AND WELCOME. >> I'M GOING TO CALL IS PORT AUTHORITY MEETING TO ORDER TONIGHT IS TUESDAY, MARCH 18TH AND WE ARE HERE IN THE BLOOMINGTON CITY COUNCIL CHAMBERS. WE DO HAVE ONE MEMBER OF THE
THE PORT AUTHORITY REMOTE. SO WHAT WE HAVE TO DO IS OFFICIALLY CALL THE ROLL AND GET A VERBAL ACKNOWLEDGMENT OF THE ENTIRE ROLL CALL. SO I WILL WE WILL START WITH THAT. WE WILL CALL THE ROLL AND
ACKNOWLEDGE WHO IS HERE. I SEE HERE NELSON HERE. PETERSON HERE. HUNT ERIC SO WE DO OFFICIALLY HAVE A QUORUM OF THE PORT
AUTHORITY WITH FOUR MEMBERS HERE COUNCIL BECAUSE WE HAVE A SMALL GROUP AND I KNOW THAT COMMISSIONER HUNT IS WITH US FOR A SHORT PERIOD OF TIME. WE HAVE THE AGENDA IN FRONT OF US BUT WITH YOUR INDULGENCE
I'D LIKE TO MAKE A COUPLE OF CHANGES TO IT ACTUALLY ELIMINATE A FEW THINGS AND SHORTEN IT UP SKINNY IT UP CONSIDERABLY. I WOULD LIKE TO GO WITH WE HAVE TO APPROVE THE MINUTES SO ITEM 1.1 THE APPROVAL OF THE
PORT AUTHORITY MEETING MINUTES THAT'LL BE ON PAGE THROUGH PAGE TWO OF THE PACKET IN FRONT OF YOU AND THEN TO JUMP DOWN INTO ORGANIZATIONAL BUSINESS RIGHT DOWN TO ITEM 2.3 WHICH IS THE REQUEST FOR A
BUDGET ADJUSTMENT THAT STARTS ON PAGE 121 AND THAT REQUIRES THE FOUR MEMBERS OF THE PORT TO BE HERE. THAT'S WHY WE NEED THE QUORUM TO VOTE ON THAT SPECIFIC ITEM THE REQUEST FOR BUDGET
ADJUSTMENTS. SO WITH YOUR INDULGENCE I WOULD LIKE TO THEN HOLD OFF FOR AN ITEM STATED ITEMS
NUMBER 2.12.22.4 AND DO YOU STILL WANT TO DO ADMINISTRATOR UPDATE ON ITEM 3.1 THEN WE'LL HOLD OFF AND END WITH 3.1 AS WELL. SO WE JUST HAVE TWO ITEMS ON THE AGENDA IF THAT SUITS YOUR FANCY THIS EVENING. ALL RIGHT.
SOUNDS GOOD WITH THAT ALCOHOL ITEM 1.1 APPROVAL OF THE PORT AUTHORITY MEETING MINUTES UNLESS THERE ARE CORRECTIONS OR CHANGES I WOULD LOOK FOR A MOTION TO APPROVE ITEM 1.1 THE
PORT AUTHORITY MEETING MINUTES FOR THE DAY OF FEBRUARY 18TH 2024. MR. VICE PRESIDENT, I MOVE THAT WE APPROVE THOSE MINUTES SO AGAIN I WE HAVE A MOTION BY
COUNCIL MEMBER PETERSON THE SECOND BY OR EXCUSE ME COMMISSIONER PETERSON AND THE SECOND BY COMMISSIONER NELSON I WILL NOTE ON THE OFFICIAL DOCUMENT THAT WE HAVE IT DOES
SAY FEBRUARY 18TH, 2024 I BELIEVE IT'S 2025. SO WE LIKE TO MAKE THAT CHANGE IF WE COULD JUST SO WE HAVE IT OFFICIALLY. ARE THERE ANY OTHER CORRECTIONS OR CHANGES TO THE
THE MEETING MINUTES? IF NOT WE WILL TAKE THE THE ROLL CALL FOR TO SEE THE APPROVAL. I SEE I NELSON PETERSON I HUNT
I MOTION CARRIES FOUR ZERO SO WE HAVE APPROVED THE PORT AUTHORITY MEETING MINUTES FROM FEBRUARY 18TH 2025. WE'LL MOVE ON THEN TO ITEM 2.3 ON OUR AGENDA. THIS IS A REQUEST FOR BUDGET
ADJUSTMENTS. MS. MASER THANK YOU MR. MAYOR. WE WILL BE HEARING FROM PORT AUTHORITY ACCOUNTANT MARY KAY AND FIRST WHO WILL EXPLAIN THE BUDGET ADJUSTMENT REQUEST AND
THEN SECONDLY WE WILL HEAR FROM SEAN LUNDY SPECIAL PROJECTS AND INITIATIVES MANAGER WHO WILL TALK ABOUT THE HATCH BLOOMINGTON PROGRAM THAT THIS REQUEST IS IN SUPPORT OF. VERY GOOD. GOOD EVENING. WELCOME. GOOD EVENING.
I'M SO WE HAVE TWO BUDGET ADJUSTMENTS IN THE DEVELOPMENT SPECIAL REVENUE FUND TONIGHT. THE FIRST IS AN INCREASE IN OTHER REVENUE OF 300,000 AND THIS IS RELATED TO THE
TRANSFER LAST YEAR THAT THE PORT MADE TO THE CITY TO BUILD OUT A SMALL BUSINESS CENTER WITH A CHANGE IN FOCUS TO MORE COMMUNITY BASED INITIATIVES. ON FEBRUARY 25TH THE CITY
COUNCIL APPROVED RETURNING THOSE FUNDS TO THE PORT. SO THIS IS JUST SHOWING THE $300,000 COMING BACK INTO THE PORT AND THEN THE SECOND MONTH AND THEN ADJUSTMENT BEEN
REQUESTED IS FOR THE HATCH BLOOMINGTON PROGRAM AND ON THE STATEMENT I DO HAVE 90,000 BUT WE'D LIKE TO HAVE IT OPEN UP TO DISCUSSION BETWEEN 50 AND 80,000 IS WHAT WE'RE
REQUESTING AND SEAN WILL TELL US MORE ABOUT THAT. THANK YOU MUCH MR. LUNDY WELL GOOD EVENING MR. MAYOR AND COISSIONERS.
>> I'M USED TO SAYING CITY COUNCIL MEMBERS SO MY NAME IS SEAN LUNDY. I AM THE SPECIAL PROJECTS AND INITIATIVES MANAGER WITH THE DEPARTMENT OF COMMUNITY DELOPMENT. I'M GOING TO BUY SOME TIME
UNTIL THE POWERPOINT COMES UP SO I'M HERE TO TALK TO YOU ABOUT THE HATCH BLOOMINGTON PITCH COMPETITION AND TO BE COMPLETELY TRANSPARENT
TRANSPARENT UP AT THE BEGINNING WE'RE HERE TO ASK YOU FOR FUNDING FOR THAT PROGRAM. I KNOW THAT COUNCILMEMBER NELSON YOU'RE A JUDGE IN THE
PROGRAM AND MR. MAYOR, YOU ARE THE KEY SPOKESPERSON. SO YOU GUYS ARE BOTH FAMILIAR WITH THIS. BUT I DO WANT TO GIVE THE REST OF YOU GUYS A QUICK RUNDOWN OF WHAT THE PROGRAM IS, WHAT
THE IMPACTS ARE TO BLOOMINGTON AS A AS A CITY BUT SPECIFICALLY TO THE ENTREPRENEURSHIP AND SMALL BUSINESS COMMUNITY AND CAN I CONTROL IT FROM HERE?
OKAY. SO WHAT IS HATCH BLOOMINGTON I AM ACTUALLY IN THIS. ARE YOU ALL RIGHT? OKAY. GOTCHA.
OKAY, SO HATCH BLOOMINGTON IS AN ANNUAL PITCH COMPETITION THINK SHARK TANK THAT FOCUSES SPECIFICALLY ON SMALL BUSINESSES LAUNCHING A BRICK AND MORTAR PRESENCE HERE
IN THE CITY OF BLOOMINGTON. UNLIKE A LOT OF PITCH COMPETITIONS THAT EXIST THESE DAYS, WE ARE FOCUSED ON BUILDING RETAIL SPACE IN THE CITY.
SO FOR INSTANCE, I'M A JUDGE FOR THE MAN CUP THAT'S HOSTED OUT OF THE CARLSON SCHOOL OF MANAGEMENT AT THE UNIVERSITY OF MINNESOTA. A LOT OF THOSE PITCHES ARE APP BASED SOFTWARE PLATFORMS THAT
CAN BE RUN FROM ANYWHERE IN THE WORLD. THAT'S FINE. THAT'S GREAT FOR MOST PITCH COMPETITIONS BUT HATCH IS FOCUSED ON REVITALIZING ECONOMIC CORRIDORS HERE IN THIS CITY SO WE INVITE
ENTREPRENEURS FROM ANYWHERE IN THE COUNTRY TO APPLY. THE ONLY STIPULATION BEING THAT YOU'RE A US CITIZEN AND THAT YOU COMMIT TO BUILDING YOUR BUSINESS HERE
IN BLOOMINGTON. ALSO WHAT MAKES HATCH DIFFERENT AND UNIQUE THAN MOST PITCH COMPETITIONS IS THAT WE WHAT'S BUILT INTO OUR PROGRAM PROGRAMING IS COMMUNITY INVOLVEMENT.
SO BESIDES JUST HAVING A JUDGE PANEL ASSESS THESE PROPOSALS, WE ALSO HAVE A COMMUNITY VOTE COMPONENT WHICH IS ACTUALLY
UNIQUE TO PITCH COMPETITIONS OUTSIDE OF OUR INSPIRATION HATCH STORY WHICH I'LL TALK ABOUT IA SECOND. BUT THE WAY THIS WORKS IS THAT ONCE WE GET TO THE TOP TEN AND TOP THREE PITCH ROUNDS THE COMMUNITY CAN COME WATCH THE
PITCHES. THEY CAN VOTE THROUGH A TAX BY VOTE SOFTWARE PLATFORM. WE POST VIDEOS OF THOSE PITCHES ONLINE SO PEOPLE CAN WATCH THEM IF THEY CAN'T GO IN PERSON AND THERE'S A WEEK
PERIOD AFTER EACH PITCH WHERE PEOPLE CAN SUBMIT THEIR VOTES I'LL TALK ABOUT IMPACTS LATER BUT LAST YEAR WE HAD 10,000 COMMUNITY UNIQUE COMMUNITY VOTES SO THE PEOPLE HAVE ROOMS
AND WE'RE PAYING ATTENTION TO THOSE. OKAY, NEXT SLIDE. >> SO TO GIVE YOU A LITTLE BIT OF CONTEXT, WE ARE MODELED AFTER A PITCH COMPETITION
IN DETROIT CALLED HATCH DETROIT. THEY WE WENT OVER THERE WHEN I SAY WE JAMIE REHBERG, THE OLD CITY MANAGER CARL HENDERSON, THE OLD COMMUNITY DEVELOPMENT
DIRECTOR AND THEN REPRESENTATIVES FROM OUR PARTNER ORGANIZATION, THE MINNEAPOLIS REGIONAL CHAMBER WE WENT TO DETROIT TO MEET WITH THE HATCH DETROIT TEAM IN DOING RESEARCH FOR HATCH
AND THEY GAVE US LICENSE TO TO USE A LOT OF THEIR THEIR IDEAS AND PROGRAMING. SO THEY'RE FULLY SUPPORTIVE OF THIS AND ALL OF OUR MODELING THAT I JUST TALKED ABOUT IS BASED OFF OF WHAT THEY DO.
BUT YOU CAN SEE THAT THE HAS DETROIT'S BEEN AROUND SINCE 2011 THEY COUNT FOR 50 HATCH ALUMNI THAT ARE CURRENTLY OPERATING BUSINESSES IN THE CITY THERE'S AN ESTIMATED
ECONOMIC IMPACT OF $13 MILLION IN ECONOMIC ACTIVITY THAT'S JUST DIRECTLY FROM THEIR OPERATIONS. THAT'S THAT'S NOT INCLUDING WAGES TAXES ON THOSE WAGES AND THEN JUST GENERAL FOOT TRAFFIC DRIVEN BY THESE BRICK AND
MORTAR STORES. SO THE ACTUAL IMPACT IS ESTIMATED TO BE FAR, FAR GREATER THAN THAT AND THEY EMPLOY OVER 500 PEOPLE. ANOTHER INTERESTING TIDBIT
ABOUT HOW SHORT IS EVERY SINGLE ONE OF THEIR WINNERS SINCE 2011 IS STILL OPERATING THEIR BUSINESS. SO FOR THOSE OF YOU THAT ARE FAMILIAR WITH THE WORLD OF ENTREPRENEURSHIP, MOST SMALL BUSINESSES FAIL AFTER
THREE YEARS OR WITHIN 1 TO 3 YEARS THE ATTRITION RATES LIKE 85%. HATCH DETROIT HAS BEEN ABLE TO KIND OF BREAK THAT CYCLE BECAUSE THEY'VE BUILT OUT THIS HUGE ECOSYSTEM OF SMALL
BUSINESS PROGRAMING THAT SUPPORTS THE CONTESTANTS AS THEY MOVE THROUGH THE PROGRAM. IT SUPPORTS THE WINNER BUT IT ALSO SUPPORTS THOSE THAT MAKE IT THROUGH TO THE TOP TEN.
SO I'M GOING TO TALK ABOUT THIS IN A SECOND AS WELL. BUT HATCH THE SHORT IS FROM HATCH, BLOOMINGTON. WE ARE TRYING TO DO THE SAME THING AND WE'RE BUILDING ON SUCCESS FROM LAST YEAR AND WE'RE BUILDING OUT THIS SMALL
BUSINESS PROGRAMING NETWORK TO SUPPORT THESE ENTREPRENEURS. THE IDEA OF BEING WHICH I'LL GET TO HERE SO THE CONTEST GOALS IS TO SUPPORT THE EXISTING AND GROWING SMALL
BUSINESS COMMUNITY IN BLOOMINGTON. WE WANT TO POSITION BLOOMINGTON AS A DESTINATION FOR ENTREPRENEURS THROUGHOUT THE METRO AREA AND THE WIDER
MINNESOTA REGION AND LIKE THE SECOND BULLET POINT POINTS OUT POSITIONING BLOOMINGTON AS AN ATTRACTIVE LOCATION NOT JUST FOR THESE SMALL BUSINESSES BUT OUTSIDE INVESTMENT AND ECONOMIC ACTIVITY. THIS IS THE PORT AUTHORITY SO
YOU GUYS ARE FAMILIAR WITH WITH WHAT YOU KNOW NEW BUSINESS DOES HERE. BUT IT'S NOT JUST THE ECONOMIC ACTIVITY DRIVEN BY THAT BUSINESS. IT'S THE FOOT TRAFFIC. IT'S IT'S THE RESIDUAL SALES GOING ON TO EAT WHEN YOU'RE
DOWN HERE IN TOWN PARKING, YOU KNOW, THERE'S A HUGE IMPACT THAT CAN BE SEEN BUILD AND MAINTAIN A PIPELINE OF UP AND COMING ENTREPRENEURS WHO ARE BLOOMINGTON FOCUSED. SO IF WE CAN POSITION
BLOOMINGTON AS A KNOWN DESTINATION FOR SMALL BUSINESSES AND ENTREPRENEURSHIP THAT BUILDS A PIPELINE PEOPLE THINK OF BLOOMINGTON FIRST WHEN THEY WANT TO START THEIR BUSINESS.
HATCH IS A PART OF THAT, YOU KNOW, REBRAND NOT NOT TO USE A OVER OVERLY TAXED TERM BUT YOU KNOW, THIS A PERIPHERAL OR
TERTIARY GOAL OF OF HATCH IS TO PUT BLOOMINGTON ON THE MAP AND PEOPLE'S MINDS WHEN THEY THINK OF ENTREPRENEURSHIP AND THEN LASTLY TO STRENGTHEN PARTNERSHIPS BETWEEN EXISTING ORGANIZATIONS THAT FOCUS ON
CULTIVATING THAT NETWORK, THAT ECOSYSTEM OF SMALL BUSINESS SUPPORT PROGRAM. >> SO JUST TO RUN THROUGH A COUPLE JUST TACTICAL SLIDES
HERE REAL QUICK CONTEST TIMELINE THE APPLICATION PORTAL OPENS ON MARCH 31ST. THE MAYOR HERE WILL BE ANNOUNCING THE HATCH PROGRAM
AT THE STATE OF THE CITY THIS FRIDAY ON MARCH 21ST. APPLICATION PORTAL OPENS ON THE 31ST OF MARCH AND THEN IT RUNS ALL THE WAY THROUGH THE BEGINNING OF SEPTEMBER. SO A WINNER WILL BE ANNOUNCED
SOMETIME AROUND SEPTEMBER 12TH AND SKIP A COUPLE OF THESE SLIDES BECAUSE THEY ARE NOT RELEVANT.
SO I DID WANT TO TOUCH ON THE USES FOR THE FINANCIAL AWARD SO THE MONEY CAN THERE'S A WIDE RANGE OF USES FOR IT BUT WE ARE RESTRICTING IT TO ACTUALLY GETTING THAT BRICK
AND MORTAR ESTABLISHMENT OPEN. YOU KNOW SMALL BUSINESSES NEED TO SPEND A LOT OF THEIR FUNDING ON ON LEGAL SERVICES ACCOUNTING PAPERWORK, LICENSE
PERMITS. WE WE YOU KNOW WITH THE FIDUCIARY OVERSIGHT THAT WE WE INSTITUTE IS IS FOCUSED ON DISPERSING THAT MONEY SO IT CAN BE USED FOR RENT SPACE
BUILD OUT HIRE HIRING RETAINING STAFF STAFF SPACE FOR REHABILITATION AND THEN JUST LIKE PRELAUNCH LABOR SO A LOT OF THIS IS FOCUSED ON GETTING THAT BRICK AND MORTAR
IN BLOOMINGTON OPEN AND READY TO GO AND SERVE SERVE CUSTOMERS AND SO THE SO IN CONJUNCTION WITH WHICH IS
THE THE PROGRAMMATIC TIMELINE THAT I POINTED OUT THE SMALL BUSINESS SUPPORT PROGRAMING IS THIS THIS COMPONENT IS UNIQUE TO YEAR TO YEAR ONE WE HAD A COUPLE OF WORKSHOPS.
WE HAD A COUPLE ONLINE SEMINARS AND GUEST SPEAKERS COME AND SPEAK TO THE CONTESTANTS. BUT THIS YEAR WE'RE ACTUALLY BUILDING OUT THIS THIS INFRASTRUCTURE WHICH INCLUDES ACTUALLY THIS THIS FIRST
BULLET POINT IS IS OUTDATED BECAUSE WE'VE WE'VE WE'VE EXPANDED ON IT BUT THERE'S GOING TO BE A CEO START BOOTCAMP OFFERED IN JUNE FOR THE TOP 25 THAT'S A TWO DAY
INTENSIVE WORKSHOP THAT WILL BE HOSTED BEFORE THE TOP 25 PETRON WE HAVE THREE DIFFERENT WORKSHOPS PLANNED OUT FOR THE TOP TEN AND TOP THREE ROUNDS AND THOSE WORKSHOPS WILL BE
FOCUSED ON NAVIGATING THE CITY PERMITTING AND LICENSING PIPELINE SECURING BANK FINANCING. SO WE'RE IN THE PROCESS
OF NEGOTIATING AN AGREEMENT WITH WITH STEARNS BANK WHERE THESE THESE CONTESTANTS CAN MEET WITH THEIR LOAN OFFICERS AND GETTING ESSENTIALLY AN APPRAISAL ON HOW COMPETITIVE
THEY ARE FOR BEING FINANCING. WE HAVE LARKIN HOFFMAN THAT'S OFFERING PRO-BONO LEGAL SERVICES SO ONE ON ONE CONSULTING FOR ANYBODY WHO REACHES THE TOP TEN AND THEN WE HAVE DEDICATED ALL
OF HENNEPIN BUSINESS ADVISORS THAT ARE GOING TO BE MADE AVAILABLE FOR THE TOP 25 ALL THE WAY THROUGH THE END OF THE COMPETITION SO THESE CONTESTANTS CAN MEET ONE ON ONE AND GET ADVISORY TECHNICAL
SUPPORT JUST GENERAL FEEDBACK SO THAT THEY'RE PREPARED TO GO THROUGH THE COMPETITION. WE'RE HOPING THAT WE CAN CONTINUE BUILDING ON THIS BUSINESS SUPPORT PROGRAMING OVER THE YEARS. WE'D LIKE TO MIMIC WHAT
DETROIT HAS LIKE I SAID. SO IT'S THIS WHOLE CONSTELLATION OF ORGANIZATIONS THAT ARE WORKING IN CONCERT IN BUILDING THIS PIPELINE AND GETTING ENTREPRENEURS UP AND
RUNNING AND I JUST WANTED TO RUN THROUGH SOME HIGHLIGHTS FROM YEAR ONE JUST TO JUST TO TRY TO SHOWCASE WHAT THIS WHAT
THIS IMPACT LOOKS LIKE SO OUR TOP 20 OUR TOP TEN COHORT HAD AN INCREDIBLY DIVERSE SET OF BUSINESS PROPOSALS. WE HAD EVERYTHING FROM AQUAPONICS AND URBAN
AGRICULTURE TO AN INDOOR DOG FITNESS FACILITY TO SIZE INCLUSIVE JUMPSUITS TO A TECH HUB AND GAMING LOUNGE. I MEAN THE IDEAS WERE WERE
REALLY INTERESTING AND ALL OVER THE PLACE AND THEY'RE ALL VERY COMPETITIVE. THE TOP THREE WE HAD THESE WERE BY FAR AND AWAY THE CROWD
FAVORITES SCALE CALCITONIN WHICH EMPOWERS MUSLIM WOMEN AND GIRLS THROUGH CULTURALLY SENSITIVE SENSITIVE ACTIVEWEAR NEW NOW A WEST AFRICAN TAKEOUT RESTAURANT AND THEN SCRAMBLING
EGG WHICH WAS A FOOD TRUCK AND THEY'RE LOOKING TO OPEN UP A BRICK AND MORTAR ESTABLISHMENT IN BLOOMINGTON AND IN THE WINTER OF 2024 OF YEAR ONE WAS SCRAMBLING EGG THIS BREAKFAST
JOINT AND JUST A COOL LITTLE TIDBIT IS THAT THEY ARE PLANNING TO HAVE A GRAND OPENING IN APRIL SO THEY ARE WELL ON THEIR WAY. THEY ARE REHABBING THEIR THEIR SPACE RIGHT NOW AND THEY'RE
HOPING TO INVITE ALL OF US TO THEIR GRAND OPENING. THEIR FOOD'S REALLY GOOD BY THE WAY. SO TO TALK ABOUT LIKE THE ACTUAL IMPACT OF THE PROGRAM
AND THIS IS THIS IS WHAT I PITCH TO POTENTIAL PARTNERS AND CO SPONSORS IS THAT IF YOU PARTNER WITH WITH US NOT ONLY DO THE CONTESTANTS GET A
PLATFORM AND A WAY TO TO PUT OUT THEIR BRAND EVEN IF THEY DON'T WIN, THEY'RE IN FRONT OF MILLIONS OF EYEBALLS AND FOR POTENTIAL PARTNERS I MEAN
THE BRAND ASSOCIATION A JUST EARNED MEDIA IS IS CRAZY THIS THIS WAS THIS IS MORE THAN WE WE EVEN ANTICIPATED AT THE TIME BUT I THINK YOU DID THE
MATH AND IT WAS ALMOST 400,000 UNIQUE SOCIAL MEDIA IMPRESSIONS SO SHARING LIKING LOOKING AT THE POSTS ABOUT HATCH THERE'S 92 ARTICLES PUBLISHED ABOUT THE PROGRAM
AND THEN 54 MILLION EYEBALLS. I READ THOSE ARTICLES AND THAT CULMINATED IN AN ESTIMATED EARNED MEDIA TOTAL OF ABOUT $650,000. SO IN YEAR TWO WE HOPE TO
DOUBLE THOSE NUMBERS AND CAN CONTINUE DRIVING HATCH AND PUTTING IT IN FRONT OF PEOPLE . SO WHEN TALKING TO YOU GUYS AS
AS PORT COMMISSIONERS SPECIFICALLY WE REVIEW THE PORT AUTHORITY IS THE ECONOMIC DRIVER FOR FOR THE CITY OF BLOOMINGTON IT MAKES SENSE
FOR YOU GUYS TO HAVE A STAKE IN THIS PROGRAM AND OUR PARTNER LAST YEAR THE MINNEAPOLIS REGIONAL CHAMBER THEY RAN INTO SOME FINANCIAL ISSUES AND THEY WERE UNABLE TO
PARTNER WITH US. THAT DECISION WAS MADE LATE IN THE YEAR IN 2024. SO WE'VE BEEN TRYING TO COBBLE TOGETHER THE FUNDING TO MAKE YEAR TO HAPPEN SO WE'RE
RETURNING TO THE PORT. IF YOU GUYS ARE ARE ABLE TO PROVIDE THAT FUNDING AND CLOSE THE GAP TO GET US TO $100,000 FOR THIS YEAR, WE THINK THAT BY DOUBLING THE IMPACT AND
REACH WE CAN CONTINUE PUTTING THIS IN FRONT OF POTENTIAL ORGANIZATIONS THAT WOULD WANT TO PARTNER WITH US NEXT YEAR. THERE IS A POSITIVE BRAND ASSOCIATION THAT THEY WANT TO BE A PART OF A SEAT AT THE
TABLE AND WE HUMBLY ASK YOU GUYS TO TO HELP US OUT WHILE WE TRY TO GET 2 OR 3. SO I AM OPEN TO QUESTIONS.
THANK YOU COMMISSIONERS QUESTIONS MR. LEVY. MR. PETERSON SO 111 QUESTION I HAVE IS WHAT'S SPECIAL ABOUT
THE 100,000 OUR NUMBER JUST KIND OF TALK ME THROUGH THAT. SO HOW'S DETROIT? THEY THEY THEY'RE WINNING AWARD AMOUNT AMOUNT IS $100,000 SO RIGHT OFF THE BAT THAT WAS A TOTAL THAT WE HOPE
TO GET TO AND THROUGH JUST FOR SHORT PERSUASION I THINK CARLA HENDERSON I WAS ABLE TO TO CONVINCE CITY OFFICIALS AT THE TIME TO TO THROW IN $50,000
AND THE REGIONAL CHAMBER THEN WANTED TO MATCH THAT. WHAT MAKES IT UNIQUE THOUGH IS THAT MOST PITCH COMPETITIONS OFFER FAR LESS THAN THIS AND FOR THOSE OF YOU THAT AGAIN
ARE FAMILIAR WITH ENTREPRENEURSHIP, $100,000 IS A LOT OF MONEY. IT'S A DROP IN THE BUCKET FOR WHAT A LOT OF SMALL BUSINESS OWNERS NEED TO GET TRULY OFF THE GROUND SO LIKE WITH YEMEN
CUP WINNING POTS OF MONEY ARE 25,000 TO 50,000 AND THAT'S THAT'S ENOUGH TO GET YOU KNOW, AN R&D PROCESS STARTED TO GET A PROTOTYPE OR AN MVP GOING.
BUT FOR A LOT OF ENTREPRENEURS THAT'S NOT ENOUGH TO GET YOU ALL THE WAY TO TO OPENING WE HOPE THAT BY REQUIRING A BRICK AND MORTAR PRESENCE WHICH IS FAR MORE LABOR INTENSIVE, FAR
MORE IT REQUIRES MORE FUNDING. THIS THIS GETS A LOT OF THOSE ENTREPRENEUR ENTREPRENEURS OVER THAT HURDLE AND GETS THEIR DOORS OPEN.
MR. HUNT THANK YOU. >> I HAVE TWO QUESTIONS AND AND THE DETROIT PROGRAM 100,000 DID THEY REQUIRE THE BRICK AND MORTAR AS A COMPONENT ALSO?
>> YES. AND THE GO AHEAD THERE'S A LITTLE BIT MORE WIGGLE ROOM WITH THEM AT THE BEGINNING IN 2000, 12 2013 THEY HAD A
COUPLE FINALISTS THAT WERE NOT BRICK AND MORTARS. THEY WERE NONPROFITS THAT WERE MORE MOBILE. SO THEY DON'T ADHERE TO THAT AS STRICTLY AS WE DO.
WE JUST WANT TO REMAIN AS WE'RE CITY A CITY GOVERNMENT. WE WANT TO REMAIN FOCUSED ON REVITALIZING BLOOMINGTON AND FOCUSING ON ABSOLUTELY WE WANT THE GOAL IS TO HAVE THEM BE A
BUSINESS OPERATING WITHIN THE CITY OF BLOOMINGTON. >> WE WANT THE ECONOMIC ACTIVITY TO TAKE HERE TAKE PLACE HERE. SO ALONG WITH THAT WE ALSO DON'T LIKE IF IF THEY'RE PROPOSING A FOOD TRUCK AS THE
BUSINESS THAT'S THAT'S A NONSTARTER. FOOD TRUCKS ARE MOBILE. THEY CAN MOVE OUTSIDE THE CITY OF BLOOMINGTON. SO THAT'S JUST AN EXAMPLE OF LIKE WE WE WANT THAT ECONOMIC ACTIVITY TO TAKE PLACE HERE.
OKAY. AND THE NEXT QUESTION THE THE DISBURSEMENT OF THE FUNDS DID THE DETROIT CONTROL THE DISBURSEMENT OF FUNDS OR THEY JUST HAND THE CHECK OVER AND
WHAT'S BLOOMINGTON'S INTENT AS FAR AS WITH RESPECT TO THE PEOPLE HAVE TO HAVE A PLAN OF SPECIFICS AND THEN WHEN THEY START THE SPEND THEY REVIEW IT WITH SOMEBODY IN THE CITY OR GET THE MONITORING.
SO PART OF THE APPLICATION PROCESS WHAT WE'RE REQUIRING LAST YEAR WE ASK THE QUESTION WHAT IS YOUR PLANNED USE OF FUNDS FOR FOR YOUR FUNDS THIS YEAR? WE'VE BUILT THAT OUT AS IS A
IT THEY HAD THE REQUIRED TO SUBMIT A MORE DETAILED PLAN THAN THEY WERE LAST YEAR. SO RIGHT FROM THE BEGINNING THERE NEEDS TO BE A PLAN USE FOR FUNDS SO YOU KNOW A GENERAL MONTH YEAR AND THEN
TASK THAT'S GOING TO BE COMPLETED STARTING IN JANUARY OF 2026. WE'RE GOING TO HOLD THEM TO THAT AS THEY MOVE THROUGH THE PROGRAM AND THEY GET SUPPORT FROM THESE BUSINESS SUPPORT SERVICES.
THEY MAY UPDATE THAT PLAN. THEY MAY YOU KNOW, THEY'RE GOING TO HAVE TO TWEAK TWEAK THAT. BUT WHEN THE WINNER IS SELECTED, THE WINNER IS EXPECTED TO COME BACK WITH A
FULLY FLESHED OUT VETTED PLAN USE FOR FUNDS IN 2024. THE MINNEAPOLIS REGIONAL CHAMBER PROVIDED THAT FOR THIS AREA OVERSIGHT AND THEY WORK WITH SCRAMBLING AND FUNDS WERE
NOT DISPERSED UNTIL THEY CAME BACK WITH THAT PLAN USE FOR FUNDS AND THEN THEY WERE HELD ACCOUNTABLE TO THAT. SO THE REGIONAL CHAMBER HELD ON TO THE MONEY AND AS SCRAMBLING AND PROGRESSED
THROUGH THEIR TIMELINE, YOU KNOW THE REGIONAL CHAMBER HANDED OUT THAT THE FUNDING TO COVER YOU KNOW, THE NEXT MONTH TO RUN THE REHABILITATION OF THE EXTERIOR YOU KNOW LIKE AS AS THEY MOVED THROUGH THEIR
CHECKLIST AND SO THIS BUSINESS BECAUSE THEY WERE EXISTING FOOD TRUCK I MEAN THEY HAD A GOOD IDEA WHAT THEIR COSTS WERE GOING TO BE AND SO FORTH AND KNEW WHAT TO TWEAK AND SO
FORTH AND HOW TO DO AS THEY MOVED INTO LEASE SPACE AND SO FORTH AND AND DIFFERENT AND HIRING PEOPLE AND HAVING STAFF FACILITIES TO CLEAN AND ALL THAT SO THEY HAD A BETTER IDEA
OF COSTS ARE WE LOOKING AT AND JUST CLARIFY ARE ANY OF THESE TRUE START UP BUSINESSES THAT REALLY DON'T HAVE A SENSE OF WHAT THEIR COSTS ARE YET THEY HAVE A MAYBE A GRAND IDEA BUT NOT REALLY DEFINITIVE.
THEY HAVEN'T DONE THEIR BUSINESS YET. >> YEAH, I'D SAY A MAJORITY OF THE THE APPLICATIONS WE GOT LAST YEAR WERE JUST IDEAS AND AND THAT'S FINE YOU KNOW BUT
WE DO EXPECT THEM TO IF THEY ARE CHOSEN TO MOVE INTO THE TOP 25 THEY HAVE A LOT OF WORK TO DO YOU KNOW A GOOD LIKE A GOOD PITCH WILL GET THEM THROUGH THE TOP 25 PITCH ROUND BUT THEY NEED THEY NEED TO
HAVE THE INFRASTRUCTURE BUILT OUT. THEY NEED TO HAVE THE ARGUMENT FOR THEIR BUSINESS PROPOSAL READY BEFORE THE TOP TEN PITCH AND AGAIN WHO MAKES A DECISION ON THAT THAT THEY'RE THAT THAT THAT THAT THEY INVESTED ENOUGH
SO WHEN APPLICATIONS ARE SUBMITTED IT'S CITY STAFF THAT WILL BE REVIEWING THEM AND THEY WILL AND CITY STAFF INCLUDING MYSELF WILL SELECT
WHO MOVES INTO THE TOP 25 ROUND BUT AT THAT POINT WE MOVE IT OVER TO THE JUDGE PANEL THE TOP 25 PITCHES WILL BE ASSESSED WHAT THE JUDGE
PANEL AND THEN STARTING WITH THE TOP TEN AND THE TOP THREE IT'S A COMBINATION OF THE SEVEN MEMBER JUDGE PANEL AND COMMUNITY VOTING THAT MAKES THE SELECTION OF WHO MOVES ON
. OKAY. AND SOME OF THIS BUSINESS SUPPORT PROGRAMING THAT WE HAVE PLANNED OUT SPECIFICALLY
WITH STEARNS BANK IT'S THEY WILL BE MEETING WITH THE CONTESTANTS TO PROVIDE THEM FEEDBACK ON THEIR COMPETITIVENESS FOR BANK FINANCING BUT AT THE SAME TIME OFFERING THE JUDGES BASICALLY
ESSENTIALLY A GRADE ON EACH PROPOSAL. SO HOW HOW READY ARE THESE PLANS TO SECURE FUNDING SO WHEN THE JUDGES COME INTO THE
TOP TEN ROUND FOR EXISTENCE THEY CAN LOOK AT EACH PROPOSAL AND THEY CAN SEE WHAT WHAT THE WHAT GRADE HAS BEEN ASSIGNED TO TO THAT SPECIFIC PROPOSAL. >> OKAY. THAT WOULD BE THE PART THAT
MAKES ME A BIT NERVOUS AND YOU KNOW IT'S GREAT TO HAVE COMMUNITY SUPPORT BUT YOU COULD HAVE SOMEBODY SAYING OH WE LIKE THIS CONCEPT BUT REALLY THEY DON'T THAT PERSON HASN'T REALLY DONE THE EFFECT OF REALLY THOROUGH DUE
DILIGENCE AND VETTING. SO HOPEFULLY THAT'S ALL UNDER CONSIDERATION BY ONE THE JUDGE HAS DONE IT. >> IT DEFINITELY IS. I MEAN AN EXAMPLE FROM LAST YEAR LIKE NOONA THE WEST AFRICAN CUISINE THEY THEY HAD
THEY HAD NOTHING BESIDES AN IDEA. THEY ARE CHARISMATIC. BUT I THINK THE LACK OF INFRASTRUCTURE BUILT BEHIND THEIR IDEA IS WHAT I'M SAYING
THEIR THEIR CHANCES ULTIMATELY BUT THE AMOUNT OF PROGRESS THEY MADE THROUGHOUT THE COMPETITION FROM GOING TO JUST HAVING AN IDEA TO BUILDING OUT A BUSINESS PLAN MEETING WITH CONSULTANTS ACTUALLY THINKING
THROUGH WHAT THEIR PRICE POINTS WILL BE, YOU KNOW HOW TO SOURCE THEIR THEIR THEIR INPUTS. I BELIEVE I'VE HEARD THAT THEY'RE GOING TO TRY TO APPLY AGAIN THIS YEAR AND I'M
INTERESTED TO SEE WHAT THEY COME BACK WITH SINCE THEY'VE BEEN THEY'VE BEEN FOCUSED ON THIS FOR THE LAST 12 MONTHS. SO ANY ADDITIONAL QUESTIONS,
COMMISSIONER HUNT AND THANK YOU COMMISSIONER PETERSON I'VE GOT ONE MORE THAT CYNTHIA'S KIND OF QUESTION KIND OF GOT
ME THINKING ABOUT IN IN THE SPACE THAT I WORK IN, YOU KNOW ,THERE'S THERE'S LIKE A THOUSAND IDEAS EVERY DAY AND PEOPLE HAVE TIME TO THINK OH I CAN YOU KNOW, I CAN START A BUSINESS, HAVE AN IDEA AND
ACTUALLY I THINK BUSINESS PLANNING IS IMPORTANT BUT I THINK THE REAL THING IS IT'S LIKE THE FOUNDING TEAM AND THE PEOPLE IS REALLY AND YOU KNOW THE PEOPLE THAT I KNOW WHO WORK IN THE VENTURE CAPITAL BUSINESS ARE MORE ABOUT
PICKING FOUNDERS THAN PICKING IDEAS BECAUSE THEY FIGURE THE GOOD FOUNDER GROUP YOU KNOW, IF THEY HAVE A DECENT IDEA THEY'LL EITHER MAKE THAT BE SUCCESSFUL OR THEY'LL PIVOT TO SOMETHING ELSE AND AND THE FOUNDER GROUP WILL MAKE IT
HAPPEN. AND SO CAN YOU TALK A LITTLE BIT ABOUT THE THE KIND OF PEOPLE SIDE OF IT BECAUSE YOU KNOW PEOPLE CAN USE THE WRITING BUSINESS PLANS. THERE'S LOTS OF TEMPOS OF BUSINESS PLANS. YOU KNOW, TO BE HONEST YOU
COULD USE CREATIVITY TO WRITE A BUSINESS PLAN THAT AT LEAST MEETS A CERTAIN BAR OF OF QUALITY. SO HOW DO YOU KIND OF GET BEYOND THAT AND AND ASSESS
KIND OF THE PEOPLE THAT ARE INVOLVED? NO, THAT'S ACTUALLY A GREAT QUESTION AND I THINK WHAT YOU'RE REFERRING TO IS THE YOU BET ON THE JOCKEY, NOT THE HORSE. YEAH. METAPHOR FROM THE WORLD OF VC
THAT THAT THAT'S VERY TRUE. IT'S TRUE WITH PITCH COMPETITIONS TOO. SO HOW WE WORK AROUND THAT IS FOR INSTANCE LAST YEAR WE RECEIVED 117 APPLICATIONS.
WE ASSESSED THAT 64 OF THEM WERE COMPLETE ENOUGH TO CONSIDER. I HAD NO IDEA WHO THESE PEOPLE WERE WHEN I WAS LOOKING AT IT ALL I SAW WAS THEIR ONLINE PORTAL APPLICATION I WAS LOOKING AT JUST THE IDEA THAT'S LIKE THE FOUNDATION
RIGHT? SO WE WEREN'T ASSESSING POTENTIAL. WE WERE ASSESSING JUST WHERE THIS BUSINESS PROPOSAL WAS AT THAT CURRENT MOMENT WE CURATED THE LIST THE TOP 25 AND THEN THE TOP OR THE TOP 25.
THAT PITCH ROUND IS ESSENTIALLY AN ELEVATOR SPEECH . THEY HAVE THREE MINUTES. THEY WALK UP ON STAGE IN THE SCHNEIDER THEATER AND THEY HAVE THREE MINUTES FROM THE MINUTE THEY GRAB THE MICROPHONE TO CONVINCE THESE
JUDGES THAT THEY HAVE AN IDEA THAT'S WORTH INVESTING IN AND THAT'S WHERE THE CHARISMA THAT'S WHERE THE STORYTELLING THAT'S WHERE THE STAGE PRESENCE COMES IN. YOU KNOW, THEY'VE ALREADY BEEN MOVED INTO THE TOP 25 BECAUSE
THE BUSINESS PROPOSAL HAS LEGS TO SOME DEGREE BUT THEN YOU'RE LOOKING AT THE CONTENT OF WHO LIKE WHO THESE PEOPLE ARE AND DO THEY HAVE YOU KNOW THAT
THAT X FACTOR THAT CAN THAT CAN MAKE THE DIFFERENCE, RIGHT? I MEAN MY DAD'S A SCIENTIST. HE'S HE'S A COMMUNICATOR AND HE WOULD TALK ABOUT HOW HE WORKED WITH THE WORLD'S SMARTEST PEOPLE BUT NONE
OFHEM COULD COMMUNICATE AND THERE WAS ALL THESE SCIENTIFIC IDEAS THAT WERE NOT BREAKING OUT INTO THE PUBLIC BECAUSE HE WAS SURROUNDED BY PEOPLE THAT DIDN'T HAVE INTERPERSONAL
SKILLS, YOU KNOW, SO LIKE COMMUNICATING THOSE IDEAS WAS WAS A KEY COMPONENT OF HIS JOB AT THAT TIME. AND I'VE ALWAYS REMEMBERED THAT BECAUSE IN THE WORLD OF ENTREPRENEURSHIP LIKE YOU SAID I MEAN IF YOU HAVE IF
YOU'RE BETTING ON THE JOCKEY, THE HORSE MIGHT NOT MAKE IT BUT THE JOCKEY IS GOING TO FIND ANOTHER HORSE AND AT SOME POINT THAT PERSON'S GOING TO BRING BRING BRING A BUSINESS IDEA TO FRUITION.
SO THIS COMPETITION IS TRYING TO THREAD THE NEEDLE ON BOTH SIDES LIKE ENSURE THAT THE BUSINESS PROPOSAL HAS THE SOUND FOUNDATION AND THAT THE
INDIVIDUAL BEHIND THAT OR THE INDIVIDUALS CHAMPIONING THAT ARE ARE COMMITTED YOU KNOW AND THEY HAVE TO HAVE THAT
PRESENCE SO TO SPEAK I THINK I'M COMMISSIONER THANK YOU MAYOR OH YEAH THAT'S ME.
I JUST LIKE TO THANK COMMISSIONERS PETERSON AND HUNT FOR THEIR GREAT QUESTIONS BECAUSE THEY'RE A LOT OF WHAT AS ONE OF THE JUDGES WE TALKED ABOUT IS HOW WE GO THROUGH THAT PROCESS AND THERE WAS A
LOT OF LOOKING AT THE JOCKEY NOT THE HORSE AND TAKING IS IS THIS A PERSON THAT CAN ACTUALLY SEE THIS IDEA THROUGH AND THERE WAS A LOT OF LOOKING AT HOW MUCH PROGRESS PEOPLE
MADE THROUGH THE COMPETITION TO SEE THAT THEY WERE READY TO MAYBE GO FORWARD IN THAT BECAUSE I MEAN THEY'RE GREAT QUESTIONS THAT ARE KEY TO MAKING SURE THE PROGRAM WORKS.
AND YOU KNOW, THERE WERE A NUMBER OF REALLY GOOD IDEAS THAT FRANKLY MAYBE THE LEADER JUST DIDN'T WELL, IT WASN'T IT
WASN'T ALL CHARISMA. IT WAS ALSO, YOU KNOW, A LOT OF REALLY GOOD QUESTIONS AND IF THEY COULDN'T ANSWER THE QUESTION AND THEN THERE WAS LIKE OKAY, THEY HAVEN'T THOUGHT THIS THROUGH ENOUGH OR
THEY'RE NOT FLEXIBLE ENOUGH TO ADAPT TO THE MARKETPLACE AS THEY TRY TO MOVE THIS BECAUSE YOU KNOW, BEING A SMALL BUSINESS OWNER MYSELF. MARKETS CHANGE AND THEY CHANGE QUICKLY AND IF YOU'RE NOT FLEXIBLE, IF YOU CAN'T ADJUST
TO THAT AND AND AND DO THAT IF YOU JUST IF YOU'RE RIGID IN YOUR THINKING YOU'RE NOT GOING TO GET IT THROUGH. SO JUST WANT TO SAY THANK YOU FOR YOUR GREAT QUESTIONS BECAUSE THEY ARE REALLY PART AND PARCEL OF WHAT THIS
PROGRAM WHAT I SAW WAS AND THEN AND MR. LUNDY, I'D LIKE TO THANK YOU FOR THE WORK YOU'VE DONE TO DEVELOP THIS BECAUSE I DO THINK ONE OF THE THINGS THAT WE LEARN FROM THE FIRST YEAR IS MORE SUPPORT AND MORE EXPECTATION OF THEM
UTILIZING THAT SUPPORT AND MAKING MORE PROGRESS THROUGH THAT. AND YOU KNOW MY HOPE STILL IS I MEAN THERE'S GOING TO BE ONE WINNER BUT MY HOPE IS THREE, 4
OR 5 OF THEM ACTUALLY EXECUTE THEIR BUSINESS BECAUSE THERE WERE OTHER ONES THAT THEY'RE GREAT IDEAS AND I THINK IF THEY CAN GET SOME OF THOSE DETAILS IN THEY CAN GET A BANK TO FINANCE IT. THEY YOU KNOW, THEY MAY MAY
STILL BE ABLE TO MOVE FORWARD. SO YEAH, I AM VERY EXCITED ABOUT THIS PROGRAM NOT JUST BECAUSE I'M A JUDGE BUT BECAUSE I THINK IT REINVESTS STRATEGICALLY IN BLOOMINGTON
AND POSITIONS US REALLY WELL. I JUST WANT TO BUILD ON TWO THINGS THAT COUNCILMEMBER NELSON SAID TO HIS IS FIRST OFF HE ASKED A LOT OF GREAT QUESTIONS AND SOME OF THESE CONTESTANTS LAST YEAR WERE NOT READY FOR THOSE QUESTIONS.
I TOOK NOTE OF ALL OF HIS QUESTIONS AND WE REDID THE APPLICATION. SO A LOT A LOT OF THOSE QUESTIONS ARE BUILT IN ON THE FRONT AND NOW THEY JUST NEED TO PROVIDE SOME SEMBLANCE OF AN ARGUMENT IN THESE
QUESTIONS. BUT NOW NOW THEY'RE AWARE OF WHAT WHAT THEY THE EXPECTATION AS THEY MOVE THE PROGRAM RIGHT. LIKE WHAT ARE YOUR PRICE POINTS? WHY DID YOU CHOOSE THOSE YOU KNOW LIKE THOSE ARE LIKE THEY'RE GOING TO BE READY FOR
YOUR QUESTIONS THIS YEAR IN THAT RESPECT. AND THEN ALSO I MEAN WE WANT TO LAST YEAR WAS WAS A PILOT YEAR, RIGHT? WE JUST WANTED TO TEST AND SEE IF THIS WORKED AND IT DID EVENTUALLY WE'D LIKE TO GET TO THE POINT WHERE THERE'S AN
ALUMNI GROUP FOR EVERYBODY THAT MAKES THE TOP TEN REMAINS ENGAGED WITH BLOOMINGTON NOT JUST THE HATCH PROGRAM BUT THE BLOOMINGTON SMALL BUSINESS COMMUNITY IN GENERAL. WE CONTINUE TO BRING THEM
IN AND IT'S A 12 MONTH YEAR ROUND ENGAGEMENT CULTIVATING THAT PIPELINE, YOU KNOW, AND TRYING TO GET AS MANY OF THESE BUSINESSES OPEN AS WE CAN. YOU'RE GOING TO NEED TO COME
UP WITH SOME NEW QUESTIONS. I KNOW TALK TO ME I WE CAN MAYBE WE CAN COME UP WITH SOME TOGETHER. SO YEAH. THANK YOU. AND MY QUESTION WAS GOING TO
BE ALONG THOSE LINES HAVE WE HEARD BACK FROM THE OTHER TOP TEN FOLKS FROM LAST YEAR? DO YOU HAVE ANY INFORMATION OR STATISTICS ON THEM? BECAUSE I LOOK AT THIS WHATEVER WHATEVER AMOUNT WE
DECIDE TO INVEST IN THIS FINANCIAL ASSISTANCE, I LOOK AT THIS AS LITERALLY AN INVESTMENT AND WHAT'S THE RETURN ON IT? SO ANY IDEAS ON THE THE TOP
TEN AND AND GET A LITTLE START WITH IT ANY ANY IDEAS AND THE OTHERS WHO FINISHED IN THE TOP TEN YEAH I DO KNOW THAT SO YOU KNOW LIKE I SAID THEY THEY HAVE BEEN WORKING ON THEIR
THEIR RESTAURANT IDEA I THINK THEIR THEIR INTENTION IS TO COME BACK AND APPLY AGAIN THIS YEAR. ANTHONY LINDSAY WHO IS ANOTHER JUDGE ON OUR PANEL SHE'S ACTUALLY BEEN WORKING WITH
THEM PRO-BONO OVER THE LAST SIX MONTHS TO HELP THEM GET THEIR THEIR FUNDAMENTALS IN ORDER SO THEY CAN APPLY AGAIN TO THIS PROGRAM BUT ALSO SECURE FINANCING ELSEWHERE IF
THEY NEED TO CALL SONY. I BELIEVE SHE'S GOING TO BE AT THE STATE OF THE CITY ON FRIDAY. SO SHE'S STILL WORKING ON GROWING HER BRAND. SHE'S SHE'S BEEN WORKING ON
BRAND PARTNERSHIPS, GETTING HER CLOTHING LINE AND I I BELIEVE WAS SOMETHING THAT SHE'S TRYING TO GET NAILED DOWN BEFORE SUMMER THIS YEAR.
>> I KNOW THAT A COUPLE OF THE BUSINESSES FROM THE TOP TEN THE ENTREPRENEURS HAVE PIVOTED . ONE OF THEM GRANT FOR HIS LAST
NAME BUT HE WAS THE UNDERDOGS IN THIS HE'S HE'S NOW A WRITER SO HE'S HE'S LAUNCHING OUR CHILDREN CHILDREN'S BOOK LINE RIGHT NOW I DON'T KNOW IF THAT MEANS HE'S APPLYING AGAIN BUT I CAN GIVE YOU I CAN GIVE YOU
AN UPDATE ON SOME OF THOSE GUYS BUT I DO REMAIN AN EMAIL CONTACT WITH MOST OF THEM. BUTUT WHAT I'M HEARING IS IT'S STILL A WORK IN PROGRESS. YEAH. AND BUT WE WILL SEE SOME PROGRESS AMONG SOME OF THOSE TOP TEN FOLKS AND AND
ULTIMATELY YES I WOULD I WOULD LOVE TO SEE LIKE THEY HAVE IN DETROIT THIS EVEN BEYOND THE WINNERS THAT THE THE FOLKS WHO FINISHED IN THE TOP FIVE OR THE TOP TEN AS YOU SAID END
UP OPENING A BUSINESS WHETHER HERE IN BLOOMINGTON OR ANYWHERE I MEAN IDEALLY HERE IN BLOOMINGTON. BUT I WOULD JUST LIKE TO SEE THESE ENTREPRENEURS SUCCEED ALSO. WELL, AND YOU KNOW, A BIG POINT BEHIND THE BUSINESS SUPPORT PROGRAMING WE HAVE IS
WE WANT TO SHOW THEM HOW TO NAVIGATE THE CITY'S PERMITTING LICENSING SYSTEM. WE WANT TO PUT THEM IN CONTACT WITH ACCOUNTANTS AND LEGAL LEGAL SERVICES SO THAT WHEN
THEY WHEN THEY COME OUT THE OTHER SIDE FROM HATCH THEY'VE THEY'VE ALREADY HAD TOUCHPOINTS WITH WITH THE ECOSYSTEM. THEY KNOW WHAT THEY HAVE TO DO. IT'S NOT THIS AMBIGUOUS
UNCERTAIN YOU KNOW SMALL BUSINESS ENVIRONMENT RIGHT LIKE THERE'S NO OTHER CITY DOING THAT RIGHT? LIKE MINNEAPOLIS ISN'T DOING THAT THEY'RE SORT OF SORT OF BUSINESS MINNEAPOLIS LIKE
YOU HAVE TO GO DOOR KNOCKING TO FIGURE OUT WHAT TO DO HERE WE'RE TRYING TO GIVE YOU A HANDBOOK TO SHOW YOU EXACTLY HOW TO GET YOUR BUSINESS OPEN. AND THEN THE FINAL QUESTION I HAD SO THE AGAIN, THE IDEA IS
THIS THE WINNERS WOULD RECEIVE $100,000 IN FINANCIAL ASSISTANCE. IS THAT THAT'S CORRECT. AND I KNOW YOU'VE BEEN REACHING OUT. YOU'VE BEEN TRYING TO CONTACT AND GETTING SUPPORT FROM OTHER DONORS AND SUPPORTERS.
TALK A LITTLE BIT ABOUT THAT SOME OF THE FEEDBACK THAT YOU'VE BEEN GETTING AND TALK ABOUT THE AGAIN, AS I LOOK AT THIS AS AN INVESTMENT, I LOOK AT THAT THAT $50 50,000 THAT
THE CITY DID PUT INTO THIS LAST YEAR TURNED INTO 650,000 OF EARNED MEDIA WHICH IS NOT IT'S NOT NOTHING. SO IF YOU COULD TALK A LITTLE BIT ABOUT YOUR CONVERSATIONS WITH OTHER POTENTIAL INVESTORS
IN THIS AND WHAT THE PLAN MIGHT BE MOVING FORWARD AS WE CONTINUE THIS BECAUSE THIS I FULLY AM CONFIDENT THIS IS GOING TO CONTINUE INTO THE FUTURE. SO EVERY EVERY OTHER INSTITUTION I'VE TALKED TO IS
THAT THEY WANT TO GET INVOLVED AND HATCH IN THE FUTURE IF NOT RIGHT NOW THEY RECOGNIZE THE THE BRAND ASSOCIATION, THE BENEFITS THAT THEY DO SEE THAT
PARTNERING WITH THE CITY ON A PROGRAM LIKE THIS THEY GET NOT JUST FOR YOUR MEDIA BUT IT'S A POSITIVE BRAND ASSOCIATION FOR THEM. RIGHT LIKE THEY DO UNDERSTAND THAT PART OF THE STRUGGLE WAS
THAT BY T TIME WE WE WE WE REALIZED WHAT THE FUNDING SITUATION WAS FOR US IT WAS LEADING OFF IN THE CALENDAR YEAR LAST YEAR THAT MOST ORGANIZATIONS HAD ALREADY
DRAFTED THEIR 2025 BUDGET AND PASSED IT RIGHT. SO THERE WE DIDN'T GET IN THERE BEFORE THEY HAD MADE THOSE BUDGETS FINAL. SO A LOT OF THE CONVERSATIONS I'VE BEEN HAVING ARE WITH
PEOPLE WHO ARE VERY RECEPTIVE BANKS AND FOUNDATIONS AND NONPROFITS THAT ARE VERY RECEPTIVE TO THE IDEA OF HATCH THEY REMAIN ENGAGED WITH ME. THEY'RE TRYING TO FIND WAYS TO TO MOVE MONEY AROUND TOEE IF
THEY CAN THEY CAN CONTRIBUTE SMALLER AMOUNTS HERE AND THERE . THERE'S STILL A COUPLE IRONS IN THE FIRE TO SEE SEE IF THAT WORKS OUT. BUT I THINK FOR THE MOST FOR THE MOST PART THE THE RESPONSE HAS BEEN WE'RE VERY
INTERESTED. WE WANT TO GET INVOLVED. IF WE CAN'T COME THROUGH IN 2025 WE WOULD LIKE TO HAVE A CONVERSATION IN SEPTEMBER OF THIS YEAR ABOUT 2026. SO I BELIEVE THAT IF WE CAN
CLOSE THE FUNDING GAP AND GET TO THAT 100,000 THIS YEAR, THAT EYE POPPING NUMBER THAT SETS US APART IN FUTURE YEARS, I THINK THERE'S POTENTIAL FOR BRINGING IN PARTNERS FROM FROM A LOT OF DIFFERENT PARTS
OF THE THE LOCALCONOMY IN THE MARKET TO MAKE THIS TRULY A PUBLIC PRIVATE COLLABORATIVE PROGRAM AND SO YOU HAVE $10,000 SECURED ELSEWHERE AND YOU'D BE ASKING FOR UP TO $90,000 FROM THE
PORT AUTHORITY HERE TO ROUND OUT TO THAT HUNDRED THOUSAND. THAT'S CORRECT. AND BLOOMINGTON, MINNESOTA TRAVEL AND TOURISM. I WANT TO THANK THEM BECAUSE MONICA OLSON SHE SHE DID SHIP AND 10,000 GREAT GREAT GREAT
MEMBERS. ANY OTHER ADDITIONAL QUESTIONS ? WELL THEN MEMBERS THOUGHTS ON ON THE MOTION IN FRONT OF US WE'VE GOT TWO PARTS OF THE
MOTION IT'S THE ADJUSTMENT IN THE AMOUNT OF $300,000 TO ISSUE RETURN FUNDS THAT WERE PREVIOUSLY DEDICATED TO THE SMALL BUSINESS DEVELOPMENT CENTER AND THEN WHAT YOUR THOUGHTS ARE ON ANYWHERE FROM
THE THE REQUEST IS SOMEWHERE BETWEEN 50 AND $90,000 FOR THE HATCH BLOOMINGTON PROGRAM AND WE HAVE IT HERE IN IN A SINGLE MOTION SO THOUGHTS OR OR COMFORT LEVELS AT DIFFERENT
FINANCIAL LEVELS AND I WILL SAY I LIKE THE IDEA OF THE $90,000 TO ROUNDED UP TO THE $100,000 WITH THE HOPE AND EXPECTATION THAT IF STAFF IS ABLE TO SECURE ADDITIONAL
FUNDING WITH THEIR CONVERSATIONS OVER THE NEXT COMING MONTHS THAT WE'D BE ABLE TO TO OFFSET THAT IN SOME WAY AND WE MAKE ADJUSTMENTS IF NEED BE VERY CONFIDENT THAT'S GOOD.
SO I MEAN THAT WOULD BE MY MY PREFERENCE WOULD BE TO GIVE THAT SET THAT DOLLAR AMOUNT SO WE ARE AT THE FULL $100,000 OUR STAFF TO CONTINUE TO WORK ON IT WITH THE CONFIDENCE THAT
SOMETHING'S GOING TO POP UP EVENTUALLY AND BE ABLE TO CONTINUE HACH INTO NEXT YEAR AS WE ANNOUNCE IT NEXT FRIDAY AND AND GET IT ROLLING.
THOUGHTS ON THAT ? COMMISSIONER NELSON I SUPPORT THAT. VERY GOOD. YOU KNOW COMMISSIONER NELSON
COMMISSIONER NELSON I EXCUSE ME COMMISSIONER PETERSON. NELSON PETERSON YEAH. THEY LOVE TO TRADE NAMES TO MIX IT UP. YOU KNOW I'M MORE COMFORTABLE
NOW AFTEREARING THE CONVERSATION TODAY WITH THE $90,000 NUMBER. I DO WANT US TO TRY TO, YOU KNOW, CONTINUE THE EFFORTS THAT WE'RE DOING TO KIND
OF EXPAND THIS SET OF FOLKS. BUT I UNDERSTAND WHY NOT NOW UNDERSTAND BETTER WHY $100,000 NUMBER IS A MEANINGFUL NUMBER PARTICULARLY IN THINKING ABOUT THE FOCUS ON BRICKS AND MORTAR AND ON KIND OF THE COST ASSOCIATED ASSOCIATED WITH
THAT, YOU KNOW, SO MY UNLESS SOMEBODY ELSE HAS SOMETHING ELSE TO SAY I WOULD MOVE THE MOTION WITH THE BLANK FILLED IN AT $90,000 FOR THE SUPPORT FOR THE HATCH PROGRAM.
SECOND MOTION BY COMMISSIONER PETERSON, SECOND BY COMMISSIONER NELSON TO APPROVE THE BUDGET ADJUSTMENTS IN THE PORT AUTHORITY'S DEVELOPMENT SPECIAL REVENUE FUND IN THE AMOUNT OF $300,000 TO RETURN FUNDS THAT WERE PROVIDED PREVIOUSLY DEDICATED TO
CONSTRUCTION OF A SMALL BUSINESS CENTER AND IN THE AMOUNT OF $90,000 TO SUPPORT HATCH BLOOMINGTON PROGRAM. IS THERE ANY FURTHER DISCUSSION ON THIS? COMMISSIONER HUNT ANY
QUESTIONS ANYTHING TO ADD TO THE CONVERSATION HERE? >> NO, I WAS JUST GOING TO ASK THE QUESTION IS THE CITY USING HATCH BLOOMINGTON AS A AS A LEGAL NAME LIKE OUR A DIVA OR
IS IT JUST OPERATING UNDER THE AUSPICES OF THE CITY OF BLOOMINGTON? DON'T YOU LIKE TRADE NAME THAT'S GOING TO BE FILED FOR HATCH BLOOMINGTON I DON'T KNOW WHAT THE LEGAL STATUS OF HATCH BLOOMINGTON BUT THE QUESTION
FOR MR. STANDISH YEAH, THAT'S A QUESTION FOR MELISSA WE DON'T CURRENTLY HAVE IT TRADEMARKED. OKAY. IT'S JUST KIND OF UNDER THE CITIES AND ROLLA RIGHT NOW BUT
AM I'M JUST HEARING FROM MS. MANAGER CHAD THERE IS NO TRADE NAME RIGHT NOW OFFICIALLY AS HATCH BLOOMINGTON. >> OKAY. THANK YOU. OR WE COULD WE COULD EVENTUALLY REGISTER THE NAME I THINK IF IF THAT BASED ON YOUR
ADVICE COMMISSIONER HUNT IF THAT WOULD BE BENEFICIAL IN SOME WAY OR IF WE PROTECT THE CITY IN SOME WAY, I THINK WE SHOULD HAVE THAT CONVERSATION. PERHAPS YOU COULD CONNECT WITH MS. MANAGER CHAD AND HAVE THAT CONVERSATION. THANK YOU. OKAY.
SO WE HAVE A MOTION IN THE SECOND ON THE FLOOR ON THE TABLE HERE WITH THE THE MOTION THAT WAS STATED. ANY FURTHER DISCUSSION IF NOT MARRIED COULD YOU CALL THE
ROLL PLEASE? I SEE I NELSON PETERSON I HUNT I MOTION CARRIES FOUR ZERO. THANK YOU ALSO VERY MUCH. THANK YOU MR. MUNDY AND THANKS
FOR YOUR WORK ON THIS. I THINK IT'S EXCITING AND I'M EXCITED TO ANNOUNCE IT NEXT FRIDAY IS THE IS THE KICKOFF AND LOOK FORWARD TO SEE WHERE THIS IS GOING IN THE FUTURE BECAUSE I THINK THIS IS A
FABULOUS PROGRAM AND IF I HAD A NICKEL FOR EVERY CITY THAT CAME UP TO ME AND SAID HEY, CAN WE DO THIS TOO AND SAY WE'D BE DOING WELL WHEN WE COULD GET CLOSE TO $100,000 MAYBE CLOSE. SO I WANT TO THANK YOU GUYS
TOO JUST FOR THE OPPORTUNITY TO SPEAK TO YOU ABOUT THIS AND FOR FUNDING. HATCH IT'S IT'S IT'S TRULY A REMARKABLE PROGRAM. AND MR. MAYOR, WE'RE GOING TO BE USING YOU A LOT THIS YEAR. YOU'RE THE FACE SO GREAT.
HAPPY TO BE HAPPY TO DO IT. ABSOLUTELY. AND TO OUR OTHER COMMISSIONERS, IF YOU'RE LOOKING FOR MORE TIME TO SPEND ON THIS, I KNOW THAT I THINK THERE ARE STILL SPOTS IN THE
JUDGING PANEL AND WE CANNOT I MEAN WE OR NOT WE HAD BUILT OUT A NINE MEMBER PANEL SO IF THERE'S TWO OF YOU THAT ARE INTERESTED WE HAVE SEVEN RIGHT NOW WE COULD MAKE TWO TWO MORE SLOTS, SOMETHING TO THINK
ABOUT, SOMETHING TO THINK ABOUT. WE DON'T HAVE TO COMMIT ONE WAY OR ANOTHER RIGHT NOW. SO THANK YOU, MR. LUNDY. APPRECIATE IT. THANK YOU AND THANK YOU COMMISSIONERS. THANKS FOR THE DISCUSSION ON THIS. THANKS FOR THE GOOD QUESTIONS AND THANKS FOR THE BUDGET
ADJUSTMENTS. THERE'S BASICALLY NOTHING OH YOU WERE REACHING FOR YOUR MICROPHONE. I WASN'T SURE. I THINK THAT CONCLUDES OUR AGENDA AS WE HAD AMENDED IT AND WE HAD TALKED ABOUT
EARLIER. UNLESS THERE'S ANYTHING ELSE I WILL LOOK FOR A MOTION TO ADJOURN. WE DON'T NEED A MOTION TO ADJOURN. NO, I WOULD ADJOURNED THE MEETING. VERY GOOD. THANK YOU VERY MUCH