EDA Meeting Date: February 24, 2025
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
EDA Resolution relating to the proposed establishment of Economic Development District No. 1, pursuant to Minnesota Statutes, 469.090 through 469.1082, as amended.
Body
Action Requested:
The Economic Development Authority is recommended to consider a motion to approve Resolution 2025-002 approving the proposed establishment of Economic Development District No. 1, pursuant to Minnesota Statutes, 469.090 through 469.1082, as amended.
Summary Report:
Northfield has established an EDA as authorized for cities pursuant to Minnesota Statutes, Section 469.090 through 469.1082 (the Economic Development Authority Act). The EDA's powers are governed by the EDA Act and the enabling resolution approved by the City Council.
One such power is the ability to create and define the boundaries of one or more economic development districts within the city in order to use its authorized EDA powers to carry out its purposes within them. The establishment of such a district is subject to the EDA holding a public hearing, with public notice published at least 10 days prior to the hearing date. The notice was published in the Northfield News on February 12, 2025.
The EDA Board must find that it is proper and desirable to establish and develop the district within the city. Subsequent activities that an EDA can consider carrying out within such a district potentially include the ability to acquire interest in property, make contracts, study and analyze economic development needs, develop and improve lands within a district for economic development uses, lease its property, issue bonds, engage in public relations, participate as a limited partner, and operate and maintain a public parking facility or other public facilities to promote development.
The statement of need and public purpose within the drafted Economic Development District...
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