2024/2025 (utilized in truck purchases in 2024 and Street shop rehab project in 2025) with additional capacity available in 2026 ($90,000), 2027 ($93,000), and 2028 ($53,000). The next debt service capacity available would be $108,000 in 2032. The plan would be to issue new debt in the coming years to pay for infrastructure and equipment needs. Boulton stated that the City paid $510,000 in principle and roughly $129,394.75 in interest in 2024. The report will be submitted to Goodhue County next week, according to the MN State Statutes.
OLD BUSINESS:
There being no further business Schaefer made a motion seconded by Fritz to adjourn the EDA meeting at 6:27PM. Approved 6-0-0.
________________________ ______________________
Brian Gudknecht, President Michael Boulton, Director
