FAIRMONT– The Fairmont Economic Development Authority (FEDA) heard briefly about the new owner of the Five Lakes Centre mall during its meeting on Monday.

The new owner, like the former owner, is from New Jersey and Economic Development Coordinator, Ned Koppen, confirmed he owns a few other properties in communities similar to Fairmont.

“He’s excited to be in Fairmont and excited to improve the property and do some of the things that maybe the old ownership didn’t do,” Koppen said.

He added that there were some opportunities that the old ownership had with letters of intent that were never acted on.

“I think the existence of some of those opportunities was part of what made the mall appealing to the new owner. I believe he’s pursuing those right now and we’ll do everything that we can to assist him and help that happen,” Koppen said.

Later in the meeting, Koppen shared that there is one significant retailer that’s shown strong interest in the space in Fairmont.

The board also talked about the possibility of once again contracting with The Retail Coach. Koppen said that it’s for the same amount of money as last year, which is $12,500. FEDA splits the cost with the Martin County EDA, which also pays $12,500.

Koppen shared that last Monday the Martin County EDA did approve continuing with The Retail Coach, contingent on that FEDA approves of it, too.

When asked, Koppen spoke about some of what The Retail Coach does, which is recruiting retail businesses, mostly franchises, at a national level.

“They have brought to myself and the folks at the county EDA upwards of 20, 25 franchise names that have had interest in Fairmont,” Koppen said.

He added that he’s always careful to talk about businesses potentially coming here because there are many reasons why a business might double back and decide not to come here.

FEDA Board Member, Brian Roggow said, “from my perspective as a board member, is making sure that money that we do spend… brings value. Obviously this is an expense. Does it bring back value to the city… we need to get an impression of that,” Roggow said.

A motion to approve of the contract was unanimously approved.

In other business:

— The board approved a $1,500 payment for sponsorship of the Greater MN Partnership 2026.

— The board discussed the possibility of advertising on an I-90 billboard but opted not to at this time.