2025-03-11 - AGE - HRA Work Session March 11, 2025 — 6:30 PM
Golden Valley City Hall
Council Conference Room
1.Economic Development Update
HRA WORK SESSION AGENDA
HRA Work Sessions have an informal, discussion-style format and are designed for the HRA to obtain
background information, consider policy alternatives, and provide general directions to staff. No
formal actions are taken at work sessions. The public is invited to attend HRA Work Sessions and listen
to the discussion; public participation is only allowed by invitation of the HRA.
Discussion Item(s)
City of Golden Valley HRA Work Session March 11, 2025 — 6:30 PM
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EXECUTIVE SUMMARY
Community Development
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Work Session
March 11, 2025
Agenda Item
1. Economic Development Update
Prepared By
Christine Costello, Housing & Economic Development Manager
Summary
Community Development will provide an introduction and additional details on economic
development programs as they relate to Golden Valley.
Elevate Hennepin
The City of Golden Valley is proud to partner with Hennepin County’s Elevate Hennepin initiative to
bring expert advising and other business resources to businesses at no cost to the business. Elevate
Hennepin, an initiative from Hennepin County, is designed to support businesses of all sizes in their
efforts to grow, create jobs, and evolve. Through this program, businesses located in or operating in
Hennepin County can access no cost advising, find business events, and identify local, state, and
federal business support resources. Businesses can get up to 25 hours of insight or consulting from
each advisor. There are 40+ business advisors who have expertise in all manner of topics, including:
access to capital, business certification, financial management, marketing consulting, legal questions,
human resources, strategic planning, business technology, and starting a business.
Elevate Hennepin was designed to support Hennepin County businesses through COVID-19 pandemic
and civil unrest. Since then, it has evolved into an innovative model to encourage growth and serves as
an integral part of the County's economic development engine.
Business Retention and Expansion (BR&E) Program
Business Retention and Expansion (BR&E) programs are focused on the support of a community’s
existing businesses through ongoing engagement and information-sharing between the community’s
economic development professionals (often led by local Community Development Department) and
local business owners and managers. Since 1990, the University of Minnesota Extension has provided
a BR&E program. They recently renamed the program to Connecting Businesses and Community
Program. The program can strengthen the economic and social fabric of communities since it is led by
a broad cross-section of community leaders and supported by educators who are familiar with BR&E
techniques.
A BR&E Program has four main goals:
Preserve and increase local jobs
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Preserve and increase local tax revenues
Maintain or diversify the local economy
Maintain or diversify access to goods and services
The benefits of a BR&E Program to a business include support from the community to solve problems
that could potentially cause a business to fail, close, or move away. People will also benefit from local
job opportunities, through a range of employers, types of jobs and industries, and access to local
shopping and services that are retained and expanded. Finally, the overall community benefits from a
stable tax base, business civic engagement, vitality, and local pride.
Economic Development Strategic Plan RFP
A request for proposals (RFP) will be released by the end of March/early April for the City. Strategic
economic development plans are integral to achieving measurable, sustainable economic growth and
quality of place. A formal plan will provide a five-year action plan with clear and attainable short- and
long-term economic development objectives that work towards creating a unified vision for economic
growth and strengthening business relationships. This work is included in the 2025 budget.
HRA v. EDA
As part of the strategic planning process, staff recommends considering converting the HRA into an
EDA (Economic Development Authority). EDAs have all the authority of HRAs, plus additional powers,
such as conducting studies regarding economic development, engaging in public relations activities
(such as joining a Chamber of Commerce), and offering small business loans. Making this change
would require upfront investment; therefore, staff would like direction from Council about whether to
study this option prior to proceeding.
Financial or Budget Considerations
Both programs have been budgeted for in 2025.
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