Agenda - Economic Development Authority - 08/13/2026

Home

4. 2. Economic Development Authority (EDA) Meeting Date: 08/13/2026 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Consider Recommendation for Approval of 2027 EDA Budget Purpose/Background: The purpose of this case is to formulate a recommendation to the City Council on the proposed 2027 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, MNCar, Loopnet, Brochures, CBRE, ICSC (If needed)) 2. EDA Sponsored Events (Biz Network, Biz Expo, Biz Appreciation) 3. Business Retention, Expansion and Recruitment (Business Visits and Recruitment, CBRE) 4. Professional Services to supplement Staff on development projects (TIF Analysis, Legal, Environmental, Land Acquisition, Hwy 10 RALF and Gateway Turnback Sales, Demolition, SAC /WAC Loans, Sign and Awning program, 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 2027 EDA Budget has been reduced (0.00%) from $91,167 to $91,167. There are no changes in line items from 2026 to 2027. Community Development Director Hanson is still in the process of obtaining her NDC (Grow America!) EDFP Certification. She has completed one class and is scheduled for another in November 2026 and will be taking 2 more in 2027-2028. This is a one-time expense over 2 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 1.761M that can be used for larger projects, potential investment into the EDA Revolving Loan Fund, larger acquisitions and other special development projects and or incentives. It should be noted that the City ability to provide Tax Increment Financing incentives from TIF 14 (The COR)) ends on November 28, 2026. Staff believes that the EDA unencumbered fund balance could be used as an alternative to TIF 14 to provide additional gap funding opportunities for businesses considered a high priority by the Council and EDA in the COR or other areas of interest. Review by City Council The City Council is reviewing the overall 2027 Budget and Levy at Work Sessions and will continue to