Council Retreat Item: 12 - Joe Huss, Finance Director
Title
EDA FUTURE ROLE AND FUNDING
Background
The Blaine EDA was established in 1988 by resolution pursuant to the Minnesota Economic Development Authority Act. Per the resolution, the EDA was established to promote the economic, commercial, housing, and industrial development and redevelopment of the City. Primary activities for the EDA include administering the City's Tax Increment Financing (TIF) districts; coordinating the City's participation in the Champions Tour 3M Golf Tournament; and operating the City's Business Retention and Expansion, Fire Suppression Grant and Business Appreciation programs. Additionally, Blaine's Home Improvement Loan program is administered under the EDA.
Initially, operating funds for the EDA were derived from property tax levies. Gradually, as the EDA acquired and resold property, funding was supplemented from the sale of these properties. Since 2004, EDA operations have been funded solely from funds acquired through the sale of this property.
Staff is preparing preliminary (pre-audit) 2012 financial data summarizing the EDA's current financial position for presentation to Council at the February 14 Council Retreat.
Recommendation
Staff is seeking Council direction regarding defining the EDA role and developing a funding plan for the EDA.