HomeMy WebLinkAbout6.A. EDA and Council Open Public Hearing on Proposed Tax Increment Financing and Contract for Private Developement for Trident Development, LLC KJ, � ,
CITY OF SHAKOPEE
Memorandum
CASE NO.: 12002
TO: Honorable Mayor and City Council
Economic Development Authority (EDA)
Mark McNeill, City Administrator/EDA Executive Director
FROM: R. Michael Leek, Community Development Director
SUBJECT: Consideration of Proposed Tax Increment Financing (TIF) Plan for TIF
District No. 15 (Trident L.L.C. senior housing project) and Contract for
Private Development (CPD) between the City of Shakopee and Trident
Development, L.L.C.
MEETING DATE: May 1, 2012
INTRODUCTION:
The City Council and EDA Board are asked to open a public hearing on the above-named TIF Plan
and CPD. Because the Trident representatives are unable to attend on May lst, the Council and
EDA are asked to take testimony from anyone that may be in attendance for this issue, but at the
conclusion of such testimony,to continue the public hearing to May 1, 2012.
DISCUSSION:
More complete information, as well as the TIF Plan and CPD far this project will be provided in the
City Cotu�cil packet for the continued public hearing on May 15, 2012.
The proposed project is an 80-unit, approximately 84,000 square foot, senior rental housing facility.
The City is asked to designate a housing TIF district with a maximum term of twenty-five(25)
years. Tax increment over the term of the district is projected to be about $5.45 million. As a result
of approval of the TIF assistance, the project would designate 20% (16) of the units for persons at
50% of the median income in the county.
RELATIONSHIP TO CITY GOALS:
The proposed project and requested actions relative to the TIF Plan and CPD relate to the following
City Goals;
B. Positively manage the challenges and opportunities presented by growth,development and
change.
D. Maintain, improve and create strong partnerships with other public and private sector
entities.
ACTIONS REQUESTED:
City Council:
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The City Council is asked to take the following actions;
• Open the Council public hearing;
• Take testimony;
• Pass a motion continuing the public hearing on the Trident senior housing project TIF
Plan and CPD to the meeting of May 15, 2012.
EDA:
The EDA is asked to take the following actions;
• Convene the EDA meeting;
• Open the public hearing;
• Take testimony;
• Pass a motion continuing the public hearing to May 15, 2012;
• Adjourn the EDA to May 15, 2012.
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R. Michael Leek
Community Development Director
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