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Otsego EDA reviews 2025 bond accounts, TIFs and discusses pooling $129,300 in statewide housing aid with Wright County
Summary
City staff presented unaudited 2025 EDA financials—trust account cash for debt service ($398,000), construction cash ($10.3M) and a pending $1.7M draw. Commissioners discussed options for $129,300 in restricted statewide affordable housing aid and a $26,000 2026 allotment, including county-administered rehabs, transitional housing and emergency hotel assistance.
City of Otsego staff on Feb. 9 summarized unaudited 2025 financial activity for two EDA-related bond accounts and updated commissioners on tax-increment-financing districts while soliciting feedback on how to use the city’s allotment of statewide affordable housing aid.
Adam, the EDA presenter, told the board the debt service trust account held $398,000 at year-end to help pay future debt service and noted an unreserved fund balance of $814,000 at the beginning of the year, with an end-of-year balance near $416,000. "At year end, there was $398,000 included within the trust account at US Bank to help pay for future debt service," Adam said. He reported a 2025 interest payment of $439,000 and that monthly interest revenue produced roughly $23,000 credited to the bond account during 2025.
On the construction side, Adam reported cash with the fiscal agent totaled…
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