Meeting record · Richfield, Minnesota
Economic Development Authority — Monday, August 17, 2026
4 items on the record
Read this day's brief Official records (city portal)
Items on the record
Item 6.a.Discussedinformational or procedural item — no vote taken
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.
Item 7.a.Outcome pendingfinal tally arrives with the minutes, expected ~Sep 14
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.
Item 7.b.Outcome pendingfinal tally arrives with the minutes, expected ~Sep 14
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.
Item 10.a.Outcome pendingfinal tally arrives with the minutes, expected ~Sep 14
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.
Official documents
Last updated Wednesday, August 26, 2026 · AI-assisted summaries — the official documents above are authoritative.