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.aDiscussedinformational or procedural item — no vote taken
Small Business Resiliency Program Update
The EDA received a presentation update on the Small Business Resiliency Program, an emergency $150,000 program created to help Richfield businesses affected by Operation Metro Surge. Of 46 applications reviewed, 10 small businesses were approved for roughly $64,000 total in forgivable loans, while 24 applications were found fraudulent and 12 were ineligible or unresponsive.
Item 7.aOutcome pendingrecorded in the approved minutes — tally not yet extracted here
Resolution Accepting Transfer of $55,000 in Unspent ASH Grant Funds for Apartment Remodeling Program
The EDA considered a resolution accepting a transfer of $55,000 in unspent Affordable Suburban Housing (ASH) grant funds from the Housing and Redevelopment Authority. The money, originally part of a $100,000 grant awarded to the HRA in 2019 for naturally occurring affordable housing (NOAH) rehabilitation, would be combined with the EDA's Apartment Remodeling Program to speed up spending on rental unit improvements.
Item 7.bOutcome pendingrecorded in the approved minutes — tally not yet extracted here
Update to the Inclusionary Housing Policy
The EDA considered updates to the City's Inclusionary Housing Policy, raising the minimum project size that triggers affordability requirements from 5 to 15 units, requiring owner-occupied affordable units to remain affordable for at least 15 years, eliminating the payment-in-lieu option for accessible units, and aligning the policy with the City's new 4(d)(1) tax classification policy adopted in June 2026. The policy has produced 114 affordable units since 2019, mostly at the Penn Station development.
Item history
- Aug 17, 2026 · Economic Development Authority · This item
- Sep 21, 2026 · Housing & Redevelopment Authority · Under Review
- Sep 21, 2026 · Economic Development Authority · Under Review
Item 10.aOutcome pendingrecorded in the approved minutes — tally not yet extracted here
2027 EDA Budget and Tax Levy and 2026 Revised EDA Budget
The EDA considered resolutions adopting a $957,580 proposed 2027 General Fund budget, a 3.5% ($22,580) increase in its 2027 property tax levy to $667,740, and a revised 2026 budget increased by $176,190 largely to fund a $150,000 emergency small-business resiliency program. The 2027 budget funds programs including Kids@Home ($156,000), Transformation Loans ($141,000), Apartment Remodeling ($155,000), and a new $70,000 REVIVE small business program.
Official documents
Last updated Wednesday, August 26, 2026 · AI-assisted summaries — the official documents above are authoritative.