Economic Development Authority Meeting Date: March 23, 2026
To: Members of the Economic Development Authority
From: Emery John, Program Associate
Scott Wopata, Community Development Director
Title
EDA Financial Assistance Presentation and Discussion
Body
Action Requested:
A hearty and thorough discussion.
Summary Report:
Preexisting Financial Assistance Framework
The EDA currently runs a series of programs dedicated to the economic vitality of our business community. These are listed below.
- EDA Revolving Loan Fund and Program
- Façade Grants
- Micro Grant program (Clement M Shearer Micro grant Program)
Staff has also proposed a micro loan program, to complement the larger revolving loan program.
EDA staff also process other financial assistance requests, including several that are approved at the council level. These include tax increment financing (TIF) and tax abatement. Others are approved through other departments such as the Carbon Reduction Fund.
We also partner with organizations to supplement the work of the EDA. This includes the Latino Economic Development Center (LEDC) for providing technical assistance and lending support to primarily small businesses, and the Riverwalk Market Fair for providing entrepreneurial services to agricultural and art small businesses within a downtown farmer and artist market context.
EDA staff have also written for and partnered with other organizations to advocate for grant funding for Northfield businesses, primarily with the State Department of Employment and Economic Development (DEED.) This has resulted in an additional $1 million in 3 years directed at Northfield, stimulating private investment therein.
All of these represent a “tool” based approach, not a problem/solution-based approach.
This presentation is designed to reframe financial assistance in terms of the various levers and approaches the EDA can implement to achieve specific outcomes.
New Framework
To clearly explore the variety of program offerings the EDA could implement, staff have designed this ‘word-bank model’ of financial assistance.
Please take time to review the attached PDF. Know that this is not totally complete but meant to represent the variety of levels that staff and the EDA can explore when designing and evaluating programs.
Still absent from the categorization are evaluation of programs, and communication or marketing of the programs (distinct from the celebration category.)
Not all programs that could be designed using this framework would be run solely by the EDA. This mechanism can also be used to evaluate secondary grant programs (at the State or other levels) that staff could prioritize applying for or accessing. This framework could also yield a program that would be funded in part or in whole by the EDA, but would be administered by a partner organization.
Program purposes can range from workforce development to business expansion to business hours - but achieving those purposes can come from a lot of different levers, or “selections,” of words in the word bank.
City Plans & Policies Relevance:
Staff consulted with Northfield 2045 Comprehensive Plan and the adopted Strategic Plan to brainstorm various potential programs, while determining how to best convey this framework.
Alternative Options:
N/A
Financial Impacts:
None at this time
Tentative Timelines:
Expect a similar model to be used when discussing program updates, overhauls, and sunsets in the coming months.