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02-14-2024 Workshop Packet
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02-14-2024 Workshop Packet
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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Fischer and Members of City Council <br /> <br />FROM: Chris Heineman, City Administrator <br /> <br />DATE: February 14, 2024 <br /> <br />RE: EDA 101 <br />ACTION TO BE CONSIDERED: <br />This is an introduction and update; no action is required. <br /> <br />BACKGROUND: <br />The EDA 101 workshop agenda item will be part one of a two-part introduction to local <br />economic development. During the 2022 Strategic Plan update process, there was much <br />discussion related to economic development under the strategic initiative of Maximizing our <br />Assets to Catalyze Development. One of the proposed action items was to review and redefine <br />the scope of the EDA in order to maximize our existing assets and catalyze development. <br /> <br />At the February 14 City Council Workshop, staff will provide a PPT presentation and provide an <br />introduction to local economic development organizations and an overview of the authority and <br />powers of an Economic Development Authority (EDA). In preparation for this presentation, the <br />following attachments have been included in the packet for your review: <br />• LMC Handbook for Minnesota Cities: Community Development & Redevelopment <br />• EDAM Economic Development Handbook (2024 Edition) <br /> <br />BUDGET IMPACT: <br />No budget impact at this time. <br /> <br />STRATEGIC INITIATIVE: Maximizing our Assets to Catalyze Development <br />• Action Item: Review and Redefine EDA Scope <br />➢ Key Outcome Indicator: Determine optimal composition of EDA B.O.D.
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