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 Façade Improvement Grants
The Façade 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 <https://www.brooklynpark.org/businesses/business-financing-and-resources/>
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-requested due diligence. The EDA has approved a gap loan of $200,000 to bridge the financing structure of the project. More details will come forward following the closing on the property and project financing.
City Redevelopment Projects
5th and Washington Redevelopment Project
- Eight developers received the request for letters of intent to partner with the city on the municipal liquor store, parking, and housing development at 5th and Washington. Questions from developers were due Monday, February 3 and responses are due February 28. See the Letter of Interest Request attached.
- The EDA will continue to receive regular reporting on this project as the Council designated the EDA as the advisory board for this and other downtown redevelopment projects.
5th and Water Redevelopment Project
- The EDA did not spend significant time in summer 2024 discussing this public redevelopment project. The EDA will need to review this project status in the near term.
Northwest Area Development
The City has successfully rezoned a significant amount of property within the Northwest Area to accommodate light industrial development at the end of 2024. Economic development staff continue to facilitate discussions among interested developers, utility providers, and the property owners regarding future development. More information on the development area can be found here: <https://www.northfieldmn.gov/1578/Northwest-Area-Business-Park>
City Ice Arena Project
The City Council received an update on the status of the future ice arena project during the February 18 work session. More information on that discussion can be found here: <https://www.northfieldmn.gov/1671/Ice-Arena>
The EDA will have a role in the financing structure of the future ice arena. Using a financing tool called “lease-revenue bonding,” the EDA will issue bonds to improve the facility. The EDA took action via resolution on September 23, 2024 to support the use of this financing tool. That resolution is also attached. For more information, please watch and review the packet materials from September 23, 2024. <https://northfield.granicus.com/player/clip/1872>
Northfield 2045 Comprehensive Plan
The Northfield 2045 Comprehensive Plan continues to be refined and is expected to be adopted this spring. As part of plan development efforts, staff are working to ensure clear connections to other critical planning documents such as the Capital Improvement Program (CIP), along with some of the most recent planning efforts such as the Climate Action Plan and the Riverfront Enhancement Action Plan. Additionally, staff is working to coordinate the shorter-term strategic plan efforts with the creation of this 20-year comprehensive planning document to best align department work programs with the desired future state described in the plan document. Additional information and the most current draft can be found in the Planning Commission Packet for February 20, 2025: <https://www.northfieldmn.gov/DocumentCenter/View/23871/02-20-2025-PC-Agenda-Packet>.
The City Adminsitrator’s memo for January 2025 is attached for reference to other city initiatives.
Alternative Options:
Not applicable.
Financial Impacts:
Not applicable.
Tentative Timelines:
Not applicable.