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
- Fa?ade 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 varie...
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