EDA Meeting Date: February 24, 2025
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
Staff Updates on Outstanding EDA Items and City-Wide projects
Body
Action Requested:
No action. There are a number of outstanding items related to the EDA. Below is a summary update on each item. Staff will provide an update during the meeting and the Board has the opportunity to discuss each item individually if desired.
Summary Report:
EDA Fa?ade Improvement Grants
The Fa?ade Program is currently open and accepting applications. This program is designed to encourage downtown building owners to reinvest in the exterior of their buildings to extend the life of these important structures. This will be a reimbursement-grant program. The EDA will cover 30% of exterior costs up to $10,000. More information on the program can be found here: https://www.northfieldmn.gov/753/EDA-Grants-Loans
EDA Connecting Business and Community
Approximately 40 Connecting Business and Community (CBC) interviews have been sent to University of Minnesota Extension. Staff hopes to complete the work by February 15 and send approximately 60 interviews in total for analysis. This represents about 10% of the Northfield business community. City staff will present a more in-depth analysis at the March EDA meeting. More information on the program can be found here: https://www.northfieldmn.gov/CivicAlerts.aspx?AID=2349
EDA Future Micro-Loan Programming
The EDA approved a budget allocation for a pilot Micro-Loan program. Staff will be preparing this item for future discussion at the March EDA meeting. For an example please review the City of Brooklyn Park's program here: https://www.brooklynpark.org/businesses/business-financing-and-resources/#microbusiness-loan-program
Business Development Projects
Loon Liquors
- Loon Liquors expects to open this fall. Closing on the property has been postponed to the end of April to accommodate bank-req...
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