Lake City Port Authority is here to help your business succeed in Lake City, Minnesota.
The land where the City of Lake City currently resides was explored by European settlers in 1654 when it was the homeland of the Dakota people. The first Lake City Township meeting was held in 1858, and the City of Lake City was officially incorporated in 1872 along with the construction of the railroad. The Economic Development Authority (EDA) of the City of Lake City, Minnesota, was established effective July 1, 1987, to facilitate a well-rounded program for business assistance and development projects. On November 1, 2021, the EDA transitioned to a Port Authority, with the hopes of being able to access more funding and resources to further its mission of economic development.
The four main components of the Port Authority work plan are:
- Business Retention, Attraction and Expansion
- Marketing Live, Work, and Play in Lake City
- Child Care
The mission of the Port Authority
- Business Planning & Finances: Help new entrepreneurs or existing business owners develop or update their business plans and financial projections, or identify a suitable financial reporting system.
- Marketing Assistance: Help new entrepreneurs or existing businesses develop or enhance their marketing strategy, including expanding their social media presence, utilizing content creation tools, assisting in logo design, and connecting to marketing and design firms.
- Site Selection: Assist new or expanding businesses in identifying existing buildings or developable land that fits the parameters of what they are seeking to move or expand into.
- Demographic Information: Provide businesses with demographic information needed for business planning.
- Workforce Development: Assist with recruiting workforce, workforce training, advertising job openings, and building a talent pipeline with local organizations and education institutions to your organization.
- Resource Connection: Connect new entrepreneurs or existing business owners with local, regional, state and federal business resources.
- Business Trainings: Host trainings or assist in identifying existing business trainings that meet organizational needs; can conduct one-on-one training and consultations if requested.
- Succession Planning: Assist existing business owners with planning the next steps for businesses upon retirement, including advertising for-sale businesses and creative successor recruiting strategies.
- Business Recruitment: Seek out businesses in industries missing from the current Lake City business climate that will fill service gaps in the community.
- Financial Assistance: Review applications for and administer Tax Increment Financing (TIF) for the City of Lake City, as well as the local Revolving Loan Fund and Facade Improvement Programs. All financing tools are utilized to incentivize development or help local businesses expand or make technical or aesthetic improvements.
The Lake City Port Authority meets regularly on the third Thursday of each month at 4:30 pm in City Hall.