Approve Memorandum of Understanding with Lahti Region Development LADEC, Ltd., for collaboration on Economic Development, Sustainability, and Clean Technologies (All Wards)
Summary
The City Council is asked to authorize Mayor Lock Dawson to execute a Memorandum of Understanding (MOU) with Lahti Region Development LADEC, Ltd. (LADEC), a Finnish regional development company. This non-binding agreement, effective upon execution through December 31, 2027, aims to foster collaboration on economic development, sustainability, and clean technologies between Riverside and the Lahti Region.
LADEC, primarily owned by the City of Lahti, focuses on business growth, innovation, and internationalization, with a strong emphasis on sustainability and clean technologies. Riverside seeks international partnerships to align with its economic development and innovation priorities.
Key Areas of Collaboration:
- Sustainability and circular economy
- E-mobility and smart city solutions
- Green building and sustainable construction
- Research and development, startups, and digital technologies
- Soft-landing and market entry support for companies
- Workforce and talent development
- Pilot or demonstration projects
The MOU positions Riverside as a potential U.S. landing spot for Finnish companies and a gateway for Riverside companies into European markets. The City's role will be coordination and facilitation, including identifying sites, coordinating with regional partners, and providing guidance on permitting and approvals. Any future projects or financial commitments will require separate City Council approval.
Fiscal Impact: There is no fiscal impact associated with the approval of the MOU itself. The Economic Development Committee unanimously recommended authorization on March 19, 2026.