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4 <br /> <br /> <br />5. Leveraging EDA for Priority Projects <br />Finally, the Authority may consider whether the EDA should function primarily as a traditional <br />financing entity focused on discrete redevelopment transactions, or whether it should serve more <br />broadly as a vehicle to advance defined strategic initiatives. This could include targeting specific <br />redevelopment areas, supporting connectivity improvements such as the pedestrian bridge project, or <br />helping implement other long-term priorities identified by the City. <br /> <br />Using the EDA in this manner could allow certain capital or redevelopment initiatives to move forward <br />without relying solely on general fund dollars, potentially accelerating implementation and <br />diversifying funding sources. However, this approach expands the functional scope of the Authority <br />beyond conventional economic development activities and would require clear policy guidance to <br />define when and how EDA resources should be used in support of broader City objectives. <br /> <br />Recommendation <br />Staff recommend the Economic Development Authority: <br />1. Begin discussion and articulation of high-level goals and priorities. <br />2. Provide staff direction on tools and strategies that the EDA would be interested in exploring <br />further. <br /> <br />Following this discussion, staff will formalize areas of consensus into a draft strategic framework <br />document for future consideration and ongoing reference. <br /> <br />Attachments <br />Attachment A – Understanding Little Canada’s Local Economy – 2.2026 Draft <br />Attachment B – Shoreview EDA Goals