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CRCivicRundownRichfield, Minnesota

Meeting record · Richfield, Minnesota

Economic Development Authority — Monday, May 18, 2026

2 items on the record

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Items on the record

  1. Item 5aDiscussedinformational or procedural item — no vote taken

    Approval of the April 20, 2026 EDA Meeting Minutes

    The EDA approved the minutes of its April 20, 2026 regular meeting, formally closing the record of that meeting, which included approval of a resolution supporting a Hennepin County Business District Initiative Program grant application for downtown wayfinding and placemaking projects.

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  2. Item 10aApprovedper the meeting record — vote tally not extracted

    Transformation Loan Program Guideline Revisions and $17,500 Additional Funding Resolution

    The EDA considered revised guidelines for the Transformation Loan Program, which gives Richfield homeowners no-interest, forgivable loans of up to $25,000 for major remodeling projects over $50,000. The revisions add income limits (at or below 200%-250% of Area Median Income), a home-value cap of $402,000 (120% of the $335,689 median assessed value, covering about 91% of homes), project-cost caps, a defined December-January application period, and formal scoring criteria favoring accessibility, energy-efficiency, ADU, and duplex-conversion projects. A companion resolution authorized an added $17,500 in EDA General Fund levy dollars, raising the 2026 program budget from $140,000 to $157,500 so the final 2026 applicant's aging-in-place accessibility remodel can be fully funded and completed this year.

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Official documents

Last updated Tuesday, July 28, 2026 · AI-assisted summaries — the official documents above are authoritative.