Agenda - Economic Development Authority - 08/14/2025

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4. 2. Economic Development Authority (EDA) Meeting Date: 08/14/2025 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Consider Recommendation for Approval of 2026 EDA Budget Purpose/Background: The purpose of this case is to formulate a recommendation to the City Council on the proposed 2026 EDA Budget. The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts that promote the growth of employment and tax base in the City of Ramsey. Key investments in the EDA Budget include, but are not necessarily limited to: 1. Community and Economic Development Marketing / Networking Efforts (EDAM, Chambers of Commerce, Lasso/LOIS, Brochures, ICSC (If needed)) 2. EDA Sponsored Events (Biz Network, Biz Expo, Biz Appreciation) 3. Business Retention, Expansion and Recruitment 4. Professional Services to supplement Staff on development projects (TIF Analysis, Legal, Environmental, Land Acquisition, Hwy 10 RALF Sales, Demolition, SAC /WAC Loans, Property Mgmt, Plats, Development Agreements, etc.) 5. Training (Initial EDFP Certification for CD Director Hanson and continuing education for Sullivan EDFP re -certification) 6. Potential Land Acquisition and/or Assistance (Redevelopment, Hwy 10 and Site Assembly) (likely from Unencumbered Fund Balance) Notification: The EDA Meeting has been properly noticed. Time Frame/Observations/Alternatives: The 2026 EDA Budget has been reduced (0.02%) from $91,367 to $91,167. There are no major changes from 2025 to 2026 aside from moving $2000 dollars to Operating and reducing from Marketing. Community Development Director Hanson is in the process of obtaining her NDC (Grow America!) EDFP Certification. She has completed one class and will be taking more in 2025-2026. This is a one-time expense over two plus years. Economic Development Manager Sullivan has completed the training and has his EDFP Certification but does utilize EDAM for continuing education to keep his EDFP certification current. Once Community Development Director Hanson's EDFP Training is complete, the training budget can likely be reduced or reallocated. The EDA has an unencumbered Fund Balance of 1.615M that can be used for larger projects, potential investment into the EDA Revolving Loan Fund, larger acquisitions and other special projects. $79,923.50 in Revenue has been added to Unencumbered EDA Fund Balance 2025 due to the sale of 6591 141 st Avenue NW (Blanery Auto Shop) in Gateway Industrial Park this year. These funds could be considered for future land acquisitions and potentially financial assistance for development projects. Review by City Council The City Council is reviewing the overall 2026 Budget and Levy at Work Sessions and will continue to refine the budget. It is possible that these, and future discussions, could impact the final EDA Budget.