During the meeting, City Attorney Shockley explained the bond sale process, noting that the EDA will serve as a pass-through entity for lease payments to bondholders. The bonds, capped at a par value of $27 million, are intended to fund the City Hall project. The resolution includes parameters ensuring the true interest cost does not exceed 5.5%. Chris Hogan from Baker Tillier confirmed the financial details, emphasizing the strategic timing for market conditions before finalizing the bond sale.

In addition to financial matters, the meeting celebrated notable achievements and future plans for Moorhead’s downtown. Essentia announced the purchase of the old Wells Fargo building on Center Avenue, which will be transformed into a healthcare facility. This development is part of a broader effort to enhance the downtown area, which will soon feature the new City Hall, the Moorhead Community Center Library, and other projects aimed at increasing foot traffic and vibrancy.

The meeting also served as a farewell to longtime EDA board members Nate Anderson and Chad Cota, who were recognized for their contributions over the past six years. Their tenure saw developments, such as the Mara Industrial Park’s shovel-ready certification and the initiation of the downtown master plan.

City Manager Molly acknowledged the tremendous work accomplished by the EDA and community partners, attributing success to their collaborative efforts. The EDA’s strategy has shifted towards experiential marketing.