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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.
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The agreement formalizes payment to the city for staff support provided to the Economic Development Authority. The board heard that the Hill Block project is funded and includes plans to stabilize 327 Central using Historic Tax Credits; a formal request is expected in February. The 229 Central and MightyFine! Coffee Company proposals also require additional work before the board considers possible financial assistance.
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