Economic Development Authority


 

"Working to attract, promote and develop an economically sound future for the community of Lake Crystal" 

 

The Economic Development Specialist offers technical and financial assistance to local businesses. The Economic Development Authority (EDA) reviews major planning, capital improvements, and redevelopment proposals and makes recommendations about the impact of various proposals to the City Council. The EDA works closely with the City Council on all business-related matters.

 


 

Proposed Courtyard Project

 


Current location of proposed MJ Courtyard 
 
Proposed MJ Courtyard 

 

The City of Lake Crystal wants to join the businesses that have invested in updating and beautifying their properties on Main Street.  We would transform a vacant alley in between LC Ace and Infusion Baking and Co into a new courtyard for our community.

Our vision is to add character and bring citizens back to the heart of Lake Crystal.  The proposed courtyard would provide additional opportunities for outdoor dining, public art, and a relaxing place to linger and meet up with friends and patronize our local businesses. 

The courtyard would be 1,140 square feet and amenities include various seating options, fencing, art, landscaping, and a pergola for shade.  It will have a permeable surface to prevent storm water from flowing onto adjoining properties and into the street.

The City of Lake Crystal is looking forward to the public utilizing this new space during community events and spending more time in the downtown area.  This courtyard will be a multipurpose area that will serve our community well.  If you have any questions please call Lake Crystal City Hall 507-726-2538.

 


 

Developer Information

Information for Prospective Developers
The City of Lake Crystal is eager to work with prospective Developers in bringing new projects to the City. Not sure how to start? It's easy. Simply contact Economic Development Specialist, Bryan Stading for more information, or check out some of the tools the City of Lake Crystal has at it's disposal to help facilitate development within the City:


Tax Increment Financing (TIF)
TIF is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community improvement projects. Simply put, TIF uses future gains in property taxes to subsidize current improvements, which are projected to create the conditions for said gains. The completion of a public or private project often results in an increase in the value of surrounding real estate, which generates additional tax revenue. That additional revenue is then used to help offset the costs of a project in order to get it built or completed.

Tax Abatement
Tax abatement is the reduction of or the exemption from taxes granted by a City for a specified period of time, usually to encourage certain activities such as development or redevelopment. This encourages Developers to build since the City exempts taxes normally assigned to the project for a period of time, thus reducing the Developer's overall cost. 

EDA Loan Programs
Usually through City programs, potential Developers may apply for low interest or forgivable loans to make improvements on properties. 

HCPD Business Assistance
Heartland Consumers Power District (HCPD) has some EDA loans/grants available for businesses in Lake Crystal. Please check their website at www.www.hcpd.com.com to see if you qualify. 


The City of Lake Crystal would love to work with prospective Developers on bringing new and exciting projects to our community. If you would like to learn more about how the City of Lake Crystal can help you build your project, contact Economic Development Specialist, Bryan Stading by email at bryan.stading@cedausa.com or by phone at (507) 382-5679.