01-28-2026 Workshop Packet - Laserfiche WebLink

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2 • Acquire, hold, and dispose of real property for economic development or redevelopment purposes, including City-owned land. • Prepare sites for development or redevelopment, including land assembly, demolition, environmental remediation, soil correction, and related predevelopment activities • Participate in and fund public infrastructure improvements that support qualifying development or redevelopment projects, including streets, utilities, access, and related public improvements. • Use economic development financing tools, such as tax increment financing (TIF), tax abatements where authorized, grants, loans, and bonding. • Enter into development agreements and implement redevelopment or development plans to carry out economic development objectives. Other activities, including management of EDA funds and assets and coordination with other public agencies and funding programs, may be undertaken as necessary to support these core functions. The Economic Development Authority does not establish land use regulations, zoning standards, or development rules, which remain legislative City Council actions. The EDA is not a general public works authority and does not fund or undertake infrastructure improvements unless they are tied to a qualifying economic development or redevelopment purpose. Current EDA Funds and City Holdings Funds The Little Canada Economic Development Fund (Fund 105) has a balance of $238,219.40. Property The City owns a few properties that could provide attractive development opportunities. These pieces of land would be formally transferred to the EDA prior to any sale as under State Law, the EDA has more discretion on the sale of land. The City has three main properties that could be used for future development activities that would support the economic vitality of Little Canada 1. 2828 Condit Street – Approximately a 5-acre site between Condit and Country Drive. 2. 0 First Bank Drive – A 0.62-acre site immediately adjacent to Culvers. 3. 2750 Rice Street – A 0.21-acre site on Rice Street, north of Suite Living. City Staff have received serious inquiries from interested parties about all three of these properties. Bylaw Information The proposed bylaws are largely boilerplate and do not expand or restrict the statutory powers of the EDA. Their primary purpose is to provide procedural structure and clarity, including: 1. Establishing officer roles and responsibilities when the Council is acting as the EDA. 2. Clarifying meeting procedures, quorum, and voting practices specific to EDA actions. 3. Providing consistency in how EDA actions are recorded and administered.