2021 annual report for Development Corp. of Austin (MN)

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By Dr. Adenuga Atewologun Board Chair, Development Corp. of Austin President, Riverland Community College

It has been gratifying to be the DCA’s Chairperson for 2021.

I’m also grateful for our partnership with the University of Minnesota College of Food, Agriculture and Natural Resource Sciences, and I am very much looking forward to working with the University in the days, months and years ahead.

I would like to share a few highlights from the DCA’s 2021 year and our priorities for 2022.

First, Mower County in 2021 partnered with DCA to award 77 grants totaling $773,000. Combined with business grants from 2020, DCA has administered nearly 250 grants of more than $2 million dollars in the past two years.

Nu-Te

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For 2022, DCA’s three, main priorities are the following: 1) DCA will complete a strategic planning process that began in fall 2021. This will be a three- to fiveyear strategic-action plan for DCA and its supporting nonprofit Austin Community Growth Ventures.

It’s worth noting that, while the strategies might be new, the purpose of DCA remains the same as when it was established in 1986: Aid, assist and promote the growth, expansion and development of business concerns, including small-business concerns in the Austin area.

2) Work to grow Food, Ag, and

Bioscience business in our area.

Even before the FAARM initiative was announced with University of Minnesota, this was an obvious area of focus. Now, in addition to world -class biotechnology research at The Hormel Institute, the DCA will support the development of a major center for the future of advanced agriculture, research and outreach.

3)

DCA is excited about the economic future of Austin and Mower County, and we look forward to continuing to go down that path with all our partners.

We also are grateful for our DCA members — we couldn’t do this important work without their generous support.

DCA refreshes its focus, strategies

John Garry President/CEO, DCA

Strategic Priorities

Through a collaboration with Riverland Community College, in Austin, the project — known as FAARM for “Future of Advanced Agricultural Research in Minnesota” — also envisions providing a range of educational offerings for learners of all ages. This includes K-12, postsecondary technical and associate degrees, baccalaureate and graduate degrees and outreach education to the broader public.

University of Minnesota’s College of Food, Agricultural & Natural commitment from The Hormel Resource Sciences (CFANS) is Foundation of $60 million. leading the project under the “The Hormel Foundation is leadership of its dean Brian Buhr. excited to be partnering with the CFANS is exploring University of Minnesota and developing the in its quest to build a Mower County complex new agriculture research through a public-private and education center in partnership with the the Austin area,” said University, elected Jeff Ettinger, chairman officials and privateof The Hormel sector leaders. FAARM Foundation. will include world-class Also partnering in facilities and several FAARM is The Hormel hundred acres of fields Institute, University of Brian Buhr and land to further Minnesota research Dean, UMN– CFANS support its mission. facility in Austin.

FAARM is a bold Buhr said Austin and vision for innovative research and Mower County offer many workforce development in advantages for a location, including a Minnesota to address an important wide variety of soil types and market need, helping farmers and proximity to Interstate 90 and industry meet this crucial moment in Interstate 35. sustainable food production.

“Riverland serves a key role in A $220 million project, FAARM preparing the region’s farmers to be received a major financial successful, and I look forward to

partnering with the University of Minnesota for the future benefit of the citizens and farmers of our region,” Riverland president Dr. Adenuga Atewologun said.

From farm to fork, this complex will be a state-of-the-art teaching and research hub. It will propel vital discoveries and further establish Minnesota as a global catalyst and leader in food and agriculture innovation, advancing the state’s $112 billion economic impact in these sectors.

FAARM will deliver practical solutions for today and forwardlooking ideas for tomorrow, with the help of cutting-edge technology and tools, including predictive analytics, big data, robotics and artificial intelligence. Educating students on modern approaches to agriculture will ensure a continued talent pipeline is prepared to become Minnesota’s next generation of techsavvy food and ag professionals.

$45 million project 60,000 square feet 35 full-time jobs $27/hr. average wage

Article by Theodore Tollefson

April 22, 2022, Rochester Post-Bulletin

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Ian Roback

Financial Performance

Development Corporation of Austin

—————————————————————— 2021 Assets Liabilities Equity

$ $

1,510,000

Public Support Revenues Expenses Change in Net Assets

$

$

3,827,000

2020

2019

2,688,000 (1,198,000) $ 1,490,000

$

119,000 268,000

$

119,000 319,000

$

116,000 316,000

21,000

$

45,000

$

(12,000)

701,000 — 701,000

$

1,173,000 (6,000) 1,167,000

(

$

2,748,000 (1,304,000) $ 1,444,000

Austin Community Charitable Fund

—————————————————————— Assets Liabilities Equity Revenues Expenses Change in Net Assets

$

$

1,205,000 — 1,205,000

$

649,000 (145,000) (504,000)

730,000 (1,197,000) $ (467,000)

$

$

$

1,993,000 (1,176,000) $ 817,000

Austin Community Growth Ventures

—————————————————————— Assets Liabilities Equity Revenues Expenses Change in Net Assets

$ $

476,000 (41,000) 435,000

$

108,000 (86,000) 22,000

$ $

1,306,000 (892,000) 414,000

$ $

35,796,000 (966,000) 34,830,000

$

19,955,000 (271,000) 19,684,000

1,083,000 $ (

)

The Development Corporation of Austin (DCA) is a 501(c)(6) nonprofit organization. Revenue is from DCA members, public entities, lease revenue and grants. The Austin Community Charitable Fund (ACCF), a 501(c)(3) charitable organization, is a supporting organization of DCA. A portion of ACCF funds are restricted to Impact Austin activities and operations. Austin Community Growth Ventures (ACGV), a 501(c)(3), is a nonprofit organization to support ACCF. DCA, ACCF and ACGV are independently audited annually.

Chair President Riverland Community College

Scott Fox Vice Chair Owner

Treasurer Principal

Fox Electric

CliftonLarsonAllen

Secretary Brand Manager Hormel Foods Corp.

Member Market Lead

Steve Hovey Member

Bremer Bank

Attorney

DCA Board members

Austin Community Growth Ventures

Geoff Baker, Owner, McFarland Truck Lines Jason Baskin, Council member, Austin City Council George Brophy, Board member (Emeritus) Dave Clasen, Owner, Clasen-Jordan Mortuary

Chair, Geoff Smith, Secretary, Gail Dennison, The Hormel Institute Treasurer, Nathan Annis, Hormel Foods Corp.

Chris Holt, President/CEO, Cooperative Response Center

Dan Hoffman, Northgate Health Club/New Vision Consulting Craig Johnson, (retired) Hoversten, Johnson, Beckman, Hovey Aaron Keenan, Sonex Health Care Phil Minerich, Retired, Hormel Foods Corp.

John Summerfield, Hormel Foods Corp.

Shelley King, Partner, Baudler, Maus, Forman & King, LLC Taggert Medgaarden, Executive Director, Austin HRA Mike Postma,

DCA Staff

Chad Sayles.

Geoff Smith, President, IBI Data Mike Tapp, President, Tecstra Systems Carter Wagner, President, The Joseph Company, Inc.

John Garry, President/CEO Wendy Anderson, Launch Co-Working Space Manager & SBDC Consultant Juan Molina, SBDC Consultant Alice Holst, Executive Administrative Assistant

Austin Community Charitable Fund Chair, Adenuga Atewologun, Riverland Comm. College Treasurer, Tanya Medgaarden, CliftonLarsonAllen Vice Chair, Scott Fox, Fox Electric Member, Nan Hanegraaf,

Platinum ($5,000-plus)

($350-plus)

Gold ($2,500-plus)

Silver ($1,000-plus) ($100-plus)

($500-plus)

Development Corporation of Austin (DCA) is an economic development organization serving the Austin, Minnesota, area since 1987.

DCA’s mission is to work closely with public and private sector partners to aggressively market the area to attract new businesses and industries as well as support existing enterprises for the economic benefit of Austin and greater Mower County.