EDA Meeting Date: March 24, 2025
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
Establish Ad Hoc Redevelopment Finance Committee
Body
Action Requested:
The EDA make a motion to recommend three members to serve on an ad hoc Redevelopment Finance Committee to review the financial feasibility of the 5th and Washington Street Municipal Liquor store redevelopment project.
Summary Report:
The Northfield City Council delegated advisory authority to the Northfield EDA for downtown redevelopment projects in Resolution 2024-44 (Attachment 1). The EDA reviewed materials and information related to potential development opportunities including constructing a more accessible municipal liquor store and provided a recommended approach to the 5th and Washington Redevelopment project to Council via EDA Resolution 2024-005 (Attachment 2).
Earlier this year, staff issued a request for Letters of Intent (LOI) to a select group of local developers based on a project opportunity statement that aligns with the EDA's recommended approach (Attachment 3). One letter of intent from a qualified developer, Streetfront Development, was received and is attached for review (Attachment 4).
Staff recommends that the EDA establish an ad hoc Redevelopment Finance Committee to review the feasibility of and advise the Council on this particular project. The committee will need three EDA representatives. Up to three community members will be invited to serve on this committee. The time commitment is unknown at this time.
Alternative Options:
The EDA board may choose not to establish a committee or suggest an alternative path to review the financial feasibility of proposed redevelopment projects. The EDA board may also recommend that the ad hoc committee be continued until additional downtown redevelopment projects are undertaken.
Financial Impacts:
Staff time is required now. Other financial resources may need to be committ...
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