Economic Development Advisory Commission - 03.12.26

The City of Minnetonka's Economic Development Advisory Commission meeting on March 12, 2026, focused on reviewing the 2025 community development annual report and discussing economic development and housing updates. Key procurement-related highlights included the completion of the Chasewood Villas Housing Improvement Area project at a reduced cost of $10.8 million, down from an initial $12.5 million estimate, funded through a city conduit financing mechanism. The commission also reviewed tax increment financing (TIF) pooling that contributed $5.22 million to the affordable housing trust fund, supporting ongoing and future affordable housing projects. Staff provided updates on grant funding efforts, including a $420,000 local housing trust fund grant for a transitional housing unit, and discussed plans for expiring affordable housing units and digital tools to assist with special assessment projects. Additionally, the meeting covered commercial market analysis, outreach efforts to businesses, and infrastructure projects such as wayfinding and lighting improvements in the Opus area. The commission also received updates on rental assistance programs and eviction data, highlighting coordinated efforts with Hennepin County and local nonprofits to support residents and businesses. No new contract awards or RFPs were explicitly mentioned, but the discussion reflected ongoing capital improvement projects and funding allocations relevant to economic development and housing.