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HomeMy WebLinkAboutJune 03, 2025 - EDA PacketSHAKOPE E Shakopee Economic Development Authority Regular Meeting Tuesday, June 3, 2025 7:00 PM City Hall, 485 Gorman Street 1. Roll Call 2. Approval of Agenda 3. Consent Business 4. General Business 4.a Partnership with Canterbury on Feasibility and Design of the Southern 28 acres Adjacent to the Amphitheater 4.b Lease Amendment for River City Centre for Concrete Mobility 5. Reports 5.a EDA Bill List 6. Adjourn to July 1, 2025 at 7:00 p.m. Note to EDA Members: If you have any questions or need additional information on any of the above items, please call Michael Kerski, prior to the meeting at (952)233-9346. 1 WILLA! SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Economic Development Authority June 3, 2025 4.a Partnership with Canterbury on Feasibility and Design of the Southern 28 acres Adjacent to the Amphitheater Michael Kerski, Planning and Development Director Michael Kerski Action to be considered: Approve partnership with Canterbury to reimburse them 50% of the expended costs not to exceed $100,000 for the EDA's share for professional services for a market feasibility study for the Southeast Development, consisting of approximately 28 acres. The firms chosen are Hunden Partners (market feasibility/economics) $115,000 and RSP Architects $50,000 (design). We will bring back to Council the branding firm at a later date. Motion Type: Simple Majority Background: Canterbury has spent the past year evaluating the best use of the 28 acres located south of the amphitheater. The vision is to develop a district that complements the amphitheater while also attracting visitors year -round —including during the winter months. The district will focus on creating repeat visitation through a mix of entertainment, retail, and dining options. Consultant Selection: After interviewing several experienced firms—Hunden Partners, Proforma Advisors LLC, RCLCO, and HR&A—Canterbury selected Hunden Partners for their broad experience and successful track record with similar mixed -use entertainment districts. Their work aligns closely with the vision for the South East Development as a dynamic complement to the amphitheater. RSP has already done some concept work for the city and Canterbury and understands entertainment destinations and the need to make this development a special place. RSP is on the city's list of approved consultants. Importance of Entertainment Districts: Entertainment districts are increasingly important for the success of new commercial and mixed -use developments. They foster vibrant, year-round destinations that: • Encourage repeat visits • Support local businesses 2 • Drive economic growth A recent EPR Properties article highlights five critical success factors that reinforce the need for a professional feasibility study: Key Factors for a Successful District: Dynamic, Rotating Programming Live music, festivals, and seasonal events help maintain energy and encourage repeat visitation. Market analysis is needed to identify the right types of programming. Experiential Dining Diners seek more than just food —they want an experience. A feasibility study identifies current market gaps and helps define concepts that align with visitor expectations. Quality Public Spaces Plazas, patios, and outdoor gathering areas are essential for pedestrian activity and community engagement. Thoughtful design ensures these areas are safe, accessible, and well -used. "Staycation" Appeal A strong entertainment mix can make the district feel like a getaway close to home. Proper research helps determine the right balance of venues like arcades, theaters, and specialty retail. Multi -Generational Design The district must attract a broad audience, from families to older adults. Market -driven planning ensures inclusivity and relevance across age groups. Why a Feasibility Study Is Critical: A successful entertainment district cannot be developed through guesswork. A comprehensive feasibility study offers: • Market validation for entertainment, dining, and retail uses • Demographic and visitor analysis to guide tenant and programming decisions • Design recommendations to ensure accessibility and long-term adaptability • Economic impact projections to support public -private investment A feasibility study, paired with design planning, provides the foundation for a thriving district tailored to community needs and regional demand. It ensures the South East Development becomes a vibrant, resilient, and successful destination —enhancing the amphitheater's role and supporting economic vitality in all seasons. 3 Recommendation: Approve Budget Impact: Paid from Administration funds in the Canterbury TIF Attachments: Hunden Intro - Canterbury Park 4-29-25 (1).pdf Revised Canterbury Park HBU Analysis 5-13-25.pdf 2025-04-30 Project Understanding.pdf 2025-04-30 Pro Canterbury Entertainment District.pdf 4 c 0 a) 16 -O i c 4-• C5 s0 Hunden Partners 0 Cr) Oa.) O 3 cp Q A C) 0 Ci C) 0 U conference event center & hote O In N C) C) C) cC I, C) C 0 cn QJ 0 district studies Ln C) -o N cu t —0 0 , O 0 0 > t 8 N C) �C,D 0 co (7) �CD (1.) o bJ c6 ( > bIJ N U o O N fa N partners I hunden.com I ©2024 Hunden I Rob Hunden Public and Private Development Expertise Huckaby & Associates, Washington, DC 1994 - 1996 Indianapolis Bond Bank/Mayor's Office 1996 - 1998 Horwath Landauer/Grubb & Ellis, Chicago 1998 - 2000 C.H. Johnson Consulting, Chicago, 2000 - 2005 Hunden Partners, Chicago - 2006 - Present Lt) O ro aJ C +' C N• Q O II O + O V) O C0 O 0 M C6 (1) z Speaker, Teacher and Author, including: Destinations International < U U U D w cn r• partners I hunden.com I ©2024 Hunden • Public, Private and Non -Profit Real Estate Consulting O -o a) E Q O 0 > a) 0 a) U a) ca Q U O_ co ra O• C c6 2CN Executive Vice President, Navy Pier, Inc. 2011-2019 C CQ C 0 U a) 0 cn a) t bA C ▪ C C d U_ . ON o N N '1 O +, O N O - W (1) — d u, U } ≥z C cO a) C co O Q 2 a) 2 a) C▪ Z 1/1 0 N 0 0 -- • • Ea) 'S t Q O Q > C (1) O 1- O 0 C Q !j ( co 0 0 O w a 2 Over 30 Years of Real Estate Experience in Mixed -Use Development Strategic Planning Project Management i U a) U Real Estate Operations CO partners I hunden.com I ©2024 Hunaen • Public, Private and Non -Profit Consulting Real Estate and Economic Development - 20+ years Hospitality business owner - 15+ years President, The Madison Group, LTD - 20+ years Adjunct Professor, Northwestern University - 10+ years Over 25 Years of Business Experience in Strategic Planning Financial Structuring Project Management Business Start-up, Acquisition and Turn Around Facility Operations partners I hunden.com I ©2024 Hunaen co . > au s co 2 120+ Projects for Public and Private Sector Folsom, CA Tourism Assessment Jackson, MS Tourism Master Plan Westchester County, NY Tourism Recovery Master Plan Mansfield, TX USL Stadium District Market & Financial Feasibility Study Manor, TX Mixed -Use District Highest & Best Use Brownsville, TX Mixed -Use Sports District Mansfield, TX Mixed -Use District C E a) txo co C ca 2 U a) 'O i a a) U U m U - C a) E 0 an as an C w 0 0 N C U Financial & Economic Impact Modeling Leadership Presentations & Focus Group Discussions RFQ-P Processes for Project Implementation partners I hunden.com I ©2024 Hunaen • Estate Advisory cc AE W U 0 Placemaking Action Plan • • -O C O O C V C (a c E N La E •r a o •- u `O ce Et c 0 N E U , u 15 a +. m N a a) m Q CO c .Q —0 E 0 a J O 2 o O O \ as C -0- E05 V • N O >O, 0 a V E LLuJ C O U 0) O c O C • ., Cr) N N ++ -O 0) 0) C p O) 0) 'O E a E m u u C 0) U (0 C Q ID a m 0 Project Advisory & Execution Deal Structure/ 0) a O ca 0 N Y C rID C N ID O) a 0 U U O a a O! 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CO CO Co MN.) 6R O) N N- N O I 847 Year 7 O CO O) N 69 O O CO O 69 O) d- CO 69 CO O CO05 ER N N CD LC) N I 847 I Year 6 N O) V (-O N 69 00 -,- ,- 6) 69 V LC N- V 69 in CO M N CO yo- O) N CV LO N O I 847 u, i CO CD V CO O N 69 6) M O CO- fig N CO CO V E9 LC) CO CO M ER 09 N N O LC N I 847 I Year 4I M Q) N E9 CO N 69 0) CO N E9 rs ) ER 09 09 CD I 795 M Co } N LC) O) Cb 64 d- CO CO ti 69 d- CO 00 M 69 O ID O co ER co s— LO M O) I 726 N CZ CO (0 (0 C)) CO CO CO N CO CO 69 69 69 CN. ) N N ER Cr) I 671 Year 1 M C- r- V 69 N CO r- Lo- ER M CO CS) N 69 CO CO N ER COO V M I 590 Cl) 0) O C 'O U a)() W U U d DD Q c C IEEE., m 2 E 2 0 Z LL LI_ LL H V) -0 0 W -0 0) LL Cc -D) 2 U d Q IEEE_, m 2 E 2 o Z LL LL LL H Source: Hunden Strategic Partners Fiscal Impact - Tax Impacts from New District Spending (000s) - Conference/Event Center + Amphitheater + HQ Hotel O H c•4 CO ' Co O M Co O Q) LL) N co ER ER ER ER O M R LO 09 LO O O) CO CO O N M 69 ER ER N- CO M CO N r, - O CO N N 69 ER 69 M O CO LC) LO r -- CV - 64 ER ER O ti N O ti ti N 69 ER ER LC) CO O) CO ti 00 CD C) CO N 64 ER ER N CO Lo NC) M N- CO O CO N 69 ER ER O CO N N O) CO CO 6) CO ER 69 69 Cr O CO CCU ER - CC) M CO CC) ER C3) Co ER Cr) M CA rss Lti 69 - CO M ER - CO N- N 000 LAC) V LC) O CO 69 69- ER C, Cr ((C O CO t CO CO ER ER E9 M CC CV O O N M CO CO ER ER ER N CC) CV N- CO CO V CO ER ER ER LC) N- O N- CO O O N CO 69 ER 69 O O O M ER 10 lt) M 6R LAC) N 6R LNC) LC) r ER L X CZ X C H CO H I >, CC) CD CU O 8- 0 - d 0 I- Source: Hunden Strategic Partners hunder partners V) L E CD c O .co 4 L a _a_ W ▪ (111 a N co O 4-1 mpact Projections Mixed -Use District Elements near Portland, Maine 30-Yr. 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Summary LO CO CO M VI▪ - eA V) CO = O CA C C CO CCV 17- CO N O) a R �_ U 3 W a) g To m E =a -0 0 Z o c c F U Z From Indirect From Induced ▪ R CO O N N O EA - 0_..., LON Net New FTE Jobs U U 2 LE 2 2 u_ u From Induced CO CO m 0 I- y O E Local Taxes O O co cO N x x i— H ~ -C CU a) a 2 co CL 0 O hunder partners i Vf c p = O .in O ..+ 5 o_co co c fa N +' C C a) CD E a _ O CL U) O a) a) > — tf; co a) 43 2 p cC m • i L a) i 4- w To m 3.O 2o a) a) +r Z a) U fa to N N c( 01 o v' N V — -o s a▪ ) 4- .E O .(O CO 0) .- > N C N 10 .a ;� O •_ '� ++ U ID •N2a) • cn a 4- aE c a) ° c 0 - CD U O (1) _O C • 0 ..- , C > z f6 a _-O Crsl 0 +, N co Q -0 s U O • .2 N 0 CD Q L O O N O U o O 'O O c -I Q CO C - 4--, v (U O v � O CU E'5 L s v c eL O a.) = ca s s O (D N C .C • s � • v O v H > e hunden partners Canterbury Park Entertainment District Highest and Best Use Analysis To: Jason Haugen, VP of Real Estate Canterbury Park JHaugen@canterburypark.com From: Rob Hunden, CEO, Hunden Partners 213 W Institute Place, Suite 707 Chicago, IL 60610 rob@hunden.com Date: May 13, 2025 Understanding Canterbury Park (Client) is seeking a proposal from Hunden Partners (Hunden) to complete a phased analysis to establish the highest and best mix of uses for two parcels of land (Site) representing a combined 26 acres on the Canterbury Park campus (Campus) in Shakopee, Minnesota. It is the goal of the Client that the future development (District) aligns with the entertainment -driven mission of the Campus, further enhancing Canterbury Park as a "live, stay, work, play" destination. The Campus is undergoing a significant expansion, including multiple development projects in addition to the District project outlined herein, including the development of a 19,000 -capacity amphitheater, to be operated by Live Nation, which is currently under construction. The District parcels represent a combined 26 acres of the Campus's southeast corner, south of the future amphitheater. The District may include such assets and amenities as multifamily housing, retail, an entertainment plaza, and hotel. These and other entertainment -centric uses will be studied. Hunden's analysis will establish the highest and best uses for the Site that best meet the goals and objectives of the Client (Project). The phased study will be accompanied by a conceptual master plan, to be created in collaboration with an architect or master planning firm to be selected and engaged by the Client, that will serve as a framework for the development of the Site and will inform the implementation strategy and development approach. The current site plan is shown below. Hunden's analysis will consider the highest and best use of the Future Development parcels, outlined in red. www.hunden.com 45 ED TRIPLE CROWN RESIDENCES FUTURE TRACNSEDE DEVELOPMENT hunden partners CANTERBURY PARR•••••• conFLUEnCE Hunden recommends completion of all elements of the scope of work to arrive at recommendations for the optimal mix of uses on the sites, followed by financial projections for the optimal scenarios. Scope of Work Phase I: Market Analysis • Task 1 — Project Kickoff and Orientation Task 2 — Site Analysis • Task 3 — Economic, Demographic and Tourism Analysis • Task 4 — Canterbury Park Campus Profile and Performance Assessment • Task 5 — Highest and Best Use Market Opportunities Analysis o Entertainment and Attractions o Retail and Restaurant o Hotel / Resort o Multifamily o Office www.hunden.com 46 hunden partners ■ Task 6 — Case Studies and Best Practices ■ Task 7 — Recommendations and Master Planning Workshop Phase II: Financial Feasibility Analysis • Task 8 — Demand and Financial Projections • Task 9 — Summary Presentation Optional Phase II Task ■ Economic, Fiscal and Employment Impact Analysis Phase I: Market Analysis Task 1: Project Kickoff and Orientation During the project kickoff, members of the Hunden team will meet with Client leadership to confirm the goals of the study and other contextual issues related to the Project. Hunden will perform the following orientation and due diligence tasks: • Meet with and obtain information and data from the Client, Canterbury Park management, representatives of the City of Shakopee, additional consultants hired by the Client possibly including an architect or master planning firm, and other key stakeholders as appropriate and approved by Client. • Tour Canterbury Park, the development Site, other nodes of activity in surrounding areas, as well as projects currently underway in the area to better understand the surrounding land uses as they relate to potential uses of the Site. ■ Review previous plans and documents related to the Project and all other support materials, as available. ■ Gather and review relevant economic, demographic, tourism and other data. Task 2: Site Analysis Hunden will assess the current offering of assets (synergistic, detracting or neutral) surrounding the Site, such as the racecourse, casino, hotel(s), restaurants, entertainment venues, any other walkable or proximate uses, and demand generators throughout the greater -Shakopee area to understand what assets exist in the area that induce visitation. Beyond the assets in the immediate area around the Site, Hunden will provide an overview of all relevant sports, entertainment, meetings and event, and related destination assets across the area, including tourist attractions and destinations. This summary will be used as a basis of understanding supply as Hunden completes its market analysis. www.hunden.com 47 hunden partners Task 3: Economic, Demographic and Tourism Analysis Hunden will evaluate Shakopee's position as an economic and tourism center of activity. This analysis will provide a realistic assessment of the strengths, weaknesses, opportunities, and threats (SWOT) for the area. Among the data gathered and analyzed will be: • Geographic attributes, accessibility, and transportation links, • Trends in population growth and income, • Corporate presence, major employers and any significant recent or likely future changes, ■ Major attractions, and ■ Other key economic and demographic datapoints as relevant. Hunden utilizes the latest market data, visitor origin data, demographic data, and other resources to provide a comprehensive view of the marketplace. Hunden will utilize Placer.ai geofencing research technology to assess relevant tourism assets, which will provide insights into visitor origin, foot traffic, seasonality, and other key datapoints as appropriate. Task 4: Canterbury Park Campus Profile and Performance Assessment Hunden will tour the Campus with the Client to understand the competitive positioning of the current uses on the Campus, considering all recently completed and current expansion projects. Hunden will assess any current supportive hotels, walkable uses, and surrounding demand generators to understand the current offerings and needs. Hunden will review what the Campus as a whole has been able to attract from a visitation and revenue standpoint and what the Client believes they can generate in the future with a new mix of uses on the Site. Campus Performance Assessment. Hunden will complete an analysis of historical event, attendance, group activity and financial history for the Campus. Existing and past business, as well as the anticipated changes in demand and performance expected to occur as a result of the recent Campus expansion and ongoing projects, will help determine the future demand for hotel room nights and other commercial uses on the Site. Hunden will assess potential gains in activity that could result from the development of various assets on the Site, based on interviews with the Client, hotel and venue management, and brokers in the market, as well as experience and examples from elsewhere. Hunden will utilize geofencing research technology to understand the historical visitation patterns to the Canterbury Park Campus, including pre- and post -visitation. Implications will be discussed. A sample of this research tool's capabilities is shown below. www.hunden.com 48 Visitor Origins by Distance tom Site (Colon correspond to chart E maps) hunden partners Canterbury Park Visitation In 2024, over 65 percent of visits to Canterbury Park originated within 25 miles of the Campus. This customer set averaged nearly three visits per year. Long-distance attendees primarily traveled from nearby markets, including Fargo, Sioux Falls, Duluth, Milwaukee and Chicago. Canterbury Park • (Shakopee, MN) January lst 2024- December 31st, 2024 Total Visit Total Unique Cualomers Est Number Percent of Est Number Total of Visits Total Visits of Customers Customers Avg. Visas par Customer Locals • Within 25 miles Regional • Between 25 mks 850 miles Long Distance • Over 500 miles 475.200 65.7% 162,300 25.2% 66,300 9.2% 160,800 49.6% 114,500 35.4% 48,600 15.0% Total Visits Scum Pamcal 723.800 100.0% 323.900 100.0% 2.96 1.59 1.36 2.23 eoa sss 20K 4L I. I. l l l LL I - E L .W. 202. Fee.2024 Mv. 2024 Ap. 2024 May 202. .Nn. 2024 .24. 2024 Aug, 2024 Sp, 2024 Oct 2024 Ncv. 2024 Dec. 2024 Task 5: Highest and Best Use Market Opportunities Analysis For each of the Entertainment and Attraction, Retail and Restaurant, Resort/Boutique Hotel, Multifamily, and Office analyses, Hunden will conduct the following research. Industry Trends. Hunden will cover the trends that influence how and where people want to live, stay, work, shop, eat/drink, and be entertained as part of those experiences, and how recent macro events have shifted these trends. In addition, Hunden will cover key drivers of demand, financial realities, including typical metrics, and others, as relevant. Hunden will provide an overview of the industry trends related to the uses under consideration for the Site. Market Performance. For certain assets, Hunden will assess the supply, demand, rates, absorption, and other key metrics of the Shakopee/Minneapolis market, in time -series charts and data tables, using CoStar and other analytical tools. Hunden will include a map of area submarkets and key nodes of asset clusters. Regarding housing, Hunden will assess the market opportunity for multifamily and for -sale product, including multifamily apartments, condos, and townhouses. For hotels, Hunden will track occupancy, monthly room night demand, average daily rate (ADR), and Revenue per Available Room (RevPAR), and performance by year, month, day of week, unaccommodated demand and demand type/market mix. Hunden will assess how new hotels have been absorbed into the market and how any additions or renovations have impacted the performance of the hotel market. Submarket and Local Market Performance. For certain assets, Hunden will assess the supply, demand, rates, absorption, and other key metrics of the Site submarket, in time -series charts and data tables, using CoStar and other analytical tools. In this task, Hunden will profile the submarket and local market supply of hotels/resorts as well as the key nodes or clusters of hotels, entertainment venues and attractions including off-season activations and special events, retail and restaurant www.hunden.com 49 hunden partners nodes, office space, and multifamily housing in the relevant marketplace. Hunden will interview relevant asset and tourism management representatives to determine the sources of demand for the market generally and for individual hotels, venues, and other amenities in and around the Campus. Competitive Set Identification and Performance. Hunden will provide profiles of leasable spaces or developments (location, size, quality, age rates, vacancy), absorption and time -series of performance for certain asset types. A competitive set supply map will profile location and consider nearby supportive uses, such as residential, hotels, event facilities, office clusters, attractions, and other support/demand generators. Hunden will track occupancy, monthly room night demand, average daily rate (ADR), and Revenue per Available Room (RevPAR), and performance by year, month, day of week, unaccommodated demand and demand type/market mix. Hunden will discuss how new hotels have been absorbed into the market and how any additions or renovations have impacted the performance of the hotel market. Proposed and Under Construction Projects. Hunden will profile the relevant projects underway or imminent and consider those as part of the future competitive set absorption dynamic. Geofencing Research Technology. Hunden will study customer origin and traffic analytics for retailers, restaurants, entertainment venues and attractions, hotels, and other relevant businesses. This information will be used to understand the possible impacts of new restaurant, retail, office, residential, hotel, and entertainment space in Shakopee and project how the development will perform. Interviews. Hunden will interview local brokers, facility management, and others in the marketplace to understand the nuances moving the market. Hunden will work to determine what product(s) could improve the market's offerings and achieve rates that will support development costs. Often, new, unique products can significantly outperform existing stock if there is a gap in quality, age, location, etc. that could induce new demand and higher rates to the submarket. For the resort/boutique hotel analysis, Hunden will interview competitive set hotel management to understand what business they are accommodating and the type of business that they believe may be going to hotels outside of the Shakopee area due to quality, space availability and other issues. Implications. Based on all of the market data and interview insights, as well as Hunden's experience in other markets with similar situations, implications will be provided for the Site development. Task 6: Case Studies and Best Practices Hunden constantly seeks to learn from best practices and the evolution of successful (and non - successful) mixed -use developments around the U.S. to understand what to include, what to avoid and 'how' to design and program a successful entertainment -anchored mixed -use district. www.hunden.com 50 hunden partners Hunden will review relevant similar mixed -use projects developed for similar -sized areas and markets to understand what has worked in other places. Hunden will focus on those in markets with comparable characteristics to those of the Site. These case studies will focus on developments that contributed to defining the respective location's sense of place. Hunden will consider the following data points as available: • Location, • Size, • District components, • Performance (as available), • Events and programming, • Critical factors to success or failure, and • Others, as appropriate. These will be profiled, and implications discussed. The results will provide the Client with lessons learned and best practices which address the critical elements of success or failure for place -shaping developments. Using geofencing research technology, Hunden can assess how busy comparable or competitive districts are, compare them to the Project, and determine primary trade areas, visitor origin, demographics and other datapoints. We can gather data on both the overall district and on each sub -category of uses. Task 7: Recommendations and Master Planning Workshop Based on its analysis, Hunden will make recommendations for the optimal mix of use types, including quality, sizing and other key factors, for the Site. This will not only be based on the existing market, but also on the market that the Client is looking to attract with development of the Site. Hunden will provide development scenarios by use type which may include entertainment and attractions, retail and restaurants, multifamily housing, office, hotels, or other uses as appropriate and revealed through the analyses. Recommendations will address the size, level of quality, optimal programming (as appropriate), density, and recommended location, as appropriate. Master Planning Workshop. Members of the Hunden team will travel to Shakopee to participate in an in -person Design Charrette and Master Planning Workshop with the Client and their selected architecture or master planning firm. Changes to the development program that result from this workshop will be incorporated into the financial projections and formulate the basis of the final conceptual plan. This workshop will take place after Hunden has made its recommendations for the development program for the District. www.hunden.com 51 hunden partners Phase II: Financial Feasibility Analysis Task 8 — Demand and Financial Projections Demand Projections. For the final recommended mixed -use components, Hunden will research and outline the market area's demand for each of the uses over the next 10 years, using the best available data and employing appropriate research from the prior tasks to provide an understanding of the demand for each use. Our approach and data presentation will align with industry -standard reporting for private sector real estate (commercial and residential) demand modeling. Financial Projections. For each of the development concepts, Hunden will prepare a demand model, including a penetration analysis. This will then lead to assumptions that will be used to determine the financial projections for each use. These will include major line -item detail of revenue and expense for each component, which will then result in net operating income (NOI) that will support debt service. Hunden will present projections from each component and then combine these results into a mixed -use financial projection for the development of the District. The financial projections will identify commercial financing or feasibility gaps for the Development of the District. Task 9 — Summary Presentation Hunden, in collaboration with the Client's architecture or master planning firm, will compile all findings, recommendations, and conceptual master plan into a PowerPoint style presentation and will deliver such findings electronically to the Client. Optional Phase II Task Economic, Fiscal and Employment Impact Analysis If authorized, Hunden will conduct an economic, fiscal, and employment impact analysis of the new economic activity generated by activity at the development and the impacts generated from the construction of the facility. The following will be projected for the City: • Direct Impact. Based on the analysis, a projection of net new direct spending will be tabulated. New spending is that spending that is new to the community as visitors come to Garland due to an event, spend the night or otherwise spend time or money in the area due to the development and operation of the Project. Hunden will analyze the induced, net new/recaptured spending by residents and visitors. The net new and recaptured spending is considered to be the Direct Impact. These Direct Impacts will then circulate in the economy as indirect and induced impacts. www.hunden.com 52 hunden partners ■ Total Impact will include the net new direct, indirect and induced impacts based on the new spending to the city economies. Indirect spending is spending that occurs within the [Project] to function as a business. So, in assessing a stadium, for example, indirect spending is spending on supplies, cost of goods sold and other spending necessary for the business to function. Induced spending also known as induced consumption, is spending that changes in response to income changes. It is a key part of household consumption and is closely linked to current income. When someone's income increases due to a new or higher -paying job, the person will have more income to spend in the economy. Total impact is a sum of direct, indirect and induced spending. ■ Fiscal (Tax) Impacts represent the incremental tax revenue collected by the City due to the net new economic activity related to activity occurring as a result of the Project. ■ Employment Impacts include the incremental or net new employee compensation and supported full-time equivalent employment to the city due to the development and ongoing operations of the Project. Hunden will use economic impact multipliers, which provides direct and total impacts, from regional Input -Output Modeling System (RIMS II) to perform the analysis. This input-output model estimates the indirect and induced impacts, as well as employment impacts, based on the relevant economy. An input-output model generally describes the commodities and income that normally flow through the various sectors of the economy. The indirect and induced expenditure, payroll and employment result from the estimated changes in the flow of income and goods caused by the projected direct impacts. The model data are available by various jurisdictional levels. The fiscal impact analysis will provide insight about the potential opportunity to secure public financial support for portions of the development of the District. www.hunden.com 53 hunden partners Milestones and Touchpoints Phase I: Market Analysis ■ Kickoff Organizing Call — Once the agreement is executed, Hunden will schedule an initial virtual kickoff meeting with the Client for introductions and to schedule the in - person site visit, tours, and meetings. Hunden will send a kickoff memo outlining requests for data, scheduling arrangements, and key contact information. ■ Site Visit/Local Discovery — Members of the Hunden team will travel to Shakopee to conduct an in -person kickoff trip with the Client, including stakeholder meetings and interviews, a site tour, and tours of surrounding demand generators. ■ Circle Back Call — After the kickoff trip, Hunden will schedule a 'circle -back call' with the Client to document the status of any data requested by Hunden to begin its analysis. ■ Check -In Calls — Throughout the market research tasks, Hunden can schedule check -in calls with the Client to provide updates on its progress. ■ Market Findings Presentation (deliverable) — At the completion of the Recommendations outlined in Task 7, Hunden will present a PowerPoint-style deliverable of market findings virtually to the Client. This will include a summary of implications and recommendations for the District. ■ Master Planning Workshop — Members of the Hunden team will travel to Shakopee to attend a master planning workshop/design charrette in person. Hunden will collaborate with the Client and the Client's selected architecture or master planning firm to create a preliminary conceptual master plan for the District, based on the program recommendations and other relevant information provided by Hunden. Phase II: Financial Feasibility Analysis ■ Demand and Financial Analysis (deliverable) — Hunden will complete a draft of the Demand and Financial Analysis for the District and incorporate it into a PowerPoint-style presentation, which will be presented to the Client electronically for review and comment. If authorized, the findings from the Economic, Fiscal, and Employment Impact Analysis will be included in the above deliverable. ■ Summary Presentation (deliverable) — After receiving comments from the Client on the market findings, recommendations, the Demand and Financial Analysis and Economic, Fiscal, the Employment Impact Analysis (if authorized), and receiving the conceptual master plan from the architecture or planning firm engaged by Client, Hunden will issue its final PowerPoint-style report. www.hunden.com 54 hunden partners Timing The overall timing for both phases of the Scope of Work is sixteen (16) weeks after the initial Site visit, assuming immediate authorization of Phase II upon completion of Phase I, as further noted below: ■ Phase I Market Findings and Recommendations — approximately eight (8) weeks after contract execution, initial fee payment, and the initial Site visit ■ Phase I Master Planning Workshop — approximately two (2) weeks after presentation of the Market Findings and Recommendations ■ Phase II Draft Demand and Financial Analysis — approximately three to four (3-4) weeks after the Master Planning Workshop (dependent on authorization of the Optional Task) • Phase II Summary Presentation — approximately two (2) weeks after receiving Client comments on the draft Demand and Financial Analysis and Economic, Fiscal, and Employment Impact Analysis This timeline is dependent on the timely receipt of input from Client and the availability of team members to meet at the appropriate times during the delivery of services. Fees The total fee for this scope of work is proposed to be $150,000. Divided among the phases, the fees can be individually authorized as follows: ■ Phase I: $115,000 o To authorize Phase I, initial here: ■ Phase II: $25,000 o To authorize Phase II, initial here: ■ Optional Phase II Task: $10,000 o To authorize Optional Phase II Task, initial here: Hunden proposes to bill the Client an initial kickoff payment of $25,000 to initiate Phase I of the scope of work. The balance will be billed monthly based on the percentage of work completed, with the initial payment being applied toward work completed from the outset of the project. The Phase I fee includes Hunden's time in market for two (2) trips, for the in -market kickoff and site visit and for the Master Planning Workshop. Any travel or related research expenses will be billed at cost without markup and are not included in the fee set forth above. Expenses will be billed separately on a monthly basis. Phase II does not include travel. Hunden can provide a fee estimate for additional travel as requested by Client. www.hunden.com 55 hunden partners Contractual Conditions The following conditions apply to this engagement with Client. CLIENT ACKNOWLEDGEMENTS. The Client acknowledges that the format of the final deliverable output is a PowerPoint-style report document. The Client acknowledges their critical role in providing Hunden with project background and other requested and necessary/ pertinent data items that only the Client has the capability of sharing in order to start the formal study timeline. Any delay in providing critical project or site data will delay Hunden's deliverable. The Client acknowledges that these project types are often not commercially viable and typically require public funding upfront and/or annually to be sustained. SCOPE LIMITATIONS. Hunden's services do not include the following: any assistance with a bond marketing strategy; any assistance with the preparation or distribution of any official statement; or any advice on the municipal bond market. Hunden does not provide advice with respect to municipal financial products or the issuance of municipal securities, including services with respect to the structure, timing, terms and other similar matters concerning such financial products or issues. Hunden is not a municipal advisor and Hunden is not subject to the fiduciary duty set forth in section 15B(c)(1) of the Registration and Regulation of Brokers and Dealers Act (15 U.S.C. 78o -4(c)(1)) with respect to the municipal financing product or issuance of municipal securities. The Client is advised that any actual issuance of debt must be done under the advice of its bond counsel and financial advisors. Your financial advisor should provide any advice concerning the specific structure, timing, expected interest cost, and risk associated with any government loan or bond issue. Potential advisors should not rely on representations made in this report with respect to the issuance of municipal debt. The findings and recommendations of Hunden's research will reflect an analysis of primary and secondary sources of information. Estimates and analyses presented in our work product will be based on data that are subject to variation. Hunden will use sources that it deems reliable but will not guarantee their accuracy. Recommendations will be made from information provided by the analyses, internal databases, and from information provided by external sources. The Client is entitled to receive the work product(s) prepared by Hunden pursuant to this Agreement. The Client has no right to access or deliverance of any underlying statistics, models, or any other information developed by Hunden in preparing the Report to which this Agreement pertains. REVISIONS. Hunden will complete a maximum of two drafts of the report. The Client is expected to provide comments and edits on the draft report and those will be addressed by Hunden. Hunden's www.hunden.com 56 hunden partners analysis and conclusions may not always agree with the Client's desired outcome. Hunden will use its independent perspective and research to drive its results. Any revisions, questions, conversations, Zoom meetings or travel requested after two drafts (initial draft report, then final draft), will be billed at Hunden's standard hourly billing rates. Payment on the final milestone will be required and an advance payment of $2,500 for the hourly work that would be required by the Client or its designees, such as lenders and others. UPDATES. Hunden has no responsibility to update its work product(s) for events and circumstances occurring after the date presented to the Client. Delayed invoice payments will result in the delay of deliverables for the next portion of work. If edits and comments are not received from the Client related to any prior deliverable within thirty (30) days of the delivery of the deliverable, the work product will be considered final, and the current billing will be sent and become due. TIMING OF DELIVERABLES. The timeline for the study begins when the following have occurred: 1) receipt of first payment, 2) signing of this contract and 3) receipt of any Client materials related to the Project requested by Hunden. VIRTUAL PRESENTATIONS. This contract is limited to up to three (3) virtual presentations of findings at the conclusion of the study. Fees for additional virtual presentations will be negotiated separately. BILLING. Any past invoices must be paid prior to the delivery of the next Milestone Deliverable. If an invoice remains unpaid 30 days after it was emailed to the client, Hunden may without further obligation, cease the assignment and terminate the Agreement. All previous invoices will remain due. Any invoice unpaid after 30 days will accrue a 3% per month late fee. Any invoice unpaid after 90 days will result in legal action by Hunden to collect such invoice(s). Failure by Hunden to assess late fees does not preclude Hunden from assessing late fees in the future. USE OF DELIVERABLE. The Work Product is copyrighted and cannot be manipulated in any way beyond the format that it was provided to the Client. CONSULTANT INTELLECTUAL PROPERTY. Consultant (or its licensor) will at all times retain all rights, ownership, and interest in any copyright, trademark, or other intellectual property proprietary to them including without limitation any models, spreadsheets, proformas, economic impact calculations, software, methodologies, tools, specifications, techniques, documentation or data which is utilized by Consultant in the performance of Services and has been originated or developed by Consultant, its affiliates or by third Parties outside of the scope of the Services, or which has been purchased by or licensed to Consultant, together with any and all additions, enhancements, improvements or other modifications thereto whether or not made during the performance of the Services (collectively, "Consultant Intellectual Property"). Nothing contained in this Agreement or otherwise shall be construed to grant to Company any right, title, license or other interest in, to or under any Consultant Intellectual Property (whether by estoppel, implication or otherwise). BREACH OF AGREEMENT. In the event the Client breaches the terms of this agreement, it agrees to indemnify Hunden for all loss, expense, claims or costs and attorneys' fees incurred by Hunden www.hunden.com 57 hunden partners resulting from such breach, including the cost of any action taken to rectify any breach, including collection of any amounts remaining due to Hunden from client. The provisions of this section shall survive the termination or expiration of this agreement with respect to any claims or liability occurring prior to such termination or expiration. TERMINATION. Notwithstanding the Billing language above, Hunden reserves the right to terminate this Agreement on fifteen (15) days written notice to Client should Client fail to satisfactorily perform its obligations under this Agreement. In the event Hunden terminates this Agreement, Client is obligated to pay Hunden for all services rendered under this Agreement prior to termination, including work through the next unbilled milestone. Nothing contained herein shall constitute a waiver of Hunden's right to bring suit for damages or to enforce specific performance of this Agreement. In the event of termination of this Agreement by the Client, Client is obligated to pay Hunden for all services rendered under this Agreement prior to termination, including work through the next unbilled milestone. Hunden further reserves the right to take any legal action necessary to enforce its rights under this Agreement. In the event Hunden is required to commence suit to collect any unpaid amounts due to it from Client, Client agrees to reimburse Hunden for its costs and attorneys' fees in bringing such suit. It is agreed that the liability of Hunden to the Client is limited to the amount of the fees paid by client to Hunden. If work outlined in this Agreement is not initiated by the Client within 180 days of authorization, then the Agreement will be subject to renegotiation. Hunden limits its responsibility to the Client and any use of the study produced pursuant to this Agreement by third parties shall be at the risk of the Client and/or said third parties. By the execution of this Agreement, Client acknowledges that he/she/it has read and agrees to the terms and conditions of this Agreement and agrees to the inclusion of a standard set of General Assumptions and Limiting Conditions in the report. Additional conditions prompted by the discovery of extraordinary or unusual circumstances uncovered during the course of investigation may be added to the study assignment, if necessary. DISPUTES. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, other than non-payment of amounts due hereunder, shall be settled by arbitration administered by the American Arbitration Association in accordance with its Commercial [or other applicable] Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. www.hunden.com 58 hunden partners If this document meets with Client's approval, Client may accept this letter and authorize Hunden to proceed by signing below. Authorization Accepted By: Signature Printed Name Title Company Date: www.hunden.com 59 ASP 30 April 2025 RSP Architects, Ltd. 1220 Marshall Street NE l Minneapolis, MN 55413 612.677.7100 main l www.rsparch.com Mr. Randy Sampson Canterbury Park 1100 Canterbury Road Shakopee, MN 55379 Canterbury Park Entertainment District RFP 26 -acre Entertainment District Dear Randy: We are excited to have the opportunity to propose our master planning services for the 26 -acre Entertainment District redevelopment, and to continue our ongoing collaboration with Canterbury Development. This project represents not only a significant regional opportunity, but also a chance to shape a legacy destination that honors the unique cultural and historical ties to the rich history of Canterbury Park by introducing a vibrant entertainment and mixed -use environment here. Over the past several years, our team has worked closely with Canterbury Park Development and its development partners to align vision, strategy, and implementation efforts across multiple initiatives. Through this collaboration, we have developed a deep understanding of the goals, context, and long-term aspirations that drive the project. From the beginning, the team recognized the uniqueness of this site that guided our work. There is an authenticity here that should be leveraged and rooted in all aspects of the design - from branding to building materials to the overall visitor experience. By reinforcing the existing equestrian themes and combining it with its entertainment aspirations, this site will grow to become a truly memorable, multi -faceted experience at this unique destination. A recurring theme in our previous planning sessions has been the strategic placement of how new opportunities - such as hotels, restaurants, future gaming, and entertainment venues - are located within the framework of the broader site that ensures both maximum value of each venue, while also working seamlessly within the larger context of the entire property. To do this, a landscaped pedestrian walkway has been planned to maximize visibility, activate the streetscape, and tie the entire site together as a whole. We are focused on creating a true destination that is a walkable, experience -driven district where curated food and beverage options, outdoor seating, and 60 Mr. Randy Sampson RSP Architects, Ltd. Canterbury Park Entertainment District RFP interactive public spaces collectively contribute to a dynamic sense of place and energy for visitors, residents, and business owners alike. In addition to our design and planning capabilities, we place a strong emphasis on integrating brand identity and visual storytelling into every phase of the project. To that end, we have partnered with Supraform (Jason Strong, formerly of Latitude), a strategic creative agency whose past work includes national brandings such as Google, Kimpton Hotel, Vista Outdoors, and Nike. Supraform will be instrumental in defining the voice, tone, and personality of the district - developing brand guidelines, naming strategies, wayfinding systems, and marketing collateral that communicate the essence of the Canterbury Entertainment District across all digital, print, and experiential platforms. Our team, led by Senior Designer Ryan Sommers, is fully prepared to lead the Master Planning Charrette as outlined in the RFP. From our extensive past work on the site, we have developed dimensionally accurate 3D models of the site and surrounding context, giving us a detailed understanding of the existing conditions, zoning overlays, and infrastructure capabilities. We also bring in-depth knowledge of how this site fits within the larger development ecosystem of the City of Shakopee and how it can serve as a catalyst for regional growth and tourism. We understand that the market study consultant selection is currently underway. Once the market analysis is completed, it will provide the data and valuable insights into consumer behavior, target demographics, and economic projections that will directly inform the next phase of our creative work - ensuring that our design solutions are not only aspirational but also grounded in real -world market performance and sustainability. RSP is committed to delivering an exciting, economically viable, and forward -looking master plan that positions the 26 -acre Entertainment District as a nationally recognized destination and a proud legacy for Canterbury Park and the City of Shakopee. Sincerely, Jeff Hysjulien, AIA, NCARB Principal Scott Steinkamp, AIA, NCARB Associate Principal JH:KNR P:\Retail\Proposals\Canterbury\2025-04-30 Project Understanding.docx 30 April 2025 2 61 ASP 30 April 2025 RSP Architects, Ltd. 1220 Marshall Street NE l Minneapolis, MN 55413 612.677.7100 main l www.rsparch.com Mr. Randy Sampson Canterbury Park 1100 Canterbury Road Shakopee, MN 55379 Canterbury Park Entertainment District 26 -acre Entertainment District I. PROJECT DESCRIPTION RSP Architects, Ltd. (hereinafter "RSP") is pleased to submit the following proposal for the Canterbury Park Entertainment District Master Planning. It is the intent of Canterbury Park (hereinafter "Owner") to develop the approximately 26 -acre site directly adjacent to the Canterbury Park racetrack and new amphitheater venue into a unique and vibrant mixed -use destination. Through collaboration with the Owner and the market study consultant, a development program will be established for the site that will be utilized in the master planning process. II. SCOPE OF SERVICES RSP's scope of services covered under this proposal shall be for Architectural design services as described in this proposal. The following additional (optional services) consultants can be brought onto the design team to provide specific consultant services relative to their field of expertise if required by the Owner: • Supraform - Branding Consultant A. Market Study Phase RSP will provide the following services during this phase: 1. Attend up to four (4) meetings with Owner and Owner's selected market study consultant to review and discuss findings. 62 Mr. Randy Sampson RSP Architects, Ltd. Canterbury Park Entertainment District 2. Provide correspondence and input as required for market study coordination. B. Master Planning Charrette Phase RSP will provide the following services during this phase: 1. Conduct a site visit with the Owner to understand existing conditions, project constraints, and potential opportunities. 2. RSP will facilitate a one (1) day in person master planning charrette with all project stakeholders. The morning session will include reviewing market research, establishing project goals, discussing project vision and opportunities, and confirming scope, schedule, and deliverables. The afternoon session will include discussing ideas and opportunities for the project and developing bubble diagram site sketches to be further developed in the master planning process. 3. Deliverables: a. Development program b. Initial bubble diagram site sketches C. Master Planning Phase RSP will provide the following services during this phase: 1. RSP will develop up to four (4) initial site sketch plan options showing basic building placement and uses, vehicular and pedestrian site access and circulation, parking layouts, and amenity areas. 2. Attend weekly design review meetings to review progress of site master plan options with the Owner and continue to narrow down options to an agreed upon final concept. 3. RSP will develop the preferred site plan option in CAD format to show site vehicular access and roadways, all building uses, configurations and sizes, parking layouts and counts, service locations, outdoor green space and entertainment areas, and pedestrian walkways and connections. 4. RSP will develop a 3D massing model of the preferred site plan option. The massing model will not include building architectural design concepts. 5. RSP will finalize the CAD site plan based on Owner feedback and comments and provide a colored/rendered plan for marketing purposes. 6. Deliverables: a. Concept Site Master Plans b. CAD Site Master Plan 30 April 2025 2 63 Mr. Randy Sampson RSP Architects, Ltd. Canterbury Park Entertainment District c. Rendered Site Master Plan D. Branding Phase (Optional) RSP and its Consultant will provide the following services during this phase: 1. Develop brand identity and guidelines for the development including naming strategies, signage applications, wayfinding systems, marketing, and social media collateral that can be applied across all platforms. 2. Design meetings to be completed as part of the Charrette and Master Planning phases. III. PRELIMINARY PROJECT SCHEDULE Master Planning Phase IV. COMPENSATION 6 Weeks A. Basic Services RSP proposes an hourly not -to -exceed fee of Fifty Thousand Dollars ($50,000) plus reimbursable expenses. The design services may commence in a phased manner as broken out below: 1. Market Study 2. Master Planning Charrette 3. Master Planning Total Fee (NIC Reimbursables) 4. Branding Phase (Optional) $ 4,000 $ 6,000 $ 40,000 $ 50,000 $ 15,000 B. Reimbursable Expenses Reimbursable Expenses are in addition to compensation for Basic and Additional Services and include expenses incurred in the interest of the Project. Reimbursable Expenses shall be compensated at cost for the expenses incurred. 30 April 2025 3 64 Mr. Randy Sampson RSP Architects, Ltd. Canterbury Park Entertainment District Reimbursable expenses typically include the following: 1. Transportation in connection with the Project, including private automobile use. 2. Authorized out-of-town travel. 3. Digital printing and photo reproductions. 4. Authorized presentation models and renderings. 5. Postage, delivery, and handling of drawings, specifications, and project correspondence. 6. Plan review related fees paid to Authorities Having jurisdiction, including but not limited to building permit fees to be paid by others. V. ASSUMPTIONS The following is an outline of general assumptions made by RSP Architects in the process of formulating this proposal: A. Exterior building design is excluded. B. Civil site design (utilities, stormwater, grading) is excluded. C. Owner will contract directly with Market Study Consultant. D. RSP will notify Owner when approaching hourly maximum for authorization to perform additional services. VI. METHOD OF PAYMENT Invoices will be presented monthly. Payment of invoices will be due in full on a thirty (30) day basis. 30 April 2025 4 65 Mr. Randy Sampson Canterbury Park Entertainment District RSP Architects, Ltd. RSP is pleased to have the opportunity to submit this proposal for your review and approval. If the services and conditions meet your approval, please return a signed copy of this proposal to RSP for our files. Respectfully submitted: Jeff Hysjulien, AIA, NCARB Principal Date: 30 April 2025 Approved: Randy Sampson Canterbury Park Date: Attachments: A - Hourly Rates Table Ls Scott Steinkamp, AIA, NCARB Associate Principal, Senior Project Manager Date: 30 April 2025 SS:KNR P:\Retail\Proposals\Canterbury\2025-04-30 Pro Canterbury Entertainment District.docx 30 April 2025 5 66 Mr. Randy Sampson RSP Architects, Ltd. Canterbury Park Entertainment District ATTACHMENT "A" HOURLY RATES - 2024-2025 Labor Category Bill Rate Principal 280.00 Sr. Project Manager I 255.00 Sr. Project Design Architect 239.00 Project Architect 165.00 Project Designer 150.00 Designer 125.00 Architectural Intern 122.00 Administrative Assistant 105.00 30 April 2025 6 67 WILLA! SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Economic Development Authority June 3, 2025 Lease Amendment for River City Centre for Concrete Mobility Michael Kerski, Planning and Development Director Michael Kerski 4.b Action to be considered: Approve additional lease term with Concrete Mobility for one year, July 1, 2025 to June 30, 2026 at a rate of $18.91 or $4,000 per month. Motion Type: Simple Majority Background: Concrete Mobility has been a long term tenant at River City Centre. This is likely to be their last year. When their lease is up, it is likely that the EDA will have to gut the space since it is still in the original Hometown Bank configuration. Recommendation: Approve Lease Budget Impact: Continuing lease revenue Attachments: FIFTH AMENDMENT TO LEASE.docx 68 FIFTH AMENDMENT TO LEASE This FIFTH Amendment to Lease ("FIFTH Amendment") is made on June , 2025, by and between the Economic Development Authority of the City of Shakopee, Minnesota, a public body corporate and politic and a political subdivision of the State of Minnesota ("Landlord"), and Concrete Mobility, LLC, a Minnesota limited liability company (hereinafter referred to as "Tenant") WITNESSETH: WHEREAS, Landlord and Tenant entered into a lease dated May 15, 2020, and that certain Second Amendment dated May 31, 2022 and that certain Third Amendment dated June 6, 2023 and that certain Fourth Amendment dated July 4, 2024 (collectively the "Lease") for approximately 2,539 square feet of leasable area located in Suite 115 ("Premises") of the Building generally located at Suites 115-125 East First Avenue, Shakopee, Minnesota 55379 (Building A of River City Centre, "Project") and; WHEREAS, the parties now desire to amend the Lease all on the terms and conditions hereinafter set forth; NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereto, for themselves their legal representatives, successors and assigns agree to modify the Lease as follows: 1. Amendment of Lease. Effective June , 2025, the Lease shall be amended as set forth below: 2. Lease Term. The Lease Term shall be extended for a period of twelve (12) months commencing on July 1, 2025, and expiring June 30th, 2026 ("Fifth Amendment Extension Term"). 3. Monthly Installments of Gross Rent. Tenant shall pay to Landlord the following monthly installments Gross Rent for the Fourth Amendment Extension Term, and otherwise in accordance with the Lease. Period Per Square Foot Per Year Monthly Gross Rent Period Gross Rent July 1, 2025 — June 30, 2026 $18.91 $4,000.00 $48,000.00 4. Additional Rent. Tenant shall be responsible for any applicable additional rent per the Lease, throughout the Fifth Amendment Extension Term. 5. No Improvements.Tenant agrees to accept the Premises in an "as -is, where -is" condition throughout the Fourth Amendment Extension term, with no work required by Landlord. 69 6. Incorporation of the Lease. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Lease. Except as otherwise amended hereby, the terms and covenants of the Lease remain in full force and effect. No Brokers. Tenant and Landlord each hereby represents to the other that it has not dealt directly with any broker or brokers in connection with this Fifth Amendment, and neither Tenant nor Landlord know of another broker who negotiated this Fifth Amendment or is entitled to any commission in connection herewith. Tenant and Landlord hereby agree to indemnify, defend (with counsel reasonably acceptable to the other) and hold the other harmless from and against all losses, damages, claims, liens, liabilities, costs, and expense (including without limitation reasonable attorney's fees) arising from any claims or demands of any other broker or brokers or finders for any commission or other compensation alleged to be due such broker or finders in connection with its participating in the negotiation of this Fifth Amendment or in exhibiting the Premises on behalf of the indemnifying party. IN ALL OTHER RESPECTS, the terms and conditions of said Lease shall remain in full force and effect. THIS FIFTH AMENDMENT TO LEASE shall become effective only upon execution and delivery thereof by Landlord and Tenant. IN WITNESS WHEREOF the Landlord and Tenant have executed this Fifth Amendment to Lease as of the day and year first above written: LANDLORD: Economic Development Authority of the City of Shakopee, Minnesota TENANT: Concrete Mobility, LLC a Minnesota limited liability company By: Jay Whiting Its: President Date: By: Name: Brenda Flood Its: CEO Date: By: William Reynolds Its: Executive Director Date: 70 WILLA! SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Economic Development Authority June 3, 2025 EDA Bill List Becky Smith, Accounting Specialist 5.a Action to be considered: Review EDA Bill List Motion Type: Informational only Background: EDA Bill List provided to EDA Commissioners Recommendation: Information Only Budget Impact: N/A Attachments: 71