[1:40] AND WELCOME. >> I'M GOING TO CALL IS PORT AUTHORITY MEETING TO ORDER TONIGHT IS TUESDAY, MARCH 18TH

[1:46] AND WE ARE HERE IN THE BLOOMINGTON CITY COUNCIL CHAMBERS. WE DO HAVE ONE MEMBER OF THE THE PORT AUTHORITY REMOTE.

[1:54] 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

[2:01] THAT. WE WILL CALL THE ROLL AND ACKNOWLEDGE WHO IS HERE. I SEE HERE NELSON HERE.

[2:09] PETERSON HERE. HUNT ERIC SO WE DO OFFICIALLY HAVE A QUORUM OF THE PORT

[2:15] AUTHORITY WITH FOUR MEMBERS HERE COUNCIL BECAUSE WE HAVE A SMALL GROUP AND I KNOW THAT COMMISSIONER HUNT IS WITH US

[2:21] FOR A SHORT PERIOD OF TIME. WE HAVE THE AGENDA IN FRONT OF US BUT WITH YOUR INDULGENCE

[2:27] 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

[2:35] HAVE TO APPROVE THE MINUTES SO ITEM 1.1 THE APPROVAL OF THE PORT AUTHORITY MEETING MINUTES THAT'LL BE ON PAGE THROUGH

[2:40] PAGE TWO OF THE PACKET IN FRONT OF YOU AND THEN TO JUMP DOWN INTO ORGANIZATIONAL BUSINESS RIGHT DOWN TO ITEM

[2:46] 2.3 WHICH IS THE REQUEST FOR A BUDGET ADJUSTMENT THAT STARTS ON PAGE 121 AND THAT REQUIRES THE FOUR MEMBERS OF THE PORT

[2:55] 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

[3:03] WOULD LIKE TO THEN HOLD OFF FOR AN ITEM STATED ITEMS

[3:09] 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.

[3:15] SO WE JUST HAVE TWO ITEMS ON THE AGENDA IF THAT SUITS YOUR FANCY THIS EVENING.

[3:20] ALL RIGHT. SOUNDS GOOD WITH THAT ALCOHOL ITEM 1.1 APPROVAL OF THE PORT AUTHORITY MEETING MINUTES UNLESS THERE ARE CORRECTIONS

[3:27] OR CHANGES I WOULD LOOK FOR A MOTION TO APPROVE ITEM 1.1 THE PORT AUTHORITY MEETING MINUTES FOR THE DAY OF FEBRUARY 18TH

[3:37] 2024. MR. VICE PRESIDENT, I MOVE THAT WE APPROVE THOSE MINUTES SO AGAIN I WE HAVE A MOTION BY COUNCIL MEMBER PETERSON THE

[3:44] SECOND BY OR EXCUSE ME COMMISSIONER PETERSON AND THE SECOND BY COMMISSIONER NELSON I WILL NOTE ON THE OFFICIAL

[3:52] DOCUMENT THAT WE HAVE IT DOES SAY FEBRUARY 18TH, 2024 I BELIEVE IT'S 2025. SO WE LIKE TO MAKE THAT CHANGE

[3:58] IF WE COULD JUST SO WE HAVE IT OFFICIALLY. ARE THERE ANY OTHER CORRECTIONS OR CHANGES TO THE THE MEETING MINUTES?

[4:05] IF NOT WE WILL TAKE THE THE ROLL CALL FOR TO SEE THE APPROVAL.

[4:11] I SEE I NELSON PETERSON I HUNT I MOTION CARRIES FOUR ZERO SO

[4:17] WE HAVE APPROVED THE PORT AUTHORITY MEETING MINUTES FROM FEBRUARY 18TH 2025. WE'LL MOVE ON THEN TO ITEM 2.3

[4:24] ON OUR AGENDA. THIS IS A REQUEST FOR BUDGET ADJUSTMENTS. MS. MASER THANK YOU MR. MAYOR. WE WILL BE HEARING FROM PORT

[4:33] AUTHORITY ACCOUNTANT MARY KAY AND FIRST WHO WILL EXPLAIN THE BUDGET ADJUSTMENT REQUEST AND THEN SECONDLY WE WILL HEAR

[4:39] FROM SEAN LUNDY SPECIAL PROJECTS AND INITIATIVES MANAGER WHO WILL TALK ABOUT THE HATCH BLOOMINGTON PROGRAM THAT THIS REQUEST IS IN SUPPORT OF.

[4:46] VERY GOOD. GOOD EVENING. WELCOME. GOOD EVENING. I'M SO WE HAVE TWO BUDGET ADJUSTMENTS IN THE DEVELOPMENT SPECIAL REVENUE FUND TONIGHT.

[4:54] THE FIRST IS AN INCREASE IN OTHER REVENUE OF 300,000 AND THIS IS RELATED TO THE TRANSFER LAST YEAR THAT THE

[5:02] PORT MADE TO THE CITY TO BUILD OUT A SMALL BUSINESS CENTER WITH A CHANGE IN FOCUS TO MORE COMMUNITY BASED INITIATIVES.

[5:10] ON FEBRUARY 25TH THE CITY COUNCIL APPROVED RETURNING THOSE FUNDS TO THE PORT. SO THIS IS JUST SHOWING THE

[5:17] $300,000 COMING BACK INTO THE PORT AND THEN THE SECOND MONTH AND THEN ADJUSTMENT BEEN REQUESTED IS FOR THE HATCH

[5:25] 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

[5:33] 80,000 IS WHAT WE'RE REQUESTING AND SEAN WILL TELL US MORE ABOUT THAT.

[5:39] THANK YOU MUCH MR. LUNDY WELL GOOD EVENING MR. MAYOR AND COISSIONERS.

[5:45] >> I'M USED TO SAYING CITY COUNCIL MEMBERS SO MY NAME IS SEAN LUNDY.

[5:51] 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

[5:58] SO I'M HERE TO TALK TO YOU ABOUT THE HATCH BLOOMINGTON PITCH COMPETITION AND TO BE

[6:06] COMPLETELY TRANSPARENT TRANSPARENT UP AT THE BEGINNING WE'RE HERE TO ASK YOU FOR FUNDING FOR THAT

[6:11] PROGRAM. I KNOW THAT COUNCILMEMBER NELSON YOU'RE A JUDGE IN THE

[6:18] PROGRAM AND MR. MAYOR, YOU ARE THE KEY SPOKESPERSON. SO YOU GUYS ARE BOTH FAMILIAR

[6:23] WITH THIS. BUT I DO WANT TO GIVE THE REST OF YOU GUYS A QUICK RUNDOWN OF WHAT THE PROGRAM IS, WHAT

[6:29] THE IMPACTS ARE TO BLOOMINGTON AS A AS A CITY BUT SPECIFICALLY TO THE ENTREPRENEURSHIP AND SMALL

[6:34] BUSINESS COMMUNITY AND CAN I

[6:39] CONTROL IT FROM HERE? OKAY. SO WHAT IS HATCH BLOOMINGTON I

[6:51] AM ACTUALLY IN THIS. ARE YOU ALL RIGHT? OKAY. GOTCHA. OKAY, SO HATCH BLOOMINGTON IS AN ANNUAL PITCH COMPETITION

[6:57] THINK SHARK TANK THAT FOCUSES SPECIFICALLY ON SMALL BUSINESSES LAUNCHING A BRICK AND MORTAR PRESENCE HERE

[7:06] IN THE CITY OF BLOOMINGTON. UNLIKE A LOT OF PITCH COMPETITIONS THAT EXIST THESE DAYS, WE ARE FOCUSED ON BUILDING RETAIL SPACE IN THE

[7:14] CITY. SO FOR INSTANCE, I'M A JUDGE FOR THE MAN CUP THAT'S HOSTED OUT OF THE CARLSON SCHOOL

[7:20] OF MANAGEMENT AT THE UNIVERSITY OF MINNESOTA. A LOT OF THOSE PITCHES ARE APP

[7:25] BASED SOFTWARE PLATFORMS THAT CAN BE RUN FROM ANYWHERE IN THE WORLD. THAT'S FINE. THAT'S GREAT FOR MOST PITCH

[7:31] COMPETITIONS BUT HATCH IS FOCUSED ON REVITALIZING ECONOMIC CORRIDORS HERE IN THIS CITY SO WE INVITE

[7:37] ENTREPRENEURS FROM ANYWHERE IN THE COUNTRY TO APPLY. THE ONLY STIPULATION BEING

[7:42] THAT YOU'RE A US CITIZEN AND THAT YOU COMMIT TO BUILDING YOUR BUSINESS HERE

[7:47] IN BLOOMINGTON. ALSO WHAT MAKES HATCH DIFFERENT AND UNIQUE THAN MOST

[7:53] PITCH COMPETITIONS IS THAT WE WHAT'S BUILT INTO OUR PROGRAM

[7:58] PROGRAMING IS COMMUNITY INVOLVEMENT. SO BESIDES JUST HAVING A JUDGE PANEL ASSESS THESE PROPOSALS, WE ALSO HAVE A COMMUNITY VOTE

[8:07] COMPONENT WHICH IS ACTUALLY UNIQUE TO PITCH COMPETITIONS

[8:15] 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

[8:20] TOP THREE PITCH ROUNDS THE COMMUNITY CAN COME WATCH THE PITCHES. THEY CAN VOTE THROUGH A TAX BY

[8:28] VOTE SOFTWARE PLATFORM. WE POST VIDEOS OF THOSE PITCHES ONLINE SO PEOPLE CAN WATCH THEM IF THEY CAN'T GO

[8:33] IN PERSON AND THERE'S A WEEK PERIOD AFTER EACH PITCH WHERE PEOPLE CAN SUBMIT THEIR VOTES

[8:39] I'LL TALK ABOUT IMPACTS LATER BUT LAST YEAR WE HAD 10,000 COMMUNITY UNIQUE COMMUNITY VOTES SO THE PEOPLE HAVE ROOMS

[8:47] AND WE'RE PAYING ATTENTION TO THOSE. OKAY, NEXT SLIDE.

[8:53] >> SO TO GIVE YOU A LITTLE BIT OF CONTEXT, WE ARE MODELED AFTER A PITCH COMPETITION IN DETROIT CALLED HATCH

[8:58] DETROIT. THEY WE WENT OVER THERE WHEN I SAY WE JAMIE REHBERG, THE OLD

[9:06] CITY MANAGER CARL HENDERSON, THE OLD COMMUNITY DEVELOPMENT DIRECTOR AND THEN

[9:12] REPRESENTATIVES FROM OUR PARTNER ORGANIZATION, THE MINNEAPOLIS REGIONAL CHAMBER WE WENT TO DETROIT TO MEET WITH THE HATCH DETROIT TEAM

[9:20] IN DOING RESEARCH FOR HATCH AND THEY GAVE US LICENSE TO TO USE A LOT OF THEIR THEIR IDEAS AND PROGRAMING.

[9:25] SO THEY'RE FULLY SUPPORTIVE OF THIS AND ALL OF OUR MODELING THAT I JUST TALKED ABOUT IS BASED OFF OF WHAT

[9:31] THEY DO. BUT YOU CAN SEE THAT THE HAS DETROIT'S BEEN AROUND SINCE 2011 THEY COUNT FOR 50 HATCH

[9:40] ALUMNI THAT ARE CURRENTLY OPERATING BUSINESSES IN THE CITY THERE'S AN ESTIMATED ECONOMIC IMPACT OF $13 MILLION

[9:46] IN ECONOMIC ACTIVITY THAT'S JUST DIRECTLY FROM THEIR OPERATIONS. THAT'S THAT'S NOT INCLUDING WAGES TAXES ON THOSE WAGES AND

[9:54] 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

[10:01] EMPLOY OVER 500 PEOPLE. ANOTHER INTERESTING TIDBIT ABOUT HOW SHORT IS EVERY

[10:08] 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

[10:15] SMALL BUSINESSES FAIL AFTER THREE YEARS OR WITHIN 1 TO 3 YEARS THE ATTRITION RATES LIKE

[10:21] 85%. HATCH DETROIT HAS BEEN ABLE TO KIND OF BREAK THAT CYCLE BECAUSE THEY'VE BUILT OUT THIS HUGE ECOSYSTEM OF SMALL

[10:28] BUSINESS PROGRAMING THAT SUPPORTS THE CONTESTANTS AS THEY MOVE THROUGH THE PROGRAM. IT SUPPORTS THE WINNER BUT IT ALSO SUPPORTS THOSE THAT MAKE

[10:37] IT THROUGH TO THE TOP TEN. SO I'M GOING TO TALK ABOUT THIS IN A SECOND AS WELL.

[10:42] 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

[10:48] WE'RE BUILDING OUT THIS SMALL BUSINESS PROGRAMING NETWORK TO SUPPORT THESE ENTREPRENEURS. THE IDEA OF BEING WHICH I'LL

[10:55] GET TO HERE SO THE CONTEST GOALS IS TO SUPPORT THE EXISTING AND GROWING SMALL

[11:00] BUSINESS COMMUNITY IN BLOOMINGTON. WE WANT TO POSITION BLOOMINGTON AS A DESTINATION

[11:06] FOR ENTREPRENEURS THROUGHOUT THE METRO AREA AND THE WIDER MINNESOTA REGION AND LIKE THE

[11:14] SECOND BULLET POINT POINTS OUT POSITIONING BLOOMINGTON AS AN ATTRACTIVE LOCATION NOT JUST FOR THESE SMALL BUSINESSES BUT OUTSIDE INVESTMENT AND ECONOMIC ACTIVITY.

[11:21] 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

[11:28] ACTIVITY DRIVEN BY THAT BUSINESS. IT'S THE FOOT TRAFFIC. IT'S IT'S THE RESIDUAL SALES GOING ON TO EAT WHEN YOU'RE

[11:33] DOWN HERE IN TOWN PARKING, YOU KNOW, THERE'S A HUGE IMPACT THAT CAN BE SEEN BUILD AND

[11:41] MAINTAIN A PIPELINE OF UP AND COMING ENTREPRENEURS WHO ARE BLOOMINGTON FOCUSED. SO IF WE CAN POSITION BLOOMINGTON AS A KNOWN DESTINATION FOR SMALL

[11:48] BUSINESSES AND ENTREPRENEURSHIP THAT BUILDS A PIPELINE PEOPLE THINK OF BLOOMINGTON FIRST WHEN THEY WANT TO START THEIR BUSINESS.

[11:53] HATCH IS A PART OF THAT, YOU KNOW, REBRAND NOT NOT TO USE A

[12:00] OVER OVERLY TAXED TERM BUT YOU KNOW, THIS A PERIPHERAL OR TERTIARY GOAL OF OF HATCH IS

[12:08] TO PUT BLOOMINGTON ON THE MAP AND PEOPLE'S MINDS WHEN THEY THINK OF ENTREPRENEURSHIP AND

[12:14] THEN LASTLY TO STRENGTHEN PARTNERSHIPS BETWEEN EXISTING ORGANIZATIONS THAT FOCUS ON CULTIVATING THAT NETWORK, THAT ECOSYSTEM OF SMALL BUSINESS

[12:21] SUPPORT PROGRAM. >> SO JUST TO RUN THROUGH A

[12:26] COUPLE JUST TACTICAL SLIDES HERE REAL QUICK CONTEST TIMELINE THE APPLICATION

[12:32] PORTAL OPENS ON MARCH 31ST. THE MAYOR HERE WILL BE ANNOUNCING THE HATCH PROGRAM

[12:38] AT THE STATE OF THE CITY THIS FRIDAY ON MARCH 21ST. APPLICATION PORTAL OPENS ON

[12:44] 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

[12:54] AND SKIP A COUPLE OF THESE SLIDES BECAUSE THEY ARE NOT RELEVANT.

[13:01] SO I DID WANT TO TOUCH ON THE USES FOR THE FINANCIAL AWARD SO THE MONEY CAN THERE'S A

[13:09] WIDE RANGE OF USES FOR IT BUT WE ARE RESTRICTING IT TO ACTUALLY GETTING THAT BRICK AND MORTAR ESTABLISHMENT OPEN.

[13:16] YOU KNOW SMALL BUSINESSES NEED TO SPEND A LOT OF THEIR FUNDING ON ON LEGAL SERVICES ACCOUNTING PAPERWORK, LICENSE

[13:24] PERMITS. WE WE YOU KNOW WITH THE FIDUCIARY OVERSIGHT THAT WE WE

[13:31] INSTITUTE IS IS FOCUSED ON DISPERSING THAT MONEY SO IT CAN BE USED FOR RENT SPACE BUILD OUT HIRE HIRING

[13:39] RETAINING STAFF STAFF SPACE FOR REHABILITATION AND THEN JUST LIKE PRELAUNCH LABOR SO A

[13:46] 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

[13:57] IN CONJUNCTION WITH WHICH IS THE THE PROGRAMMATIC TIMELINE THAT I POINTED OUT THE SMALL BUSINESS SUPPORT PROGRAMING IS

[14:05] 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

[14:13] COME AND SPEAK TO THE CONTESTANTS. BUT THIS YEAR WE'RE ACTUALLY BUILDING OUT THIS THIS INFRASTRUCTURE WHICH INCLUDES

[14:20] 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

[14:28] BOOTCAMP OFFERED IN JUNE FOR THE TOP 25 THAT'S A TWO DAY INTENSIVE WORKSHOP THAT WILL BE HOSTED BEFORE THE TOP 25

[14:35] PETRON WE HAVE THREE DIFFERENT WORKSHOPS PLANNED OUT FOR THE TOP TEN AND TOP THREE ROUNDS

[14:42] AND THOSE WORKSHOPS WILL BE FOCUSED ON NAVIGATING THE CITY PERMITTING AND LICENSING

[14:47] PIPELINE SECURING BANK FINANCING. SO WE'RE IN THE PROCESS

[14:55] OF NEGOTIATING AN AGREEMENT WITH WITH STEARNS BANK WHERE THESE THESE CONTESTANTS CAN MEET WITH THEIR LOAN OFFICERS AND GETTING ESSENTIALLY AN

[15:03] APPRAISAL ON HOW COMPETITIVE THEY ARE FOR BEING FINANCING. WE HAVE LARKIN HOFFMAN THAT'S OFFERING PRO-BONO LEGAL

[15:10] SERVICES SO ONE ON ONE CONSULTING FOR ANYBODY WHO REACHES THE TOP TEN AND THEN WE HAVE DEDICATED ALL

[15:17] OF HENNEPIN BUSINESS ADVISORS THAT ARE GOING TO BE MADE AVAILABLE FOR THE TOP 25 ALL THE WAY THROUGH THE END OF THE

[15:23] COMPETITION SO THESE CONTESTANTS CAN MEET ONE ON ONE AND GET ADVISORY TECHNICAL

[15:30] SUPPORT JUST GENERAL FEEDBACK SO THAT THEY'RE PREPARED TO GO THROUGH THE COMPETITION. WE'RE HOPING THAT WE CAN CONTINUE BUILDING ON THIS

[15:38] 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

[15:45] THAT ARE WORKING IN CONCERT IN BUILDING THIS PIPELINE AND GETTING ENTREPRENEURS UP AND RUNNING AND I JUST WANTED TO

[15:53] RUN THROUGH SOME HIGHLIGHTS FROM YEAR ONE JUST TO JUST TO

[16:00] TRY TO SHOWCASE WHAT THIS WHAT THIS IMPACT LOOKS LIKE SO OUR

[16:06] TOP 20 OUR TOP TEN COHORT HAD AN INCREDIBLY DIVERSE SET OF BUSINESS PROPOSALS. WE HAD EVERYTHING FROM

[16:12] AQUAPONICS AND URBAN AGRICULTURE TO AN INDOOR DOG FITNESS FACILITY TO SIZE

[16:18] INCLUSIVE JUMPSUITS TO A TECH HUB AND GAMING LOUNGE. I MEAN THE IDEAS WERE WERE

[16:26] REALLY INTERESTING AND ALL OVER THE PLACE AND THEY'RE ALL VERY COMPETITIVE.

[16:32] THE TOP THREE WE HAD THESE WERE BY FAR AND AWAY THE CROWD FAVORITES SCALE CALCITONIN

[16:40] WHICH EMPOWERS MUSLIM WOMEN AND GIRLS THROUGH CULTURALLY SENSITIVE SENSITIVE ACTIVEWEAR NEW NOW A WEST AFRICAN TAKEOUT

[16:48] 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

[16:56] WINTER OF 2024 OF YEAR ONE WAS SCRAMBLING EGG THIS BREAKFAST JOINT AND JUST A COOL LITTLE

[17:03] TIDBIT IS THAT THEY ARE PLANNING TO HAVE A GRAND OPENING IN APRIL SO THEY ARE WELL ON THEIR WAY.

[17:08] THEY ARE REHABBING THEIR THEIR SPACE RIGHT NOW AND THEY'RE HOPING TO INVITE ALL OF US TO THEIR GRAND OPENING.

[17:15] THEIR FOOD'S REALLY GOOD BY THE WAY. SO TO TALK ABOUT LIKE THE ACTUAL IMPACT OF THE PROGRAM

[17:22] AND THIS IS THIS IS WHAT I PITCH TO POTENTIAL PARTNERS AND CO SPONSORS IS THAT IF YOU PARTNER WITH WITH US NOT ONLY

[17:29] DO THE CONTESTANTS GET A PLATFORM AND A WAY TO TO PUT

[17:34] OUT THEIR BRAND EVEN IF THEY DON'T WIN, THEY'RE IN FRONT OF MILLIONS OF EYEBALLS AND

[17:41] FOR POTENTIAL PARTNERS I MEAN THE BRAND ASSOCIATION A JUST EARNED MEDIA IS IS CRAZY THIS

[17:49] THIS WAS THIS IS MORE THAN WE WE EVEN ANTICIPATED AT THE TIME BUT I THINK YOU DID THE

[17:56] MATH AND IT WAS ALMOST 400,000 UNIQUE SOCIAL MEDIA IMPRESSIONS SO SHARING LIKING LOOKING AT THE POSTS ABOUT

[18:01] HATCH THERE'S 92 ARTICLES PUBLISHED ABOUT THE PROGRAM

[18:07] AND THEN 54 MILLION EYEBALLS. I READ THOSE ARTICLES AND THAT CULMINATED IN AN ESTIMATED EARNED MEDIA TOTAL OF ABOUT

[18:15] $650,000. SO IN YEAR TWO WE HOPE TO DOUBLE THOSE NUMBERS AND CAN CONTINUE DRIVING HATCH AND

[18:23] PUTTING IT IN FRONT OF PEOPLE . SO WHEN TALKING TO YOU GUYS AS

[18:30] AS PORT COMMISSIONERS SPECIFICALLY WE REVIEW THE

[18:38] 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

[18:45] PARTNER LAST YEAR THE MINNEAPOLIS REGIONAL CHAMBER THEY RAN INTO SOME FINANCIAL ISSUES AND THEY WERE UNABLE TO

[18:51] PARTNER WITH US. THAT DECISION WAS MADE LATE

[18:56] IN THE YEAR IN 2024. SO WE'VE BEEN TRYING TO COBBLE TOGETHER THE FUNDING TO MAKE YEAR TO HAPPEN SO WE'RE

[19:04] RETURNING TO THE PORT. IF YOU GUYS ARE ARE ABLE TO PROVIDE THAT FUNDING AND CLOSE THE GAP TO GET US TO $100,000

[19:11] FOR THIS YEAR, WE THINK THAT BY DOUBLING THE IMPACT AND REACH WE CAN CONTINUE PUTTING

[19:17] 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

[19:23] BE A PART OF A SEAT AT THE TABLE AND WE HUMBLY ASK YOU

[19:29] GUYS TO TO HELP US OUT WHILE WE TRY TO GET 2 OR 3.

[19:35] SO I AM OPEN TO QUESTIONS. THANK YOU COMMISSIONERS QUESTIONS MR. LEVY.

[19:45] MR. PETERSON SO 111 QUESTION I HAVE IS WHAT'S SPECIAL ABOUT

[19:52] THE 100,000 OUR NUMBER JUST KIND OF TALK ME THROUGH THAT. SO HOW'S DETROIT? THEY THEY THEY'RE WINNING

[19:59] 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

[20:06] SHORT PERSUASION I THINK CARLA HENDERSON I WAS ABLE TO TO CONVINCE CITY OFFICIALS AT THE

[20:14] TIME TO TO THROW IN $50,000 AND THE REGIONAL CHAMBER THEN WANTED TO MATCH THAT. WHAT MAKES IT UNIQUE THOUGH IS

[20:21] THAT MOST PITCH COMPETITIONS OFFER FAR LESS THAN THIS AND FOR THOSE OF YOU THAT AGAIN ARE FAMILIAR WITH

[20:28] 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

[20:33] THE GROUND SO LIKE WITH YEMEN CUP WINNING POTS OF MONEY ARE

[20:39] 25,000 TO 50,000 AND THAT'S THAT'S ENOUGH TO GET YOU KNOW, AN R&D PROCESS STARTED TO GET

[20:47] A PROTOTYPE OR AN MVP GOING. BUT FOR A LOT OF ENTREPRENEURS THAT'S NOT ENOUGH TO GET YOU

[20:52] ALL THE WAY TO TO OPENING WE HOPE THAT BY REQUIRING A BRICK AND MORTAR PRESENCE WHICH IS FAR MORE LABOR INTENSIVE, FAR

[20:59] MORE IT REQUIRES MORE FUNDING. THIS THIS GETS A LOT OF THOSE

[21:05] ENTREPRENEUR ENTREPRENEURS OVER THAT HURDLE AND GETS THEIR DOORS OPEN. MR. HUNT THANK YOU.

[21:14] >> I HAVE TWO QUESTIONS AND AND THE DETROIT PROGRAM 100,000 DID THEY REQUIRE THE BRICK AND MORTAR AS A

[21:21] COMPONENT ALSO? >> YES. AND THE GO AHEAD THERE'S A LITTLE BIT MORE WIGGLE ROOM

[21:28] WITH THEM AT THE BEGINNING IN 2000, 12 2013 THEY HAD A COUPLE FINALISTS THAT WERE NOT BRICK AND MORTARS.

[21:35] THEY WERE NONPROFITS THAT WERE MORE MOBILE. SO THEY DON'T ADHERE TO THAT

[21:41] AS STRICTLY AS WE DO. WE JUST WANT TO REMAIN AS WE'RE CITY A CITY GOVERNMENT.

[21:47] WE WANT TO REMAIN FOCUSED ON REVITALIZING BLOOMINGTON AND FOCUSING ON ABSOLUTELY WE WANT THE GOAL IS TO HAVE THEM BE A

[21:55] BUSINESS OPERATING WITHIN THE CITY OF BLOOMINGTON. >> WE WANT THE ECONOMIC ACTIVITY TO TAKE HERE TAKE PLACE HERE. SO ALONG WITH THAT WE ALSO

[22:02] DON'T LIKE IF IF THEY'RE PROPOSING A FOOD TRUCK AS THE BUSINESS THAT'S THAT'S A NONSTARTER. FOOD TRUCKS ARE MOBILE.

[22:10] 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.

[22:16] OKAY. AND THE NEXT QUESTION THE THE DISBURSEMENT OF THE FUNDS DID THE DETROIT CONTROL THE

[22:25] 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

[22:32] OF SPECIFICS AND THEN WHEN THEY START THE SPEND THEY REVIEW IT WITH SOMEBODY IN THE

[22:37] CITY OR GET THE MONITORING. SO PART OF THE APPLICATION PROCESS WHAT WE'RE REQUIRING

[22:43] 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

[22:51] IT THEY HAD THE REQUIRED TO SUBMIT A MORE DETAILED PLAN THAN THEY WERE LAST YEAR. SO RIGHT FROM THE BEGINNING

[22:57] THERE NEEDS TO BE A PLAN USE FOR FUNDS SO YOU KNOW A GENERAL MONTH YEAR AND THEN

[23:03] TASK THAT'S GOING TO BE COMPLETED STARTING IN JANUARY OF 2026. WE'RE GOING TO HOLD THEM TO

[23:10] THAT AS THEY MOVE THROUGH THE PROGRAM AND THEY GET SUPPORT FROM THESE BUSINESS SUPPORT SERVICES. THEY MAY UPDATE THAT PLAN.

[23:15] THEY MAY YOU KNOW, THEY'RE GOING TO HAVE TO TWEAK TWEAK THAT. BUT WHEN THE WINNER IS

[23:22] SELECTED, THE WINNER IS EXPECTED TO COME BACK WITH A FULLY FLESHED OUT VETTED PLAN USE FOR FUNDS IN 2024.

[23:29] THE MINNEAPOLIS REGIONAL CHAMBER PROVIDED THAT FOR THIS AREA OVERSIGHT AND THEY WORK WITH SCRAMBLING AND FUNDS WERE

[23:37] 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

[23:44] ON TO THE MONEY AND AS SCRAMBLING AND PROGRESSED THROUGH THEIR TIMELINE, YOU KNOW THE REGIONAL CHAMBER

[23:49] HANDED OUT THAT THE FUNDING TO COVER YOU KNOW, THE NEXT MONTH TO RUN THE REHABILITATION

[23:55] OF THE EXTERIOR YOU KNOW LIKE AS AS THEY MOVED THROUGH THEIR CHECKLIST AND SO THIS BUSINESS BECAUSE THEY WERE EXISTING

[24:03] FOOD TRUCK I MEAN THEY HAD A GOOD IDEA WHAT THEIR COSTS WERE GOING TO BE AND SO FORTH

[24:08] 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

[24:15] HIRING PEOPLE AND HAVING STAFF FACILITIES TO CLEAN AND ALL THAT SO THEY HAD A BETTER IDEA OF COSTS ARE WE LOOKING AT AND

[24:24] 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

[24:31] BUT NOT REALLY DEFINITIVE. THEY HAVEN'T DONE THEIR BUSINESS YET. >> YEAH, I'D SAY A MAJORITY OF THE THE APPLICATIONS WE GOT

[24:39] LAST YEAR WERE JUST IDEAS AND AND THAT'S FINE YOU KNOW BUT WE DO EXPECT THEM TO IF THEY

[24:46] 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

[24:52] THROUGH THE TOP 25 PITCH ROUND BUT THEY NEED THEY NEED TO HAVE THE INFRASTRUCTURE BUILT OUT. THEY NEED TO HAVE THE ARGUMENT

[24:57] FOR THEIR BUSINESS PROPOSAL READY BEFORE THE TOP TEN PITCH AND AGAIN WHO MAKES A DECISION

[25:04] ON THAT THAT THEY'RE THAT THAT THAT THAT THEY INVESTED ENOUGH SO WHEN APPLICATIONS ARE SUBMITTED IT'S CITY STAFF THAT

[25:11] WILL BE REVIEWING THEM AND THEY WILL AND CITY STAFF INCLUDING MYSELF WILL SELECT

[25:18] WHO MOVES INTO THE TOP 25 ROUND BUT AT THAT POINT WE MOVE IT OVER TO THE JUDGE

[25:23] PANEL THE TOP 25 PITCHES WILL BE ASSESSED WHAT THE JUDGE

[25:29] PANEL AND THEN STARTING WITH THE TOP TEN AND THE TOP THREE IT'S A COMBINATION OF THE SEVEN MEMBER JUDGE PANEL AND

[25:36] COMMUNITY VOTING THAT MAKES THE SELECTION OF WHO MOVES ON . OKAY.

[25:43] AND SOME OF THIS BUSINESS SUPPORT PROGRAMING THAT WE HAVE PLANNED OUT SPECIFICALLY

[25:51] WITH STEARNS BANK IT'S THEY WILL BE MEETING WITH THE CONTESTANTS TO PROVIDE THEM FEEDBACK ON THEIR

[25:56] COMPETITIVENESS FOR BANK FINANCING BUT AT THE SAME TIME OFFERING THE JUDGES BASICALLY

[26:03] ESSENTIALLY A GRADE ON EACH PROPOSAL. SO HOW HOW READY ARE THESE PLANS TO SECURE FUNDING SO

[26:11] WHEN THE JUDGES COME INTO THE TOP TEN ROUND FOR EXISTENCE THEY CAN LOOK AT EACH PROPOSAL AND THEY CAN SEE WHAT WHAT THE

[26:18] WHAT GRADE HAS BEEN ASSIGNED TO TO THAT SPECIFIC PROPOSAL. >> OKAY. THAT WOULD BE THE PART THAT MAKES ME A BIT NERVOUS AND YOU

[26:26] 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

[26:33] OF REALLY THOROUGH DUE DILIGENCE AND VETTING. SO HOPEFULLY THAT'S ALL UNDER

[26:39] CONSIDERATION BY ONE THE JUDGE HAS DONE IT. >> IT DEFINITELY IS. I MEAN AN EXAMPLE FROM LAST YEAR LIKE NOONA THE WEST

[26:45] AFRICAN CUISINE THEY THEY HAD THEY HAD NOTHING BESIDES AN IDEA. THEY ARE CHARISMATIC.

[26:51] BUT I THINK THE LACK OF INFRASTRUCTURE BUILT BEHIND THEIR IDEA IS WHAT I'M SAYING

[26:58] THEIR THEIR CHANCES ULTIMATELY BUT THE AMOUNT OF PROGRESS THEY MADE THROUGHOUT THE COMPETITION FROM GOING TO JUST

[27:04] HAVING AN IDEA TO BUILDING OUT A BUSINESS PLAN MEETING WITH CONSULTANTS ACTUALLY THINKING

[27:10] THROUGH WHAT THEIR PRICE POINTS WILL BE, YOU KNOW HOW TO SOURCE THEIR THEIR THEIR INPUTS.

[27:17] 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

[27:23] BEEN THEY'VE BEEN FOCUSED ON THIS FOR THE LAST 12 MONTHS.

[27:29] SO ANY ADDITIONAL QUESTIONS, COMMISSIONER HUNT AND THANK YOU COMMISSIONER PETERSON I'VE

[27:37] GOT ONE MORE THAT CYNTHIA'S KIND OF QUESTION KIND OF GOT ME THINKING ABOUT IN IN THE

[27:44] SPACE THAT I WORK IN, YOU KNOW ,THERE'S THERE'S LIKE A THOUSAND IDEAS EVERY DAY AND

[27:52] 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

[28:00] 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

[28:05] BUSINESS ARE MORE ABOUT PICKING FOUNDERS THAN PICKING IDEAS BECAUSE THEY FIGURE THE

[28:12] 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

[28:17] FOUNDER GROUP WILL MAKE IT HAPPEN. AND SO CAN YOU TALK A LITTLE BIT ABOUT THE THE KIND

[28:23] OF PEOPLE SIDE OF IT BECAUSE YOU KNOW PEOPLE CAN USE THE WRITING BUSINESS PLANS. THERE'S LOTS OF TEMPOS OF BUSINESS PLANS.

[28:28] YOU KNOW, TO BE HONEST YOU COULD USE CREATIVITY TO WRITE A BUSINESS PLAN THAT AT LEAST MEETS A CERTAIN BAR OF OF

[28:34] QUALITY. SO HOW DO YOU KIND OF GET BEYOND THAT AND AND ASSESS

[28:39] KIND OF THE PEOPLE THAT ARE INVOLVED? NO, THAT'S ACTUALLY A GREAT QUESTION AND I THINK WHAT

[28:45] YOU'RE REFERRING TO IS THE YOU BET ON THE JOCKEY, NOT THE HORSE. YEAH. METAPHOR FROM THE WORLD OF VC

[28:52] THAT THAT THAT'S VERY TRUE. IT'S TRUE WITH PITCH COMPETITIONS TOO. SO HOW WE WORK AROUND THAT IS

[28:59] FOR INSTANCE LAST YEAR WE RECEIVED 117 APPLICATIONS. WE ASSESSED THAT 64 OF THEM WERE COMPLETE ENOUGH TO

[29:05] 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

[29:11] LOOKING AT JUST THE IDEA THAT'S LIKE THE FOUNDATION RIGHT?

[29:16] 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

[29:24] THE TOP OR THE TOP 25. THAT PITCH ROUND IS ESSENTIALLY AN ELEVATOR SPEECH

[29:30] . THEY HAVE THREE MINUTES. THEY WALK UP ON STAGE IN THE SCHNEIDER THEATER AND THEY HAVE THREE MINUTES FROM THE MINUTE THEY GRAB THE

[29:35] MICROPHONE TO CONVINCE THESE JUDGES THAT THEY HAVE AN IDEA THAT'S WORTH INVESTING IN AND

[29:41] THAT'S WHERE THE CHARISMA THAT'S WHERE THE STORYTELLING THAT'S WHERE THE STAGE PRESENCE COMES IN. YOU KNOW, THEY'VE ALREADY BEEN

[29:46] MOVED INTO THE TOP 25 BECAUSE THE BUSINESS PROPOSAL HAS LEGS

[29:53] 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

[30:01] 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

[30:09] HE WOULD TALK ABOUT HOW HE WORKED WITH THE WORLD'S SMARTEST PEOPLE BUT NONE OFHEM COULD COMMUNICATE AND THERE WAS ALL THESE SCIENTIFIC

[30:16] IDEAS THAT WERE NOT BREAKING OUT INTO THE PUBLIC BECAUSE HE WAS SURROUNDED BY PEOPLE THAT DIDN'T HAVE INTERPERSONAL

[30:21] SKILLS, YOU KNOW, SO LIKE COMMUNICATING THOSE IDEAS WAS WAS A KEY COMPONENT OF HIS JOB

[30:28] 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,

[30:36] THE HORSE MIGHT NOT MAKE IT BUT THE JOCKEY IS GOING TO FIND ANOTHER HORSE AND AT SOME POINT THAT PERSON'S GOING TO

[30:43] BRING BRING BRING A BUSINESS IDEA TO FRUITION. SO THIS COMPETITION IS TRYING TO THREAD THE NEEDLE ON BOTH SIDES LIKE ENSURE THAT THE

[30:51] BUSINESS PROPOSAL HAS THE SOUND FOUNDATION AND THAT THE INDIVIDUAL BEHIND THAT OR THE INDIVIDUALS CHAMPIONING THAT

[30:59] ARE ARE COMMITTED YOU KNOW AND THEY HAVE TO HAVE THAT PRESENCE SO TO SPEAK I THINK

[31:10] I'M COMMISSIONER THANK YOU MAYOR OH YEAH THAT'S ME.

[31:19] I JUST LIKE TO THANK COMMISSIONERS PETERSON AND HUNT FOR THEIR GREAT QUESTIONS BECAUSE THEY'RE A LOT OF WHAT

[31:24] 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

[31:32] 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

[31:40] MADE THROUGH THE COMPETITION TO SEE THAT THEY WERE READY TO MAYBE GO FORWARD IN THAT

[31:47] BECAUSE I MEAN THEY'RE GREAT QUESTIONS THAT ARE KEY TO MAKING SURE THE PROGRAM WORKS. AND YOU KNOW, THERE WERE A

[31:52] NUMBER OF REALLY GOOD IDEAS THAT FRANKLY MAYBE THE LEADER

[31:58] JUST DIDN'T WELL, IT WASN'T IT WASN'T ALL CHARISMA. IT WAS ALSO, YOU KNOW, A LOT

[32:06] 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

[32:14] 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.

[32:21] 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

[32:29] 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

[32:35] 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

[32:40] BECAUSE I DO THINK ONE OF THE THINGS THAT WE LEARN FROM THE FIRST YEAR IS MORE SUPPORT AND MORE EXPECTATION OF THEM

[32:48] UTILIZING THAT SUPPORT AND MAKING MORE PROGRESS THROUGH THAT. AND YOU KNOW MY HOPE STILL IS I MEAN THERE'S GOING TO BE ONE

[32:55] WINNER BUT MY HOPE IS THREE, 4 OR 5 OF THEM ACTUALLY EXECUTE

[33:02] 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

[33:07] TO FINANCE IT. THEY YOU KNOW, THEY MAY MAY STILL BE ABLE TO MOVE FORWARD. SO YEAH, I AM VERY EXCITED

[33:14] ABOUT THIS PROGRAM NOT JUST BECAUSE I'M A JUDGE BUT BECAUSE I THINK IT REINVESTS STRATEGICALLY IN BLOOMINGTON

[33:21] AND POSITIONS US REALLY WELL. I JUST WANT TO BUILD ON TWO THINGS THAT COUNCILMEMBER NELSON SAID TO HIS IS FIRST

[33:27] OFF HE ASKED A LOT OF GREAT QUESTIONS AND SOME OF THESE CONTESTANTS LAST YEAR WERE NOT READY FOR THOSE QUESTIONS.

[33:33] 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

[33:39] FRONT AND NOW THEY JUST NEED TO PROVIDE SOME SEMBLANCE OF AN ARGUMENT IN THESE QUESTIONS. BUT NOW NOW THEY'RE AWARE

[33:47] OF WHAT WHAT THEY THE EXPECTATION AS THEY MOVE THE PROGRAM RIGHT. LIKE WHAT ARE YOUR PRICE POINTS?

[33:52] 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

[33:59] 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

[34:05] THE POINT WHERE THERE'S AN ALUMNI GROUP FOR EVERYBODY THAT MAKES THE TOP TEN REMAINS ENGAGED WITH BLOOMINGTON NOT

[34:11] JUST THE HATCH PROGRAM BUT THE BLOOMINGTON SMALL BUSINESS COMMUNITY IN GENERAL. WE CONTINUE TO BRING THEM

[34:17] IN AND IT'S A 12 MONTH YEAR ROUND ENGAGEMENT CULTIVATING THAT PIPELINE, YOU KNOW, AND TRYING TO GET AS MANY OF THESE

[34:22] BUSINESSES OPEN AS WE CAN. YOU'RE GOING TO NEED TO COME

[34:28] UP WITH SOME NEW QUESTIONS. I KNOW TALK TO ME I WE CAN MAYBE WE CAN COME UP WITH SOME TOGETHER. SO YEAH.

[34:34] THANK YOU. AND MY QUESTION WAS GOING TO BE ALONG THOSE LINES HAVE WE HEARD BACK FROM THE OTHER TOP

[34:42] TEN FOLKS FROM LAST YEAR? DO YOU HAVE ANY INFORMATION OR STATISTICS ON THEM? BECAUSE I LOOK AT THIS

[34:47] WHATEVER WHATEVER AMOUNT WE DECIDE TO INVEST IN THIS FINANCIAL ASSISTANCE, I LOOK AT THIS AS LITERALLY AN

[34:53] INVESTMENT AND WHAT'S THE RETURN ON IT? SO ANY IDEAS ON THE THE TOP

[35:00] TEN AND AND GET A LITTLE START WITH IT ANY ANY IDEAS AND THE OTHERS WHO FINISHED IN THE TOP

[35:05] TEN YEAH I DO KNOW THAT SO YOU KNOW LIKE I SAID THEY THEY HAVE BEEN WORKING ON THEIR

[35:11] THEIR RESTAURANT IDEA I THINK THEIR THEIR INTENTION IS TO COME BACK AND APPLY AGAIN THIS YEAR.

[35:16] ANTHONY LINDSAY WHO IS ANOTHER JUDGE ON OUR PANEL SHE'S ACTUALLY BEEN WORKING WITH

[35:22] THEM PRO-BONO OVER THE LAST SIX MONTHS TO HELP THEM GET THEIR THEIR FUNDAMENTALS IN ORDER SO THEY CAN APPLY

[35:30] AGAIN TO THIS PROGRAM BUT ALSO SECURE FINANCING ELSEWHERE IF THEY NEED TO CALL SONY.

[35:36] I BELIEVE SHE'S GOING TO BE AT THE STATE OF THE CITY ON FRIDAY. SO SHE'S STILL WORKING ON

[35:44] GROWING HER BRAND. SHE'S SHE'S BEEN WORKING ON BRAND PARTNERSHIPS, GETTING HER CLOTHING LINE AND I I

[35:51] BELIEVE WAS SOMETHING THAT SHE'S TRYING TO GET NAILED DOWN BEFORE SUMMER THIS YEAR.

[35:57] >> I KNOW THAT A COUPLE OF THE BUSINESSES FROM THE TOP TEN THE ENTREPRENEURS HAVE PIVOTED

[36:03] . ONE OF THEM GRANT FOR HIS LAST NAME BUT HE WAS THE UNDERDOGS

[36:08] IN THIS HE'S HE'S NOW A WRITER SO HE'S HE'S LAUNCHING OUR CHILDREN CHILDREN'S BOOK LINE

[36:15] 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

[36:20] 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

[36:26] PROGRESS AMONG SOME OF THOSE TOP TEN FOLKS AND AND ULTIMATELY YES I WOULD I WOULD LOVE TO SEE LIKE THEY HAVE

[36:33] IN DETROIT THIS EVEN BEYOND THE WINNERS THAT THE THE FOLKS WHO FINISHED IN THE TOP FIVE

[36:38] OR THE TOP TEN AS YOU SAID END UP OPENING A BUSINESS WHETHER

[36:44] 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

[36:49] POINT BEHIND THE BUSINESS SUPPORT PROGRAMING WE HAVE IS WE WANT TO SHOW THEM HOW TO

[36:55] NAVIGATE THE CITY'S PERMITTING LICENSING SYSTEM. WE WANT TO PUT THEM IN CONTACT WITH ACCOUNTANTS AND LEGAL

[37:02] 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

[37:10] ECOSYSTEM. THEY KNOW WHAT THEY HAVE TO DO. IT'S NOT THIS AMBIGUOUS UNCERTAIN YOU KNOW SMALL

[37:17] BUSINESS ENVIRONMENT RIGHT LIKE THERE'S NO OTHER CITY DOING THAT RIGHT? LIKE MINNEAPOLIS ISN'T DOING THAT THEY'RE SORT OF SORT

[37:25] 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.

[37:32] AND THEN THE FINAL QUESTION I HAD SO THE AGAIN, THE IDEA IS THIS THE WINNERS WOULD RECEIVE

[37:39] $100,000 IN FINANCIAL ASSISTANCE. IS THAT THAT'S CORRECT. AND I KNOW YOU'VE BEEN REACHING OUT. YOU'VE BEEN TRYING TO CONTACT

[37:44] AND GETTING SUPPORT FROM OTHER DONORS AND SUPPORTERS. TALK A LITTLE BIT ABOUT THAT

[37:50] SOME OF THE FEEDBACK THAT YOU'VE BEEN GETTING AND TALK ABOUT THE AGAIN, AS I LOOK AT THIS AS AN INVESTMENT, I LOOK

[37:58] 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

[38:06] 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

[38:13] MIGHT BE MOVING FORWARD AS WE CONTINUE THIS BECAUSE THIS I FULLY AM CONFIDENT THIS IS GOING TO CONTINUE INTO THE FUTURE.

[38:18] SO EVERY EVERY OTHER INSTITUTION I'VE TALKED TO IS THAT THEY WANT TO GET INVOLVED AND HATCH IN THE FUTURE IF NOT

[38:24] RIGHT NOW THEY RECOGNIZE THE THE BRAND ASSOCIATION, THE BENEFITS THAT THEY DO SEE THAT

[38:32] PARTNERING WITH THE CITY ON A PROGRAM LIKE THIS THEY GET NOT JUST FOR YOUR MEDIA BUT IT'S A POSITIVE BRAND ASSOCIATION FOR

[38:38] THEM. RIGHT LIKE THEY DO UNDERSTAND THAT PART OF THE STRUGGLE WAS THAT BY T TIME WE WE WE WE

[38:47] REALIZED WHAT THE FUNDING SITUATION WAS FOR US IT WAS LEADING OFF IN THE CALENDAR YEAR LAST YEAR THAT MOST

[38:52] ORGANIZATIONS HAD ALREADY DRAFTED THEIR 2025 BUDGET AND PASSED IT RIGHT. SO THERE WE DIDN'T GET

[38:59] IN THERE BEFORE THEY HAD MADE THOSE BUDGETS FINAL. SO A LOT OF THE CONVERSATIONS I'VE BEEN HAVING ARE WITH

[39:06] PEOPLE WHO ARE VERY RECEPTIVE BANKS AND FOUNDATIONS AND NONPROFITS THAT ARE VERY RECEPTIVE TO THE IDEA OF HATCH

[39:12] THEY REMAIN ENGAGED WITH ME. THEY'RE TRYING TO FIND WAYS TO TO MOVE MONEY AROUND TOEE IF

[39:18] 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.

[39:26] BUT I THINK FOR THE MOST FOR THE MOST PART THE THE RESPONSE HAS BEEN WE'RE VERY INTERESTED. WE WANT TO GET INVOLVED.

[39:33] 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

[39:41] CLOSE THE FUNDING GAP AND GET TO THAT 100,000 THIS YEAR, THAT EYE POPPING NUMBER THAT SETS US APART IN FUTURE YEARS,

[39:47] I THINK THERE'S POTENTIAL FOR BRINGING IN PARTNERS FROM FROM A LOT OF DIFFERENT PARTS OF THE THE LOCALCONOMY

[39:54] IN THE MARKET TO MAKE THIS TRULY A PUBLIC PRIVATE COLLABORATIVE PROGRAM AND SO YOU HAVE $10,000 SECURED

[40:00] ELSEWHERE AND YOU'D BE ASKING FOR UP TO $90,000 FROM THE PORT AUTHORITY HERE TO ROUND OUT TO THAT HUNDRED THOUSAND.

[40:06] THAT'S CORRECT. AND BLOOMINGTON, MINNESOTA TRAVEL AND TOURISM. I WANT TO THANK THEM BECAUSE MONICA OLSON SHE SHE DID SHIP

[40:13] AND 10,000 GREAT GREAT GREAT MEMBERS. ANY OTHER ADDITIONAL QUESTIONS

[40:23] ? WELL THEN MEMBERS THOUGHTS ON ON THE MOTION IN FRONT OF US WE'VE GOT TWO PARTS OF THE MOTION IT'S THE ADJUSTMENT

[40:31] IN THE AMOUNT OF $300,000 TO ISSUE RETURN FUNDS THAT WERE PREVIOUSLY DEDICATED TO THE SMALL BUSINESS DEVELOPMENT CENTER AND THEN WHAT YOUR

[40:38] THOUGHTS ARE ON ANYWHERE FROM THE THE REQUEST IS SOMEWHERE BETWEEN 50 AND $90,000 FOR THE HATCH BLOOMINGTON PROGRAM AND

[40:46] WE HAVE IT HERE IN IN A SINGLE MOTION SO THOUGHTS OR OR COMFORT LEVELS AT DIFFERENT FINANCIAL LEVELS AND I WILL

[40:54] SAY I LIKE THE IDEA OF THE $90,000 TO ROUNDED UP TO THE

[40:59] $100,000 WITH THE HOPE AND EXPECTATION THAT IF STAFF IS ABLE TO SECURE ADDITIONAL FUNDING WITH THEIR CONVERSATIONS OVER THE NEXT

[41:04] COMING MONTHS THAT WE'D BE ABLE TO TO OFFSET THAT IN SOME WAY AND WE MAKE ADJUSTMENTS IF

[41:10] NEED BE VERY CONFIDENT THAT'S GOOD. SO I MEAN THAT WOULD BE MY MY PREFERENCE WOULD BE TO GIVE

[41:19] 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

[41:26] 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.

[41:34] THOUGHTS ON THAT

[41:41] ? COMMISSIONER NELSON I SUPPORT THAT. VERY GOOD. YOU KNOW COMMISSIONER NELSON

[41:48] COMMISSIONER NELSON I EXCUSE ME COMMISSIONER PETERSON.

[41:53] NELSON PETERSON YEAH. THEY LOVE TO TRADE NAMES TO MIX IT UP.

[41:59] YOU KNOW I'M MORE COMFORTABLE NOW AFTEREARING THE CONVERSATION TODAY WITH THE $90,000 NUMBER. I DO WANT US TO TRY TO, YOU

[42:07] KNOW, CONTINUE THE EFFORTS THAT WE'RE DOING TO KIND OF EXPAND THIS SET OF FOLKS.

[42:13] 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

[42:18] AND ON KIND OF THE COST ASSOCIATED ASSOCIATED WITH THAT, YOU KNOW, SO MY UNLESS

[42:25] SOMEBODY ELSE HAS SOMETHING ELSE TO SAY I WOULD MOVE THE MOTION WITH THE BLANK FILLED IN AT $90,000 FOR THE SUPPORT

[42:32] FOR THE HATCH PROGRAM. SECOND MOTION BY COMMISSIONER PETERSON, SECOND BY

[42:37] COMMISSIONER NELSON TO APPROVE THE BUDGET ADJUSTMENTS IN THE PORT AUTHORITY'S DEVELOPMENT SPECIAL REVENUE FUND IN THE

[42:43] 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

[42:51] HATCH BLOOMINGTON PROGRAM. IS THERE ANY FURTHER DISCUSSION ON THIS? COMMISSIONER HUNT ANY

[42:56] QUESTIONS ANYTHING TO ADD TO THE CONVERSATION HERE? >> NO, I WAS JUST GOING TO ASK THE QUESTION IS THE CITY USING

[43:03] HATCH BLOOMINGTON AS A AS A LEGAL NAME LIKE OUR A DIVA OR IS IT JUST OPERATING UNDER THE

[43:11] 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

[43:18] 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

[43:25] TRADEMARKED. OKAY. IT'S JUST KIND OF UNDER THE CITIES AND ROLLA RIGHT NOW BUT

[43:30] AM I'M JUST HEARING FROM MS. MANAGER CHAD THERE IS NO TRADE NAME RIGHT NOW OFFICIALLY AS HATCH BLOOMINGTON.

[43:36] >> OKAY. THANK YOU. OR WE COULD WE COULD EVENTUALLY REGISTER THE NAME I THINK IF IF THAT BASED ON YOUR ADVICE COMMISSIONER HUNT IF

[43:44] THAT WOULD BE BENEFICIAL IN SOME WAY OR IF WE PROTECT THE CITY IN SOME WAY, I THINK WE SHOULD HAVE THAT CONVERSATION.

[43:49] PERHAPS YOU COULD CONNECT WITH MS. MANAGER CHAD AND HAVE THAT CONVERSATION. THANK YOU. OKAY. SO WE HAVE A MOTION IN THE

[43:56] SECOND ON THE FLOOR ON THE TABLE HERE WITH THE THE MOTION THAT WAS STATED. ANY FURTHER DISCUSSION IF NOT

[44:02] MARRIED COULD YOU CALL THE ROLL PLEASE? I SEE I NELSON PETERSON I HUNT

[44:10] I MOTION CARRIES FOUR ZERO. THANK YOU ALSO VERY MUCH. THANK YOU MR. MUNDY AND THANKS FOR YOUR WORK ON THIS.

[44:16] 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

[44:24] 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,

[44:29] CAN WE DO THIS TOO AND SAY WE'D BE DOING WELL WHEN WE COULD GET CLOSE TO $100,000

[44:36] 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

[44:43] REMARKABLE PROGRAM. AND MR. MAYOR, WE'RE GOING TO BE USING YOU A LOT THIS YEAR. YOU'RE THE FACE SO GREAT.

[44:48] HAPPY TO BE HAPPY TO DO IT. ABSOLUTELY. AND TO OUR OTHER COMMISSIONERS, IF YOU'RE

[44:54] 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

[45:02] 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

[45:08] NOW WE COULD MAKE TWO TWO MORE SLOTS, SOMETHING TO THINK ABOUT, SOMETHING TO THINK ABOUT. WE DON'T HAVE TO COMMIT ONE

[45:15] 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

[45:20] AND THANKS FOR THE BUDGET ADJUSTMENTS. THERE'S BASICALLY NOTHING OH

[45:25] YOU WERE REACHING FOR YOUR MICROPHONE. I WASN'T SURE. I THINK THAT CONCLUDES OUR AGENDA AS WE HAD AMENDED IT

[45:32] 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

[45:38] ADJOURN. NO, I WOULD ADJOURNED THE MEETING. VERY GOOD. THANK YOU VERY MUCH