New Ulm EDA Approves Oak Hills Loan Amid Concerns Over Financial Risks

Overview: In a recent meeting of the New Ulm Economic Development Authority (EDA), members focused on approving a significant loan request for Oak Hills Garden Terrace 2, with discussions highlighting concerns over the financial implications and the potential risks involved. The board approved the loan proposal, which seeks to cover furniture, fixtures, and equipment (FF&E) expenditures, with a 10-year term and deferred payments, despite initial reservations regarding its size and the need for adequate collateral.

New Ulm EDA Explores Strategic Planning and Potential Downtown Hotel Development

Overview: The New Ulm Economic Development Authority (EDA) meeting on November 18, 2025, covered topics, including the approval of the Section 8 Housing Choice Voucher Program budget for 2026, strategic planning discussions, and the potential economic impact of establishing a hotel downtown.

New Ulm Economic Development Authority Approves Commercial Rehab Loan, Advances Key Housing Projects

Overview: At its October 14, 2025, meeting, the New Ulm Economic Development Authority made strides in supporting local economic development by approving a $74,900 commercial property rehabilitation loan and exploring strategic planning for future loans. The meeting also addressed housing initiatives, including enhanced vouchers for Sunset Apartments and progress on the Rebound Partners senior housing project, while considering the impacts of a potential government shutdown on authority operations.

New Ulm Economic Development Authority Approves Site Plan Change for North Broadway Lots

Overview: The New Ulm Economic Development Authority (EDA) convened to address several topics, notably approving a revised site plan for the North Broadway lots, transitioning from a mixed-use to a purely commercial development. The change stems from the building’s revised configuration, which accommodates three commercial spaces but lacks parking for residential units. The modification required approval due to deed restrictions mandating housing or mixed-use development, which will now be amended by the city attorney.

New Ulm Sells EDA Lots; Child Care Insurance Costs Soar, Causing Closures

Overview: In a recent meeting, the New Ulm Economic Development Authority finalized the sale of its EDA lots on North Broadway. Additionally, a troubling rise in child care insurance costs has led to unexpected closures and challenges for local providers, highlighting ongoing community concerns.