Economic Development AuthorityItem 6.a.Discussed
Small Business Resiliency Program Update
The EDA received a presentation update on the Richfield Small Business Resiliency Program. As of the July 2026 report, all 46 applications had been reviewed, with 10 small businesses approved for roughly $64,000 in forgivable loans; 24 applications were found fraudulent and 12 were ineligible or unresponsive. Checks were being delivered in person to the approved businesses.
informational or procedural item — no vote taken
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Key figure: $64,000 — Forgivable loans approved for 10 small businesses under the Richfield Resiliency Program
Potential benefit
Roughly $64,000 in forgivable loans is reaching 10 local small businesses to help them recover, supporting jobs and services in Richfield's commercial areas.
Concern to consider
Of 46 applications, 24 were determined fraudulent, raising questions about program vetting and the amount of staff time spent screening bad-faith applicants.
What happens next: The EDA will continue to receive updates as loan agreements are finalized and funds are fully disbursed.
Sources: Economic Development Authority agenda (city portal) ↗
Economic Development AuthorityItem 7.a.Outcome pending
Resolution Accepting Transfer of $55,000 in Unspent HRA Grant Funds for Apartment Remodeling Program
The EDA considered a resolution accepting $55,000 in unspent grant funds from the Housing and Redevelopment Authority, originally a $100,000 award from the now-dissolved nonprofit Affordable Suburban Housing, for use in the EDA's Apartment Remodeling Program. Of the original grant, $45,000 was already spent in 2020 on a rehabilitation grant for a Naturally Occurring Affordable Housing (NOAH) property; the remaining $55,000 had sat unused in the HRA General Fund for several years. Combining the funds with the ARP is intended to help get the money spent more quickly on apartment improvements for long-time tenants.
final tally arrives with the minutes, expected ~Sep 14
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Key figure: $55,000 — Unspent ASH grant funds proposed to transfer from the HRA to the EDA's Apartment Remodeling Program
Potential benefit
Redirecting $55,000 in idle grant funds toward the Apartment Remodeling Program could speed improvements to units occupied by long-time renters in older, naturally affordable apartment buildings.
Concern to consider
The relatively small amount ($55,000) limits how many units can actually be improved, and prior efforts to spend it directly on NOAH rehab grants largely stalled for years.
What happens next: If approved by the EDA on August 17, 2026, the $55,000 will be incorporated into the EDA's 2027 Apartment Remodeling Program budget.
Sources: Economic Development Authority agenda (city portal) ↗
Economic Development AuthorityItem 7.b.Outcome pending
Update to the Inclusionary Housing Policy
The EDA considered updates to the City's Inclusionary Housing Policy, which requires 10-20% affordable units in housing projects receiving City, HRA, or EDA financial assistance. Proposed changes raise the minimum project size that triggers the requirement from 5 to 15 units, require owner-occupied projects to maintain affordability for at least 15 years, eliminate the payment-in-lieu option for accessible units, and align the policy with the City's newly adopted 4d(1) Tax Classification Policy. Since 2000, the policy has produced 114 affordable units in Richfield, including 80 units at 50% AMI.
final tally arrives with the minutes, expected ~Sep 14
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Key figure: 15% — Percentage of net present value of tax increment (or other assistance) that can be pledged to the Housing and Redevelopment Fund in lieu of building affordable units
Potential benefit
The policy has generated 114 affordable units since 2000, and the update aims to sharpen accessibility requirements by eliminating a payment-in-lieu shortcut for accessible units.
Concern to consider
Raising the minimum project size from 5 to 15 units removes the affordability requirement from smaller infill developments, which some worry could reduce production of affordable housing at the scale the City says it wants to encourage.
What happens next: The HRA considered the same update on August 17, and the City Council is scheduled to consider it on September 8, 2026.
Sources: Economic Development Authority agenda (city portal) ↗
Economic Development AuthorityItem 10.a.Outcome pending
2027 EDA Budget and Tax Levy and 2026 Revised EDA Budget
The EDA considered resolutions to approve its proposed 2027 budget and tax levy as well as a revised 2026 budget. Specific dollar figures for the levy or budget were not included in the available agenda materials.
final tally arrives with the minutes, expected ~Sep 14
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Potential benefit
Approving the 2027 budget and levy keeps EDA programs like the Apartment Remodeling Program and small business support funded going into next year.
Concern to consider
Because no specific levy or budget amount was detailed in the agenda materials, residents cannot yet assess the exact tax impact of this action.
What happens next: The EDA votes on the budget and levy resolutions on August 17, 2026, with the final levy typically certified to Hennepin County later in the year.
Sources: Economic Development Authority agenda (city portal) ↗