A significant portion of the meeting was dedicated to discussing the transition in leadership as Derek Leo steps down from his role. Leo had been a key figure in the Economic Development Authority since 2017, contributing to various development projects in Moorhead. During his time, Leo spearheaded several initiatives, including a downtown vision and plan launched in 2018. One of the plan’s ambitious goals, the establishment of 500 housing units in five years, was successfully met, illustrating his impact on the community’s growth.

The board expressed gratitude for Leo’s contributions, noting his personal qualities and involvement in community activities such as coaching. Leo, in turn, reflected on his journey with the organization, expressing appreciation for the support he received from colleagues and stakeholders. He also conveyed confidence in the new appointee, Matt Lysath, who brings experience from serving on the board of Downtown Moorhead Inc. Lysath’s reputation as a business and community leader was acknowledged as an asset for the future endeavors of the Economic Development Authority.

The meeting also saw discussions about the proposed financing structure for the reconstruction of City Hall, an essential project for the community. John Shockley provided an overview of the financing plan, introducing the concept of lease revenue bonds, which the Economic Development Authority would sell to finance the project. This arrangement involves the EDA retaining ownership of the land while leasing it to the city. The city would make payments equivalent to the bond payments, with the option to purchase the property for a nominal fee at the end of the bond term.

Shockley explained that this financing structure has been developed with the city’s collaboration and the EDA’s financial advisor. The proposal aims to facilitate the redevelopment of the old Moorhead Center Mall, where City Hall is located. The EDA board is expected to take action on the financing proposal in the next meeting, where formal resolutions will be presented.

These discussions were framed within the context of ongoing development projects and the transformation of downtown Moorhead. One speaker expressed enthusiasm about the area’s development over the past decades, highlighting new structures and the potential for further growth, especially along the riverfront. The speaker acknowledged contributions from local businesses and investors, reflecting on the public engagement that shaped the downtown master plan in 2019 and 2020. This engagement emphasized the community’s role in shaping its future and the importance of leadership and execution in realizing the ambitious strategies set forth.

The meeting concluded with acknowledgments of Derek Leo’s service and the impact of his leadership on the community. The ongoing changes in Moorhead, particularly in addressing vacant spaces and underutilized properties, were attributed to the strategic direction and decisions made during his tenure. The board expressed a commitment to continue supporting projects that will shape the future of Moorhead, building on the foundation laid by Leo and looking forward to the contributions of new leadership under Matt Lysath.