Edina HRA reviews 2025 projects, weighs creating Economic Development Authority to expand business tools

Edina’s Housing and Redevelopment Authority opened its Jan. 15 meeting with a staff presentation summarizing 2025 projects and financing, then spent the latter portion of the session discussing whether to pursue an Economic Development Authority to add business‑assistance tools.

Bill Neuendorf, the city’s economic development manager, told commissioners the HRA year‑in‑review is a 52‑page staff document that assembles project summaries and financing exhibits. He said the HRA helped close and finance the Finch apartments (276 units, 10 affordable) and reimbursed the developer for a public road built to city specifications, at a cost Neuendorf cited as “$2,000,000 for that road.” He also described using Spark forgivable loans and TIF notes to support projects and said the agency issued over “$4,000,000 in reimbursement” to convert the 10% affordable units in one project from a 20‑year affordability term to permanent units, with forgiveness contingent on project completion and compliance.

Neuendorf used local examples to illustrate how redevelopment has changed the tax base. He said the former Perkins site’s property value rose from about $3 million to roughly $70 million…