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7. Official Newspaper <br />Quad Community Press <br />8. Legal Depositories <br />First Resource Bank <br />LMC 4M Fund <br />PMA Financial Networks <br />PMA Securities <br />Moreton Capital Markets <br />US Bank <br />9. Legal Services <br />Kennedy & Graven, <br />Squires, Waldspurger, & Mace, <br />P.A. <br />Kutak Rock <br />10. Financial Advisor <br />Ehlers <br />RESULT: CARRIED [UNANIMOUS] <br />MOVER: Ruhland <br />SECONDER: Rafferty <br />AYES: Lyden, Ruhland, Rafferty, Rennaker and Nelson <br />4. 2025 ANNUAL REPORT <br />The Community Development Director stated that each year staff is required to provide a <br />recap of the prior year activities undertaken by the board. The EDA did not undertake <br />any development activities in 2025. <br />Overall, the City continued to see development activity in 2025. A total of 138 new <br />residential construction permits were issued in 2025. This is a slight increase over 2024 <br />but substantially under projected growth. Total building permit valuation decreased <br />slightly from $78,313,000 in 2024 to approximately $77,341,000 in 2025. <br />Commercial activity included the Phase 1 development of the Otter Crossing South <br />commercial development anchored by Aldi. Construction of the 77th Street/Market Place <br />Drive project was completed in preparation for the Java Lino Lakes development. This is <br />part of a multi -property redevelopment project that includes Chipotle, Pacific Dental, <br />O'Reilly's and Valvoline. The City also approved the Preliminary and Final Plat of <br />Clearwater Commons, a three -lot commercial development along 215t Avenue. <br />