Richfield EDA proposes REVIVE program to enhance commercial spaces and attract businesses

The Economic Development Authority (EDA) of Richfield, Minnesota, convened on April 21, 2025, to discuss current and proposed business assistance programs aimed at enhancing the local economy. The session, led by Jen Youngquist, provided a comprehensive overview of past initiatives and introduced a new program designed to improve commercial spaces in the city.

The meeting began with a review of historical business assistance efforts. Youngquist highlighted several programs, including the Penn Avenue Streetscape Grant from 2010, which funded 20% of landscaping improvements for two businesses, and the 2018 Penn Avenue Facade Improvement Program, which supported four businesses with a 50% cost match. Following the formation of the EDA, a revolving loan fund was proposed to assist small businesses with loans up to $15,000. However, the onset of the COVID-19 pandemic shifted priorities, leading to the introduction of forgivable loans for impacted businesses.

Current programs discussed included a bike rack cost share initiative, which has benefited six businesses, and the Energy Efficient Business Rebate Program, which has supported 60 projects with a total impact of $75,000. The Displaced Business Fund was also noted for assisting four businesses affected by redevelopment in the Lynnview area.

Youngquist referenced a 2023 business assistance analysis by John Stark, which identified desired outcomes for future programs. While existing initiatives have addressed some needs, there remains a gap in support for improving commercial spaces and curb appeal.

In response, the EDA proposed the Richfield Economic Vibrancy Investment and Visual Enhancement Program (REVIVE). This new initiative aims to stimulate investment in older commercial properties, enhance aesthetic appeal, and support local businesses regardless of property ownership. The program seeks to create more inviting environments for pedestrians and cyclists, ultimately boosting local economic conditions and attracting customers.

The meeting concluded with a consensus on the importance of REVIVE in addressing the unique challenges faced by Richfield's commercial landscape, particularly given the age of many properties and the current economic climate. The EDA plans to further develop this program to ensure it meets the needs of the community effectively.