EDA Meeting Date: July 28, 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 Partnership with Latino Economic Development Center (LEDC)
In an effort to expand the EDA entrepreneurial resources, City staff engaged the executive director of the Latino Economic Development Center (LEDC) <https://www.ledcmn.org/> to discuss potential partnership. As a result of those discussions, a Memorandum of Understanding (MOU) was drafted and executed. (See attached) This MOU is a six-month pilot partnership with no financial obligations. More information will be provided to EDA Board members at the August Board meeting.
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 a later EDA meeting in the fall. 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 <https://www.brooklynpark.org/businesses/business-financing-and-resources/>
Alternative Options:
This report serves as an update on other items occurring throughout the City. The EDA can provide alternative options during discussion.
Financial Impacts:
Staff will provide financial impacts when appropriate.
Tentative Timelines:
Future Meeting Schedule is attached as reference.