EDA Provides Support for 2008

EconomicVitality.jpgThe Northfield Economic Development Authority (EDA) voted at their January 10th meeting to increase their financial support of the Northfield Downtown Development Corporation (NDDC) in 2008. The EDA funding will be an essential part of the NDDC’s success in achieving our shared priorities for economic development in Northfield this year.

The EDA provided the original start-up funding for the NDDC back in 2000, with a two-year grant. From 2002 to 2004, the NDDC relied solely on private fund-raising for their operations. Starting in 2005, the EDA resumed an annual consideration of funding and the NDDC secured additional grants, identified additional income sources, and continued to increase the success of the annual partnership campaign.

The NDDC, along with the Chamber of Commerce and the Northfield Enterprise Center (NEC), considers itself to be a partner with the EDA in economic development in Northfield. Late last year, the four groups started meeting on a monthly basis in order to better collaborate on a wider range of initiatives.

The EDA’s funding of the NDDC was the largest in the organization’s history, matching for the first time the amount raised by the NDDC in the private sector. The EDA also provided funding to the NEC, a recently formed Rice County SBDC, the Southern Minnesota Initiative Fund, and Dakota Futures. The Chamber of Commerce and the EDA are currently considering an expanded marketing and promotional effort that would potentially receive EDA funding.

The NDDC wishes to thank the EDA for its continuing financial support and the confidence that this shows in the work of the organization. We’re excited by the knowledge that we’ll be a more effective economic development partner because of it.