AuthorityFaribault

Economic Development Authority

Track committee activity, current roster, and published meeting coverage for Economic Development Authority in Faribault.

0 active membersLast meeting Aug 20, 20268 summaries in 30d

Summaries

Active roster

Latest activity

Aug 22, 2026

Municipality

Faribault

Latest coverage

EDA Approves Up to $750,000 Tax Note

Published Aug 22, 2026

Related summaries

Published meeting coverage connected to Economic Development Authority.

Briefing

Apr 16, 2026

EDA Approves Up to $750,000 Tax Note

The Economic Development Authority unanimously approved a taxable tax increment revenue note with an authorized principal amount not to exceed $750,000; the agenda and resolution title listed $725,000, while the motion used $750,000.

2 min readMunicipal coverage

Briefing

Mar 24, 2026

EDA approves incentives for 76-apartment project

The Economic Development Authority unanimously approved a tax-increment-financing proposal and development agreement for Riverchase II Apartments, involving approximately 76 apartments and $725,000 over nine years at 6.5%. Members also approved a downtown improvement loan, payment of FaribaultMill-related legal expenses, and up to $15,000 for an economic analysis.

2 min readMunicipal coverage

Briefing

Feb 19, 2026

EDA Approves $50,000 Business Loan

The Economic Development Authority approved a $50,000 special loan for MightyFine! Coffee Company at 3% interest over 10 years, with interest-only payments during the first year. Members also accepted a vacancy-rate memorandum and approved assignments related to Faribault Apartments LLC and South Faribault Apartments LLC.

1 min readMunicipal coverage

Briefing

Jan 15, 2026

EDA Approves $50,000 City Services Agreement

The Economic Development Authority approved a 2026 managerial services agreement that will reimburse the City of Faribault $50,000 for staff time. Members also reviewed downtown redevelopment proposals, but took no action on the Hill Block, 229 Central, or MightyFine! Coffee Company projects.

1 min readMunicipal coverage

Briefing

Nov 20, 2025

EDA Approves 2026 Tax Levy and Budget

The Economic Development Authority approved its final 2026 tax levy and 2026 budget and work plan. Members also approved funding closeout for FDC, a blanket process for assignments and subordinations involving FDC-owned properties, and a commercial rehabilitation loan for 604 Central.

1 min readMunicipal coverage

Briefing

Oct 16, 2025

Downtown Headquarters Loan Approved

The Economic Development Authority approved Resolution 2025-16 for a forgivable loan to support relocating a global telecommunications headquarters to downtown Faribault; discussion referenced a $50,000 commitment. Staff said current funding is available through the EDA’s separate tax levy, but future payments depend on continued City Council approval.

1 min readMunicipal coverage

Briefing

Sep 18, 2025

EDA backs proposed $250,000 downtown headquarters loan

The Economic Development Authority approved support for a proposed $250,000 forgivable loan—$50,000 annually for five years—to help relocate a global headquarters downtown. The project would use a 15-year private lease, with other potential assistance including a reported $100,000 from MIF and tax abatement.

2 min readMunicipal coverage

Briefing

Aug 21, 2025

Preliminary Tax Levy and Downtown Loans Approved

The Economic Development Authority approved a preliminary fiscal year 2026 tax levy, a downtown commercial rehabilitation loan for 533 Central Avenue, and a special demolition and rehabilitation loan. Each resolution passed unanimously, 7-0; the levy amount was not provided.

1 min readMunicipal coverage