EDA Meeting Date: July 28, 2025
To: Members of the Economic Development Authority
From: Ben Martig, City Administrator
Jake Reilly, Community Development Director
Nate Carlson, Economic Development Coordinator
Title
EDA Update on 5th & Washington Redevelopment Project
Body
Action Requested:
The EDA shall receive an update from City Staff and the Development Partner (i.e. Streetfront Development) regarding the 5th and Washington Street redevelopment project.
Summary Report:
The Northfield City Council delegated advisory authority to the Northfield EDA for downtown redevelopment projects in Resolution 2024-44 (Attached). The EDA reviewed materials and information related to potential development opportunities including constructing a more accessible and larger municipal liquor store and provided a recommended approach to the 5th and Washington Redevelopment project to Council via EDA Resolution 2024-005 (Attached).
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 (Attached). One letter of intent from a qualified developer, Streetfront Development, was received and is attached for review.
At this time, Streetfront has prepared an update to the EDA on the feasibility of the 5th & Washington Redevelopment project.
Alternative Options:
The EDA board may suggest an alternative path to review the financial feasibility of proposed redevelopment projects.
Financial Impacts:
Staff time is required now. Other financial resources may need to be committed to the project in the future.
Tentative Timelines:
Financial Feasibility Review of Project - Fall 2025