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December 05, 2024 Planning Packet
SHAKOPEE Shakopee Planning Commission Planning Commission Regular Thursday, November 7, 2024 7:00 PM City Hall, 485 Gorman Street Vision: Shakopee is a distinctive river town with a variety of business, cultural, and recreational opportunities in a safe, welcoming, and attractive environment. Our vision is for Shakopee to continue being the place people want to live, work, and play! Mission: Our mission is to deliver high quality services essential to maintaining a safe and sustainable community. We commit to doing this cost-effectively, with integrity and transparency. 1. Roll Call 2. Approval of Agenda 3. Call for Notarized Affidavits, Proof of Neighborhood Meeting and Sign in Sheet for appropriate Public Hearings 4. Recognition by Planning Commission of interested Citizens 5. Consent Agenda These items are considered routine and will be enacted by one motion. There will be no separate discussion of these unless a Commissioner or staff requests, in which event the item will be removed form consent agenda for separate discussion & action. 5.a October 3, 2024 meeting minutes. 6. General Business 6.a Tax Increment Financing (TIF) application, Preliminary Plat, and Planned Unit Development (PUD) application for Eagle Pointe Estates 7. Other Business 8. Adjournment to Thursday, December 5, 2024 at 7:00 pm. If a commissioner has any comments, concerns or questions, he or she should contact the project manager prior to the scheduled meeting date. Also, if a commissioner is unable to attend the meeting for any reason, Please call the Department of Planning and Development at (952)233-9300 as soon as possible. Thank you! SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Planning Commission November 7, 2024 October 3, 2024 meeting minutes. Lori Hensen, City Clerk Lori J. Hensen, City Clerk 5.a Action to be considered: Approve the October 3, 2024 meeting minutes Motion Type: Approve Background: N/A Recommendation: Approve the meeting minutes. Budget Impact: N/A Attachments: Minutes October, 2024 Planning.pdf City of Shakopee Planning Commission Meeting October 3, 2024 7:00 PM City Hall, 485 Gorman St 1. Roll Call: Present Commissioners: Forsythe, Weiler, Ranua, Reding, Sandu, Sepulvado (Chair), Staff Kerski 2. Approval of Agenda Motion by Sepulveda second by Sandu Unanimous 3. Call for Notarized Affidavits, Proof of Neighborhood Meeting and Sign in Sheet for appropriate Public Hearings None 4. Recognition by Board of Adjustment and Appeals of Interested Citizens None 5. Consent Business - (All items listed in this section are anticipated to be routine. After a discussion by the Chair there will be an opportunity for members of the BOAA to remove any items from the consent agenda for individual discussion. Those items removed will be considered following the Public hearing portion of the agenda. Items remaining on the Consent Agenda will not be discussed and will be approved in one motion.) None 6. General Business None 7. Other Business None 8. Move to Adjourn to Thursday, November 7 2024 at 7:00 pm. Sandu moved adjourn, seconded by Sepulvado, Unanimous. Meeting ended at 7:18PM SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Planning Commission November 7, 2024 6.a Tax Increment Financing (TIF) application, Preliminary Plat, and Planned Unit Development (PUD) application for Eagle Pointe Estates Amanda Schwabe, Planner Michael Kerski Action to be considered: Recommend approval to the City Council and Economic Development Authority of the Tax Increment Financing (TIF) application, Preliminary Plat, and Planned Unit Development (PUD) application for Eagle Pointe Estates subject to draft conditions. Motion Type: Approve Background: Site Information: Property Owners: Shakopee Gravel, Inc. (PID's 279160102, 279160110, 279170020) Michael Hawkins (PID 279160120) Total Project Area: 140 acres Current Zoning: Agriculture Preservation (Ag) Proposed Zoning: Planned Unit Development (PUD) Current 2040 Guiding: Mixed Use Center & Suburban Residential The city worked with both House and Senate members to pass special legislation specifically addressing the need for improvements to the existing gravel pit including the re -compaction of much of the area. The total project value including buildings, public improvements and site import and compaction is approximately $375 million. We anticipate that once the final development plans are submitted for grading and improvements, the value will be higher. The specific state legislation passed for this site allows a tax increment financing district (TIF) to be created for the area that could be used to remediate the site and for necessary public improvements. This was similar to legislation passed for similar gravel pits in Apple Valley, Maple Grove and Edina. Centennial Lakes in Edina is a similar mixed use development that includes a major public amenity, and was built from 1988 until 2000. The value of Shakopee Gravel TIF is approximately $23 million over the life of the district (20 years). There is substantial risk to the redeveloper since it will need to purchase the property, begin site remediation, install necessary public infrastructure including the creation of the lake, prior to any vertical construction on the site. It is anticipated that it would take at least 24 months to grade the site and then engineers would need to monitor settlement before any building pads could be constructed on. It is likely the commercial/retail area and two proposed market rate apartment buildings and the proposed age restricted (over 55) apartment on the lake would be constructed once preliminary grading is completed while waiting for the other residential sites to become buildable. Any TIF returns to the redeveloper are dependent on the actual development that occurs and the value over the 20 -year period. In this District, the redeveloper will have what's known as a "pay go" note to them. They only receive taxes after they are generated and paid. Shakopee Gravel, Inc., has applied for a mixed use redevelopment project on the Shakopee Gravel site in the southwest corner of 17th Avenue/CH 16 and Mystic Lake Drive/CH 83. The Eagle Pointe Estates project proposes to include approximately 155 single-family residences, 110 attached townhomes, 74 detached townhomes, up to 534 apartment units, approximately 174,000 sq. ft. of commercial/retail/office/medical space, and approximately 23 acres of open space. As part of the PUD requirements, a minimum of 15% of the lot area shall be open space. As proposed, the development will include over 16% of open space dedicated to the public. The project area also includes a proposed water treatment plant which would be owned and operated by Shakopee Public Utilities (SPU) on approximately 9.52 acres owned by Michael Hawkins. This facility would process raw water from the SPU wells in the area and provide any necessary treatment and then distribute the water to customers. All activities would be within the building and would have minimal staffing and trucking. Water from the facility would be used to maintain the lake levels. SPU antic PUD Amendments will be necessary prior to development of all future phases. No building designs are being approved with this action. At the time of final plat and PUD Amendments, the specific users will be known and the applicants will be required to be substantially consistent with the approved Master Plan and meet or exceed the performance and design standards required for the development and meet City Code. The residential components of the project include a variety of lot sizes as well as attached and detached options as summarized in the table below. Housing Type Number Lots Lot Width Front Side Setback Side Setback Rear Minimum Lot Size Avera; Lot Sig of Setback (Interior)(Street) Setback (Sq. Ft.) (Sq. Ft Attached Townhomes 110 NA 22'* 20' 20' 30' NA NA Detached Townhomes 49 35' 20' 5' 10' 25' 4,500 4,939 25 40' 25' 5' 15' 25' 5,000 8,149 Single -Family 93 52' 25' 6' 15' 25' 6,500 8,189 62 65' 25' 7.5' 15' 25' 8,125 10,997 Multi - Family/Apartments 3 NA 30' 30' 30' 30' NA NA *22' to private road/alley & 25' to public Right of Way. The project includes a number of housing types including a new detached townhouse with garages to the rear along a private alley. Engineering suggested this change to eliminate a large number of driveways along the road. It also creates a more walkable street with front doors facing the street with stoops. The proposed townhomes along the lake also have front facing doorways along the lake. City and Scott County staff along with the applicant have spent significant time reviewing the proposed street alignments, which are reflected in the Master Plan/Overall Site Plan dated October 30, 2024. Vehicular access to the site will be from the development of Eagle Pointe Parkway from 17th Avenue/CR 16 running southeasterly to Mystic Lake Drive/CH 83. A traffic signal will be installed at the 17th Avenue/CH16/ Eagle Pointe Parkway intersection which additional right of way dedication for a dedicated right turn lane in the future when Emblem Way to the north is improved with future development. The access to Mystic Lake Drive/CH 83 from the development will be limited to a 3/4 access. Additional internal streets will provide access to Philipp Avenue to the northwest of the site as well as access to Thrush Street to the south. Traffic studies have been completed by the applicant which confirm the need for a signal at 17th Avenue/CH 16. Alleys shown on the plat will be private and all other streets will be public, including the streets through the commercial/retail area. The project includes approximately 23 acres of dedicated trails and open space/ponding, portions of which will be improved by the city with amenities such as a covered pavilion, a scenic pier, a fountain, passive and active play areas and a winter sledding hill and ice skating on the lake, weather permitting. The applicant is proposing extensive sidewalk and trail connections for adjacent neighborhoods to the proposed open space and commercial/retail areas. Because of the number of trails and density in the surrounding area, the project proposes that trails around the lake will be lighted at night. An Environmental Assessment Worksheet (EAW) was completed per Minnesota Environmental Quality Board (EQB) Rules, Chapter 4410, part 4410.1000, Subpart 3 and Resolution R2024-092 was approved by the City Council on June 18, 2024. Recommendation: Recommend approval to the City Council and Economic Development Authority of the Tax Increment Financing (TIF) application, Preliminary Plat, and Planned Unit Development (PUD) application for Eagle Pointe Estates subject to draft conditions. Budget Impact: N/A Attachments: DRAFT Eagle Pointe Estates_PP_Resolution R2024_XXX.pdf DRAFT PUD Ordinance O2024-XXX.pdf Applicant Narrative.pdf Eagle Pointe Estates Master Plan.pdf Concept Elevations.pdf Preliminary Plat with staff comments.pdf Preliminary Landscape Plan with comments.pdf Engineering Memo PUD and PP Review (Shakopee Gravel).pdf Fire Department Review Memo - EAGLE POINT ESTATES.pdf Shakopee TIF 22 Soils Deficiency District Gravel Pit Draft TIF Plan 101824.pdf Neighborhood Meeting Attendance & Comments RESOLUTION R2024-XXX A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA APPROVING THE PRELIMINARY PLAT OF EAGLE POINTE ESTATES WHEREAS, Bert Notermann (applicant), on behalf of property owner Shakopee Gravel, Inc. and Michael Hawkins (property owner), has made application for the Preliminary Plat of Eagle Pointe Estates; and WHEREAS, the preliminary plat includes approximately 155 single-family residences, 110 attached townhomes, 74 detached townhomes, up to 534 apartment units, approximately 174,000 sq. ft. of commercial/retail/office/medical space, and approximately 23 acres of open space; and WHEREAS, the property is legally described as: See attached legal description; and WHEREAS, notice was provided and on November 7, 2024 the Planning Commission held a public hearing regarding the Preliminary Plat of Eagle Pointe Estates, at which time it heard from City Planning staff and invited members of the public to comment; and WHEREAS, the City Council reviewed the Preliminary Plat of Eagle Pointe Estates on November 19, 2024; and NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Shakopee, Minnesota that the Preliminary Plat of Eagle Pointe Estates is hereby approved subject to the following conditions: A. Approval of title by City Attorney. B. Sitedevelopment shall comply with the Engineering Department memorandum dated October 31, 2024. C. Site Development shall comply with the Fire Department memorandum dated July 26, 2024 and amended October 30, 2024. D. Fire hydrants shall be placed in accordance with local requirements and the Minnesota State Fire Code. E. Shakopee Gravel, Inc./Developer/Applicant shall comply with all Shakopee Public Utilities requirements and provide payment of the applicable fees. F. Updated Landscaping Plan shall be submitted for review and approval. Plan shall comply with City Code requirements and financial security requirements set forth by City Code. Applicant needs to work with CenterPoint Energy regarding what landscaping can be placed in their easements. Following approval and recording of a subsequent final plat, the following conditions shall apply A. Shakopee Gravel, Inc./Developer/Applicant shall provide a copy of the proposed Homeowners Association Bylaws for review by staff B. Development of all lots shall comply with the Master Plan/Overall Site Plan dated October 30, 2024. C. No building designs are approved. All improvements will be required to meet or exceed City Code requirements related to performance standards, construction materials, parking, etc. D. Master Sign Plan shall be submitted for review and approval prior to the issuance of any building permits for a commercial uses or multi-family/apartments. E. Revision comments provided on the civil drawings need to be made prior to submitting a subsequent Final Plat. Adopted in regular session of the City Council of the City of Shakopee, Minnesota, held the 19th day of November 2024. Mayor Attest: City Clerk Legal Description The North Half of the Northwest Quarter and the Southwest Quarter of the Northwest Quarter, Section 16, Township 115, Range 22, Scott County, Minnesota, EXCEPT that part platted as Park Meadows First Addition. And That part of the Southeast Quarter of the Northeast Quarter of Section 17, Township 115 North, Range 22 West, Scott County, Minnesota, lying northeasterly of the northeasterly right of way line of the abandoned right-of-way of the Chicago, Milwaukee, St. Paul and Pacific Railroad, the centerline of the said right-of-way as shown by survey recorded as Scott County Recorder Document No. 178638. And North 10 acres of the Southeast Quarter of the Northwest Quarter, Section 16, Township 115, Range 22, Scott County, Minnesota. ORDINANCE O2024-XXX AN ORDINANCE OF THE CITY OF SHAKOPEE, MINNESOTA, APPROVING PLANNED UNIT DEVELOPMENT (PUD) DISTRICT #14 (EAGLE POINTE ESTATES) FOR PROPERTY LOCATED IN THE SOUTHWEST CORNER OF 17th AVENUE EAST AND MYSTIC LAKE DRIVE, NORTH OF THRUSH STREET WHEREAS, Bert Notermann (applicant), on behalf of property owner Shakopee Gravel, Inc. and Michael Hawkins (property owner), has applied for a Planned Unit Development (PUD) for Eagle Pointe Estates; and WHEREAS, the preliminary plat includes approximately 155 single-family residences, 110 attached townhomes, 74 detached townhomes, up to 534 apartment units, approximately 174,000 sq. ft. of commercial/retail/office/medical space, and approximately 23 acres of open space; and WHEREAS, the property is legally described as: See attached legal description; and WHEREAS, notices were duly sent and posted, and a public hearing was held before the Planning Commission on November 7, 2024, at which time all persons present were given an opportunity to be heard; and WHEREAS, the Planning Commission has recommended to the City Council that the Planned Unit Development be adopted as conditioned in this Ordinance; and WHEREAS, the City Council heard the matter at its meeting on November 19, 2024; and NOW, THEREFORE BE IT ORDAINED, that the City Council of the City of Shakopee, Minnesota hereby adopts the following findings of facts relative to the above -named request: Criteria #1: Is the proposed development consistent in all respects with the comprehensive plan? Finding #1: The current guidance for the property is split north and south. The north half is guided Mixed Use Center, which allows commercial, office and multi -family residential, institutional and parks uses. The south half of the property is guided as Suburban Residential which allows for single- family and multi -family residential uses, open space, daycares, and institutional uses. The proposed PUD will incorporate a mix of residential and commercial uses, which will be consistent with the comprehensive plan once the text related to density in the mixed use center classification is amended. Criteria #2: Is the proposed development, including deviations from design standards compatible with surrounding land uses? Finding #2: Prior to development of each use, a PUD Amendment will be required to ensure the performance and design standards are met or exceeded. The surrounding land uses include undeveloped land and multi-family/apartment uses to the north, park and open space as well as one 1 and two-story single-family uses to the south, attached townhomes and Shakopee Mdewakanton Sioux Community property to the east and two-story attached and detached single-family residential to the west Criteria #3: Does the proposed development provide adequate open space, circulation, pedestrian orientation, parking, recreation, screening, and landscaping? Finding #3: Prior to development of each use, a PUD Amendment will be required to ensure the performance and design standards are met or exceeded as it relates to building materials, pedestrian access, parking requirements, impervious surface, screening, landscaping, and emergency services. Criteria #4. If the primary function of the PUD is to encourage development which will preserve and enhance worthwhile natural terrain characteristics, it should not force intense development to utilize all portions of a given site in order to arrive at the maximum density allowed. Finding #4: The site is approximately 140 acres in size with approximately 23 acres (16+%) of park and open space dedicated to the public which includes a large ponding feature with a fountain, scenic pier, trails and a sledding hill. As a former sand and gravel pit, the terrain for the site will require substantial earth work and when completed, will offer the aforementioned park amenities as well as a variety of residential lot sizes and commercial/retail/office/medical uses. The project will provide substantial landscaping and will enhance the natural aesthetics of the site. Criteria #5: Does the PUD provide an overall compatibility of land uses and overall appearance and compatibility of individual buildings to other site elements or to surrounding development. The architectural style of buildings shall not solely be a basis for denial or approval of a plan. Finding #5: The master plan illustrates an overall compatibility of land uses to other site elements and the surrounding area. Prior to development of each use, a PUD Amendment will be required to ensure the performance and design standards are met or exceeded. Criteria #6. Whether the proposed PUD plan would offer a greater general public benefit than would be realized under the underlying zoning district and/or general zoning provisions. Finding #6: The proposed PUD plan would afford a greater general public benefit than would be realized under the underlying Agriculture Preservation zoning district and/or general zoning provisions due to sand and gravel operation being redeveloped into a mix of attached and detached single-family, multi-family/apartments and commercial/retail/office and medical uses, additional landscaping and on -street public parking stalls as well as approximately 23 -acres of open spaces an park uses. BE IT FURTHER ORDAINED, that the property in the attached legal description is hereby approved for Planned Unit Development District #14 (Eagle Pointe Estates) in the Zoning Ordinance subject to the following conditions: 1. Development of all lots shall comply with the Master Plan/Overall Site Plan dated October 30, 2024 and minimum setbacks as noted. 2. All phases of this development will require subsequent PUD Amendments as no building designs or elevations are approved. 3. The submitted Landscape Plan is not approved and must be resubmitted consistent with City Code requirements. The quantity and size of plantings along 17th Ave East on the landscape plan must match the submitted landscape plan. Permission from utility companies may be required. 2 4. The applicant must provide financial security for landscaping and tree replacement (existing tree buffer along west property line is subject to 1:1 replacement by caliper inches) in accordance with City Code requirements. 5. The applicant shall provide park dedication fees consistent with the current City Fee Schedule at the time of Final Plat recording. 6. The combined open space areas must be a minimum of 23.48 acres. 7. Site design and performance standards shall exceed City Code requirements, such as using LP or Hardie Plank siding with brick and glass accents as well as increased landscaping for the single-family and townhouse developments. 8. Submittal and approval of a Preliminary Plat shall occur prior to any site grading activities. 9. Submittal and approval of a Final Plat consistent with this approved PUD plan shall prior to the issuance of any building or sewer/water permits. Passed in regular session of the City Council of the City of Shakopee, Minnesota held on the 19th day of November, 2024. Mayor of the City of Shakopee Attest: Lori Hensen, City Clerk Published in The New Prague Times on the day of , 2024. 3 LEGAL DESCRIPTION The North Half of the Northwest Quarter and the Southwest Quarter of the Northwest Quarter, Section 16, Township 115, Range 22, Scott County, Minnesota, EXCEPT that part platted as Park Meadows First Addition. And That part of the Southeast Quarter of the Northeast Quarter of Section 17, Township 115 North, Range 22 West, Scott County, Minnesota, lying northeasterly of the northeasterly right of way line of the abandoned right-of-way of the Chicago, Milwaukee, St. Paul and Pacific Railroad, the centerline of the said right-of-way as shown by survey recorded as Scott County Recorder Document No. 178638. And North 10 acres of the Southeast Quarter of the Northwest Quarter, Section 16, Township 115, Range 22, Scott County, Minnesota. 4 PUD APPLICATION NARRATIVE EAGLE POINTE NTE ESTATES Shakopee Gravel, Inc. is pleased to present Eagle Pointe Estates, the mixed -use redevelopment of the existing Shakopee Gravel Pit site, located prominently in the southwest quadrant of Mystic Lake Drive (Scott County 83) and 17th Avenue (Scott County 16). The redevelopment of the approximately 140 -acre site will include the dedication to the City of Shakopee over 22 acres of public open space land to be used as park and gathering areas including a created lake -like amenity for the entire region of the community to enjoy. The project will include the grading and reclamation of the entire property and creation of the lake amenity to accommodate the various uses proposed as part of Eagle Pointe Estates. An application for Tax Increment Financing (TIF) has also been initiated to support the extensive grading and site reclamation project as well as for a Planned Unit Development and Preliminary Plat to include 229 single-family residential homes and 110 attached townhomes, up to 534 apartment units, and a 23 - acre site, containing approximately 175,000 square feet of various commercial retail and office uses. An Environmental Assessment Worksheet (EAW) was prepared in April 2024. The EAW was filed with the Minnesota Environmental Quality Board (EQB) and circulated for review and comments to the required EAW distribution list. The comment period ended on May 23, 2024, and a summary of the project's findings of facts and conclusions were submitted to the Shakopee City Council and accepted by the council on June 18, 2024. The project site has been operated as a gravel mine since the late 1980s. Gravel and aggregates have been mined, processed, and sold from the site during the decades since then. During that mining operation, fill materials from many other construction sites from around the area were brought to the site and stockpiled, for the ultimate use of reclamation. Since the early 2000s, the City of Shakopee has regulated the mining operation to ensure the fill materials brought into the site did not contain environmental pollutants and were generally suitable for use as fill material to support the future development and construction on the site. Extensive grading, excavation, and re -compaction of the years of accumulated fill soils is the necessary process to be undertaken for the redevelopment of a site such as this. It is estimated that up to four - million cubic yards of soil will need to be excavated and recompacted, in addition to importing several hundred -thousand cubic yards of additional fill to complete the site grading, which will allow for the development of the Eagle Pointe Estates project site. The proposed grading site elevations are targeted to minimize the fill material required for the project, yet achieve the City of Shakopee drainage and overflow requirements. The State of Minnesota and the City of Shakopee have taken the necessary legislative steps for the creation of a Tax Increment Financing (TIF) plan to allow for this redevelopment project to happen. It is unlikely the reclamation and development of the Eagle Pointe Estates project could advance without the cooperation and partnership of the City of Shakopee in creating the TIF district to help defray the extraordinary costs associated with the project. The TIF application spells out all of the estimated eligible costs for the reclamation and redevelopment of the Eagle Pointe Estates project, as well as the expected values of projected TIF created. Details of these costs and created TIF are included in the TIF application materials. The majority of the redevelopment will likely occur over a period of 5 to 7 years. The initial phase will be related to the grading, reclamation, and compaction fill materials, which extend to depths of nearly 45 feet in some locations. The project fills will be properly tested, documented and monitored, liking requiring 12-18 months to complete. The following phases will consist of the platting of lots and blocks and the related utility and street construction required for each phased plat. Contained within the Envision Shakopee 2040 Land Use Plan, the property is guided partially for mixed - use center and partially for suburban residential. The mixed -use center guidance allows for commercial, office, institutional and mixed -use as well as multi -family residential (30-60 units per acre), and public gathering space. Suburban residential allows for both single family and attached residential (3-6 units per acre) as well as parks, open space institutional, daycare and senior centers. The Eagle Pointe Estates project proposes uses that blend harmoniously with the Envision Shakopee land uses intended for this area of the community. The focal point of the PUD plan for Eagle Pointe Estates is over 22 acres of public space comprised of gathering areas, trails, parks, a sliding hill, passive open space and a created lake -like amenity. The plan includes trail connectivity to adjacent existing neighborhood trails and is intended to bring the residents of the community together. Eagle Pointe Estates includes 229 single-family residential homes of various living styles, having lot widths that vary from 35 to 65 feet, as well as 110 attached townhomes to meet a multitude of market sectors and home buyers. The plan also includes three separate apartment sites, potentially providing up to 534 dwelling units. The creation of approximately 175,000 square feet of retail and office commercial uses will provide a variety of supporting services to the new and surrounding residents of this area. The intent is for grocery, restaurant, and office uses all to be represented here, though no committed users are in place at this time. Eagle Pointe Estates will provide the community with a multitude of choices for housing, recreation, and commercial services. As part of the PUD application, the lot parameter flexibilities shown in the tables below are being requested to allow Eagle Pointe Estates to be the cohesive master - planned community intended by the Envision Shakopee land use guiding. EAGLE POINTE ESTATES - PROPOSED PUD STANDARDS DETACHED SINGLE FAMILY LOTS MIN LOT WIDTH MIN LOT WIDTH CORNER MIN LOT DEPTH FRONT SR SIDE YARD SB SIDE YARD CORNER REAR YARD SB MAX HARD COVER MAX DENSITY MAX BUILDING HT MIN FRONT SR - ROW MIN GAR DOOR - ROW MIN GAR SB - PVT DR/CURB REAR YARD SR REAR YARD SB - COLL SIDE YARD SB SIDE YARD SR - STR MIN DIET BET BLDGS MAX HARD COVER MAX DENSITY MAX BUILDING HT MIN LOI SILL MIN DENSITY MAX DENSITY FRONT SB - ROW FRONT SB - COLLECTOR LOOP REAR YARD SB SIDE YARD SR - STREET SIDE YARD SB MAX HARD COVER MAX BUILDING HT MIN LOT SIZE FRONT SB - ROW FRONT SB - COMMONS BLVD REAR YARD 5B REAR YARD SB - COLL SIDE YARD SB S1REET SIDE YARD SB MAX HARD COVER MAX BUILDING HT 65 -FOOT WIDE 52 -FOOT WIDE 40 -FOOT WIDE 35 -FOOT WIDE LOTS LOTS LOTS LOTS W/ ALLEY 55 FT 72.5Ff 120 FT 25 FT 7.5 FT 15 FT 25 FT 50°! 4.0 UNIT/ACRE 35 FT ATTACH ED TOWN HOM ES 15 FT 25 FT 25 FT 30 FT 45 FT 20 FT 20 FT 20 FT 50% 12 UNIT/ACRE 35 FT 52 FT 61 FT 120 FT 25 FT 5 FT 15 FT 25 FT 50% 5.5 UNIT/ACRE 35 FT 4O FT SO FT 125 FT 25 FT 5 FT 15 FT 25 FT 5O% 7.00 UNIT/ACRE 35 FT 35 FT 40 H 13O FT 15 FT 5 FT 15 FT 25 FT* 70% 9.00 UNIT/ACRE 35 FT REAR SB IS FROM GARAGE FACE TO ALLEY CURB APT SITE - LOT 1 APT SITE - LOT 5 APT SITE - LOT 6 BLK13 BLK14 BLK14 1.0 AC 14 UNIT/ACRE 39 UNIT/ACRE 30 FT 30 FT 30 FT 30 FT 30 FT 75% 55 FT 1.0 AC. 14 UNIT/ACRE 29 UNIT/ACRE 30 FT 30 FT 30 FT 30 FT 30 FT 75% 55 FT MIXED USE - MIXED USE - MED/OFF GROC/RETAIL 1.0 AC 30 FT 30 FT 30 FT 50 FT 30 F I 30 FT 75% 65 FT 1.0 AC 30 FT 30 FT 30 FT 50 FT 30 F I 30 FT 75% 35 FT 1.0 AC 14 UNIT/ACRE 29 UNIT/ACRE 3O FT SOFT 3O FT SOFT 3O FT 75% 55 FT The vision for the Eagle Pointe Estates commercial and mixed -use area is a complimentary mix of retail, restaurants, service businesses, medical offices, with a grocery store serving as a primary anchor. The Plymouth, MN based firm of HJ Development partnered in the C/MU site design. As a commercial property developer, owner and manager, HJ Development has a portfolio of 2,500,000 square feet of space comprised primarily of grocery anchored and neighborhood service -oriented retail properties. Within the restaurant spaces, a variety of offerings are planned, including fast food with drive-thru service, fast casual, and dine in with wait staff. Service businesses catering to area residents could include personal services such as hair and nail salons and spas as well as automotive services such as quick lube and car washes. Medical offices offering the full spectrum of healthcare services from pediatric to primary and more specialized care offerings have the potential to occupy a significant portion of the site with up to 65,000 sf of this type of space planned for the project. Furthermore, pedestrian connectivity will be present throughout the project to encourage area residents to visit the various commercial components by foot or bicycle. The specific users and builders within Eagle Pointe Estates are not presently identified, but below are samples of the character and architecture expected within the development. We are confident that the proposed PUD plan meets the intentions of and is consistent in all respects to the Envision Shakopee Land Use Plan for this property. Eagle Pointe Estates as proposed has uses that are compatible with the adjacent existing land uses. The plan creates open spaces, opportunities for recreation, gathering, and trail connectivity, together with an array of housing options and supporting business services. We feel the project will be a significant benefit to the community. Respectfully submitted: Bert Notermann — Shakopee Gravel LLC ddZ9-068(256) :)(yd bti09-068(256) :3N0Hd 90£55 NI 'Th...E 'OM 3LIfS `Zb 'ad 'u3 'M 666Z SdOA3Adf1S / Sd33NION3 / Sd3NNV1d .3U1 `II!H .H sewer 6L£44 NW '33dON`dHS `069 X08 Od 'H1f10S 3M80 3Ndl OUSAIN 0491 'ONI 'I1W 1D 22dONVHS (2I010D) NV' Id aIIS TrnIaAO d10S3NMIN '33dONYHS saviuSa a,LNIOd a'1DV (£8 avo8 uNnop) as >pr! �LLS1 W lU 61111111111111110 L 01111111111111110 01111111111111110 CHIIIIIIIIIIIIIII IIIIIIIIIIIII0 211111111111111111111110 01111111111111110 OUIBUIE I DRAWN BY JS0 I DATE 06/24/2024 REVISIONS a= CAD FILE 24105SITE-COLOR I PROJECT NO. 24105 SHEET 1 OF 1 1115711157,1f ;r.. I ate. SLEDDING HILL O OFFICE/RETAIL O 0 RESIDENTIAL 0 PEDESTRIAN BRIDGE 0 HILLSIDE PLAYGROUND 0 FUTURE DEVELOPMENT SECTION A: COMMERCIAL AREA GRADIENT RESIDENTIAL BUILDING SECTION B: TRAIL LOOP RETAINING WALLS TURF GRASS LAWN 11VM L3®1nO9 AVG. WATER L C7 N O N O 0 ©00@00©0000 woo.ouNirmmm bb09.0643..3NOHd 90ES5 NW '3111ASN. 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I 24105 ,J, L woa'dnoafiu6pep.isvnawm 18166"88L" 199 b(7155 W ned au�eS V101 aPnSI NN"a�'IV 4,j17.l0 9L4 df102iO NJIS3a XA1V3 bbZg068.6)-XVj bb05668'�,56)3J6Hd O0655NW 3��in +an8'0013LnS ,b -ad "u0"AA 666, Sa0.13/�2111S / S133NIJN3 / S83NNVid '0NI 11TH '2I S3WVf 9L£55 NW 13VH0IW '1S `181100 83IdVN 091, vi 1N d or ianaa ZTH3Va 803 aav3SaNTI VlOS3NNIW `33d0>IVHS srtst�do12Aaa ssa1a alova DRAWN BY BH I DATE 09/26/24 z o W CAD FILE 24105-L I PROJECT NO. I 24105 , J tY City of Shakopee Memorandum TO: Amanda Schwabe, Planner FROM: Darin Manning, Project Engineer SUBJECT: Preliminary Plat and Planned Unit Development (PUD) — Eagle Crest Development PROJECT NO.: PLAT -000231-2024 and PUD-000230-2024 DATE: October 31, 2024 The staff review indicates a request to review a Preliminary Plat and PUD application for the Eagle Crest Development located on the southwest corner of County Road 83 (Canterbury Road South) and County Road 16 (17th Avenue East). This review should be considered preliminary, as more comments will follow with additional submittals. However, the Engineering Department offers the following comments at this time to the applicant and to the planning department: The following items need to be addressed/completed prior to release of the Final Plat for recording: 1. Plan review and plat review red -lined comments are attached to this memo and must be addressed, resubmitted and approved by the City Engineer. 2. Execution of a Developer's Agreement, which needs to include provisions for a letter of credit or cash security equal to 125 percent of the estimated total cost of the improvements, plus 100 percent of the estimated costs of city inspection and administration. 3. Pay all applicable fees/charges listed below, as required by the most current City of Shakopee Fee Schedule. • Street and Utility Fee • Watermain Fee • Trunk Storm Water Charge (Residential Only) • Trunk Sanitary Sewer Charge • Sign Installation Fee • Wetland Conservation Act Fees • Bituminous Sealcoat Fee • Storm Water Management Plan Review Fees H:\BOAA-PC\2024\11-07\PLAT-000231-2024 (1650 Mystic Lake Drive S)\Review Comments\PUD and PP Review (Shakopee Gravel).docx 1 of 4 4. Submit a detailed contractor's bid for all public improvements associated with this subdivision. 5. At a minimum, obtain conditional approval of the development's storm water management plan. 6. Easements will be shown on the Final Plat as approved by the City Engineer. They include, but are not limited to the following: • Verify appropriate drainage and utility easements for public sanitary sewer, storm sewer and watermain systems are provided. The minimum widths of drainage and utility easements are set forth in Section 10.1 (A -D) of the City of Shakopee Design Criteria. • Dedicate drainage and utility easement to encompass the 100 -year high water level of all storm water basins. • All trails located through private property shall require a standalone trail easement per Section 10.1.E of the City's Design Criteria. This includes the eight (8) feet concrete sidewalk along the west side of Notermann Way that encroaches in the perimeter drainage and utility easements. 7. Plans must be provided to Scott County for review and any conditions imposed by the county must be adhered to by the applicant. 8. Approval of the preliminary plat does not constitute approval of the submitted construction plans. 9. Conduct a title search to confirm other interests on the property. 10. Submit a detailed lot area drawing showing the total plat area, the total drainage and utility easement area encompassing 100 -year high water levels of wetlands/storm water basins, the total area of right-of-way, the total area of conservation easements and outlots, the total area of bituminous street and the total area of lots. 11. Submit a detailed geotechnical report outlining any groundwater encountered as well as infiltration rates in appropriate locations. 12. Prior to discharging into a storm water basin, pretreatment must be provided. 13. Provide electronic files (AutoCAD and Portable Document Format — PDF) of the Final Plat to be recorded with datum on the Scott County coordinate system. H:\BOAA-PC\2024\11-07\PLAT-000231-2024 (1650 Mystic Lake Drive S)\Review Comments\PUD and PP Review (Shakopee Gravel).docx 2 of 4 The following items need to be addressed/completed prior to approval of a grading permit, a street and utility plan and/or a building permit: 14. Obtain final approval of the development's storm water management plan. 15. Obtain a NPDES construction site permit prior to any land disturbing activity. A copy of the permit must be provided to the city. 16. Pay the Trunk Storm Water Charge for commercial properties, as required by the most current City of Shakopee Fee Schedule. 17. Prior to issuance of a grading or building permit, a grading fee and security shall be provided per City Code section 150.110. 18. Grade the entire site, as proposed on the approved plans, in one phase within one year from the date of approval of the grading permit application. Grading is defined as bringing the site to the proposed finished grade with materials deemed acceptable by the City of Shakopee engineering department, providing topsoil per City requirements and applying seed, mulch and/or sod per City requirements and providing an as -built record grading plan per Section 2.5 of the City of Shakopee Design Criteria. 19. Provide the city with a copy of all applicable permits/approvals, including, but not limited to the following: • Minnesota Department of Health • Met Council • Minnesota Pollution Control Agency (NPDES and Sanitary Sewer Extension) • Shakopee Public Utilities • Any other required 20. Submit a landscaping plan in compliance with the most recent version of the City of Shakopee's Easement Fencing and Landscaping Policy. 21. Submit detailed pavement design calculations. 22. Submit a small utilities joint trench design and detail. 23. Submit a Utility Facilities Easement Agreement for all private utilities. The document must be recorded with Scott County. 24. The contractor must submit a Construction Management Plan to the city prior to any construction activities. H:\BOAA-PC\2024\11-07\PLAT-000231-2024 (1650 Mystic Lake Drive S)\Review Comments\PUD and PP Review (Shakopee Gravel).docx 3 of 4 25. Submit final construction plans for approval by the city. 26. Record plans need to be provided per the City of Shakopee Design Criteria, Section 2.5 and Section 11.2 (A -L). The record plans need to be certified and submitted to the engineering department. Provide a letter from the engineer of record certifying all improvements were constructed per approved plans and under the direct supervision of the engineer of record. Recommendation The Engineering Department recommends approval of the application subject to the conditions above being addressed/completed by the applicant. H:\BOAA-PC\2024\11-07\PLAT-000231-2024 (1650 Mystic Lake Drive S)\Review Comments\PUD and PP Review (Shakopee Gravel).docx 4 of 4 City of Shakopee - Shakopee Fire Department Staff Review Case Number: PLAT -000231-2024 From: Tom Pitschneider, Fire Marshal Date: 07/26/2024 — Amended 10/30/2024 Request: Subdivision Plat — Preliminary Plat Staff Recommendation: Approve with Comments Project Comments 1. Provide street layout concept for Block 16. 2. Naming, width and design of private streets in Blocks 1, 3, and 4 must be reviewed and approved. These may require additional addressing signs for emergency services. 3. Provide turning radius plans for private streets, alleys, commercial, and apartments roadways 4. Double fronting lots in Blocks 3 and 4 require address number on both the garage and front entry sides of the units. 5. Block 13 Lot 1 indicates underground parking but fire access to the south portion of the building is currently limited 6. Block 14 Lot 2 presently shows access to a possible parking area. Does building have parking under it or is this to provide access for inside trash collection? 7. Block 14 Lot 5 parking appears limited, and fire access is questionable. There is no indication of underground parking. 8. Block 15 Lot 1 parking appears limited, and fire access is questionable. There is no indication of underground parking. 9. Not sure I'm a fan of all the grocery delivery truck passing by the apartment building access points CC• bakertiLLy Modification to Redevelopment Plan for Minnesota Valley Housing and Redevelopment Project No. 1 Tax Increment Financing Plan for Tax Increment Financing (Soil Deficiency) District No. 22 (Gravel Pit Development Project) City of Shakopee, Minnesota Shakopee Economic Development Authority Prepared by Baker Tilly Municipal Advisors, LLC Draft Dated: October 18, 2024 Anticipated Approval by City: November 19, 2024 Public Hearing Scheduled by City Council: November 19, 2024 Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm and provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA Firms. ©2024 Baker Tilly Municipal Advisors, LLC. TABLE OF CONTENTS Section I - Background Page(s) A. Introduction 1 B. Definitions 1 Section II -Modification to Redevelopment Plan for Minnesota River Valley Housing and Redevelopment Project No. 1 Section III — Tax Increment Financing Plan for TIF District No. 22 Page(s) A. Statutory Authorization 2 B. Statement of Need and Public Purpose 2 C. Statement of Objectives 2 D. Designation of Tax Increment Financing District as a Soil Deficiency District 2 E. Duration of the TIF District 4 F. Property to be Included in the TIF District 4 G. Property to be Acquired in the TIF District 5 H. Specific Development Expected to Occur Within the TIF District 5 I. Findings and Need for Tax Increment Financing 5 J. Estimated Public Costs 7 K. Estimated Sources of Revenue 7 L. Estimated Amount of Bonded Indebtedness 8 M. Original Net Tax Capacity 8 N. Original Local Tax Capacity Rate 9 O. Projected Retained Captured Net Tax Capacity and Projected Tax Increment 9 P. Use of Tax Increment 10 Q. Excess Tax Increment 11 R. Tax Increment Pooling and the Five -Year Rule 11 S. Limitation on Administrative Expenses 12 T. Limitation on Property Not Subject to Improvements - Four Year Rule 13 U. Estimated Impact on Other Taxing Jurisdictions 13 V. Prior Planned Improvements 14 W. Development Agreements 14 X. Assessment Agreements 14 Y. Modifications of the Tax Increment Financing Plan 15 Z. Administration of the Tax Increment Financing Plan 15 AA. Filing TIF Plan, Financial Reporting and Disclosure Requirements 16 Map of Tax Increment Financing Soil Deficiency District EXHIBIT I Assumptions Report EXHIBIT II Projected Tax Increment Report EXHIBIT III Estimated Impact on Other Taxing Jurisdictions Report EXHIBIT IV Market Value Analysis Report EXHIBIT V City of Shakopee and Shakopee Economic Development Authority 1. -BACKGROUND Section A Introduction The City created the Minnesota River Valley Housing and Redevelopment Project No. 1 on January 2, 1979 (originally designated as Valley Industrial Park Redevelopment Project No. 1) and transferred that project to the Economic Development Authority for the City of Shakopee (the "Authority") upon creation of the Authority in 1995. The Authority and City have now determined a need to create Tax Increment Financing District No. 22, a soil deficiency district, within the Project. Section B Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authority" means the Shakopee Economic Development Authority. "City" means the City of Shakopee, Minnesota; also referred to as a "Municipality". "City Council" means the City Council of the City; also referred to as the "Governing Body". "County" means Scott County, Minnesota. "Development Program" means the Development Program for the Development District. "Project" means the Gravel Pit Development Project. "Project area" means the following parcels, identified by parcel identification numbers: 279160102, 279160110 and 279170020. "School District" means Independent School District No. 720, Minnesota. "State" means the State of Minnesota. "TIF Act" means Minnesota Statutes, sections 469.174 through 469.1794, inclusive, as amended. "TIF District" means Tax Increment Financing (Soils Deficiency) District No. 22. "TIF Plan" means the tax increment financing plan for the TIF District (this document). II. — MODIFICATION TO REDEVELOPMENT PLAN FOR MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 The City and the Authority intend, through this document, to modify the Project Plan for the Project. Section 1.6 (regarding parcels to be acquired within the Project), Section 1.7 (regarding estimated public improvement costs within the Project) and Section 1.8 (regarding public improvements and facilities within the Project) of the existing Project Plan are deemed modified to incorporate the terms of the TIF Plan following in Section III of this document. The boundaries Baker Tilly Municipal Advisors, LLC Page 1 City of Shakopee and Shakopee Economic Development Authority are coterminous with the City and general objectives of the Project remain unchanged. Section A Statutory Authorization The Authority, with approval of the City Council, is authorized to establish TIF District No. 22 and this TIF Plan pursuant to the Act and the TIF Act. Section B Statement of Need and Public Purpose The Authority has determined that conditions exist within the Project Area which have prevented further development of land by private enterprise. It has been found that the Project Area is potentially more useful and valuable for contributing to the public health, safety and welfare than has been realized under existing development. The development of these parcels is not attainable in the foreseeable future without the intervention of the Authority in the private development process. The Authority has prepared the Project Plan, which provides for the elimination of these conditions, thereby making the land useful and valuable for contributing to the public health, safety and. Section C Statement of Objectives The objectives outlined in Section 1.4 of the Project Plan, as amended, are incorporated herein by reference. Section D Designation of Tax Increment Financing District as a Soils Deficiency District Pursuant to the Special Legislation passed for the City, a "soil deficiency district" means a type of tax increment financing district consisting of a portion of the project area in which the City finds by resolution that the following conditions exist: (1) unusual terrain or soil deficiencies that occurred over 70 percent of the acreage in the district require substantial filling, grading, or other physical preparation for use; and (2) the estimated cost of the physical preparation under clause (1), excluding costs directly related to roads as defined in Minnesota Statutes, section 160.01, and local improvements as described in Minnesota Statutes, sections 429.021, subdivision 1, clauses (1) to (7) and (11) to (22), and 430.01, exceeds the fair market value of the land before completion of the preparation. The applicable properties means the following parcels, identified by parcel identification numbers: 279160102, 279160110, 279170020, and 279160120. Special rules applicable to the Tax Increment Financing District: If the city elects, upon the adoption of the tax increment financing plan for a district, the rules under this section apply to a redevelopment district, renewal and renovation district, soil condition district, or soil deficiency district established by the city or a development authority of the city in the project area. The city, or a development authority acting on its behalf, may establish one or more soil deficiency districts within the project area. Baker Tilly Municipal Advisors, LLC Page 2 City of Shakopee and Shakopee Economic Development Authority Prior to or upon the adoption of the first tax increment plan subject to the special rules under this subdivision, the city must find by resolution that parcels consisting of at least 70 percent of the acreage of the project area, excluding street and railroad rights -of -way, are characterized by one or more of the following conditions: (1) peat or other soils with geotechnical deficiencies that impair development of residential or commercial buildings or infrastructure; (2) soils or terrain that requires substantial filling in order to permit the development of residential or commercial buildings or infrastructure; (3) landfills, dumps, or similar deposits of municipal or private waste; (4) quarries or similar resource extraction sites; (5) floodways; and (6) substandard buildings, within the meaning of Minnesota Statutes, section 469.174, subdivision 10. For the purposes of paragraph (b), clauses (1) to (5), a parcel is characterized by the relevant condition if at least 60 percent of the area of the parcel contains the relevant condition. For the purposes of paragraph (b), clause (6), a parcel is characterized by substandard buildings if substandard buildings occupy at least 30 percent of the area of the parcel. The five-year rule under Minnesota Statutes, section 469.1763, subdivision 3, is extended to ten years for any district, and the period under Minnesota Statutes, section 469.1763, subdivision 4, is extended to 11 years. Notwithstanding any provision to the contrary in Minnesota Statutes, section 469.1763, subdivision 2, paragraph (a), not more than 80 percent of the total revenue derived from tax increments paid by properties in any district, measured over the life of the district, may be expended on activities outside the district but within the project area. For a soil deficiency district: (1) increments may be collected through 20 years after the receipt by the authority of the first increment from the district; and (2) except as otherwise provided in this subdivision, increments may be used only to: (i) acquire parcels on which the improvements described in item (ii) will occur; (ii) pay for the cost of correcting the unusual terrain or soil deficiencies and the additional cost of installing public improvements directly caused by the deficiencies; and (iii) pay for the administrative expenses of the authority allocable to the district. The authority to approve tax increment financing plans to establish tax increment financing districts under this section expires December 31, 2026_If the City elects, upon adoption of the tax increment financing plan for a district, the rules under the Special Legislation apply to a redevelopment district, renewal and renovation district, soil condition district, or soil deficiency district. Prior to or upon adoption of the first tax increment financing plan subject to the special rules under Baker Tilly Municipal Advisors, LLC Page 3 City of Shakopee and Shakopee Economic Development Authority the Special Legislation the City must find by resolution that parcels consisting of at least 80 percent of the acreage of the project area, excluding street and railroad rights -of -way, are characterized by one or more of the following characteristics: (1) peat or other soils with geotechnical deficiencies that impair development of commercial buildings or infrastructure; (2) soils or terrain that require substantial filling in order to permit the development of commercial buildings or infrastructure; (3) landfills, dumps, or similar deposits of municipal or private waste; (4) quarries or similar resource extraction sites; (5) floodway; and (6) substandard buildings, within the meaning of Minnesota Statutes, section 469.174, Subdivision 10. For purposes of the above, clauses (1) through (5), a parcel is characterized by the relevant condition if at least 70 percent of the area of the parcel contains the relevant condition. For purposes of clause (6), a parcel is characterized by a substandard building if substandard buildings occupy at least 30 percent of the area of the parcel. The project qualifies pursuant to special legislation the City received in 2023 that allows for the establishment of one or more tax increment districts in the defined project area under special rules. The city finds that 70% of the defined area has peat or geotechnical deficiencies, landfills, dumps, quarries, floodways, substandard buildings, or that substantial fill is needed for new development and the City is establishing as a soils deficiency district. Section E Duration of the TIF District Soil deficiency districts may remain in existence 20 years from the date of receipt by the City of the first tax increment. The Authority reserves the right to allow the TIF District to remain in existence for the maximum duration allowed by law (projected to be through the year 2047). Modifications of this plan (see Section AA) shall not extend these limitations. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the Authority. Pursuant to MN Statutes, Section 469.175, Subdivision 1(b) the Authority elects to delay receipt of first increment until 2027. Section F Property to be Included in the TIF District The TIF District comprises of the properties identified by parcel numbers listed below and includes adjacent streets and rights -of- way located within the Project Area. The TIF District is approximately 131.3 acres of land. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: Baker Tilly Municipal Advisors, LLC Page 4 City of Shakopee and Shakopee Economic Development Authority Parcel Number Legal Description 279-160-102 Section 16 Township 115 Range 022 I N1/2 NW1 /4 & SW1 /4 NW1 /4 LYING NORTHEASTERLY OF THE NORTHEASTERLY ROW LINE OF THE ABANDONED ROW OF THE RR, THE CENTERLINE OF SAID ROW SHOWN BY SURVEY RECORDED AS DOC #178639 EX P/O N1/2 NW1 /4 & P/O SW1 /4 NW1 /4 DESCRIBED AS FOLLOWS: COM AT A POINT IN THE WEST LINE OF SECTION 16, DISTANT 955.0 FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE SOUTH ALONG SAID WEST LINE A DISTANCE OF 545.0 FEET; THENCE EAST AT RIGHT ANGLES A DISTANCE OF 400.00 FEET; THENCE NORTH AT RIGHT ANGLES A DISTANCE OF 545.00 FEET; THENCE WEST AT RIGHT ANGLES A DISTANCE OF 400.00 FEET TO POB. I SW1 /4 NW1 /4 COM 29.39' N OF SW COR, N 70.10' TO NE ROW OF VACATED RR, S 31-29-53 E 88.29', NW TO POB 279-160-110 Section 16 Township 115 Range 022 I P/O N1/2 NW1 /4 & SW1 /4 NW1 /4 COM 955' S OF NW COR, S 545', E 400', N 545', W 400' TO POB. 279-170-020 Section 17 Township 115 Range 022 I 13.50A LYING N OF RR IN SE1/4 NE1/4 Section G Property to be Acquired in the TIF District The Authority may acquire and sell any or all of the property located within the TIF District; however, the Authority does not anticipate acquiring any such property. Section H Specific Development Expected to Occur Within the TIF District The development will include construction of approximately 479 apartment units, 184 townhomes, 156 single-family homes, as well as 174,300 square feet of mixed -use commercial sites. There are significant extraordinary costs associated with development of the property requiring financial participation through tax increment financing. The City anticipates using tax increment revenues from the project to finance eligible development costs including demolition, site improvements, utilities, public improvements and other eligible development costs. Construction of improvements is expected to start in 2026 and continue through 2033. The project is expected to be fully constructed by December 31, 2033, and be 100% assessed and on the tax rolls as of January 2, 2034 for taxes payable 2035. Section I Findings and Need for Tax Increment Financing In establishing the TIF District, the City makes the following findings: (1) The TIF District qualifies as a soils deficiency district; See Section D of this document for the reasons and facts supporting this finding. (2) The proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably Baker Tilly Municipal Advisors, LLC Page 5 City of Shakopee and Shakopee Economic Development Authority foreseeable future, and the increased market value of the site that could reasonably be expected to occur without the use of tax increment would be less than the increase in market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the TIF District permitted by the TIF Plan. Factual basis: Proposed development not expected to occur: The Authority's finding that the proposed development would be unlikely to occur solely through private investment within the reasonably foreseeable future is based on an analysis of the proforma and other materials submitted by the developer. No higher market value expected: If the proposed development did not go forward, for the same reasons described above, no significant alternative development of the proposed TIF District area would occur. The existing building is currently substandard, and it is highly unlikely that the improvements would be made on the property site without tax increment financing. In short, there is no basis for expectation that the area would redevelop or be renovated in any significant way purely by private action without public subsidy. To summarize the basis for the Authority's findings regarding alternative market value, in accordance with Minnesota Statutes Section 469.175, Subdivision 3(d), the Authority makes the following determinations: The Authority's estimate of the amount by which the market value of the site will increase without the use of tax increment financing is anywhere from $0 to some modest amount based on small scale renovation or development that could be possible without assistance; any estimated values would be too speculative to ascertain. If the proposed development to be assisted with tax increment occurs in the TIF District, the total increase in market value would be approximately $377,861,084, including the value of the building (See Exhibit V). The present value of tax increments from the TIF District for the maximum duration of the district permitted by the TIF Plan is estimated to be $26,274,078 (See Exhibit V). Even if some development other than the proposed development were to occur, the City finds that no alternative would occur that would produce a market value increase greater than $351,587,006 (the amount in clause b less the amount in clause c) without tax increment assistance. (3) The TIF Plan conforms to the general plan for development or redevelopment of the Authority as a whole; and The reasons and facts supporting this finding are that the TIF District is properly zoned and will generally compliment and serve to implement policies adopted in Baker Tilly Municipal Advisors, LLC Page 6 City of Shakopee and Shakopee Economic Development Authority the Authority's comprehensive plan. (4) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the Authority as a whole, for the development of the Project Area by private enterprise. The reasons and facts supporting this finding are that remedial actions are necessary so that development and redevelopment by private enterprise can occur within the Project Area. Section J Estimated Public Costs The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax increments of the TIF District. Estimated Public Costs Estimated Amount Land/Building acquisition $0 Site Improvements/Preparation costs $59,676,833 Utilities $0 Other public improvements (pooling) $0 Construction of affordable housing $0 Administrative expenses $6,630,754 Total Estimated Public Costs $66,307,587 Interest expenses $0 Total Costs $66,307,587 The City anticipates using tax increment to the extent available to finance development costs of the project including primarily site improvement/preparation costs, soils correction/cleanup, and infrastructure improvements, related administrative expenses, and other TIF-eligible expenditures as deemed necessary and related to development of the project site. The City reserves the right to administratively adjust the amount of any of the items listed in the categories above without a modification to the TIF Plan, as long as the overall TIF Plan budget ($66,307,587) is not increased. The Authority also reserves the right to fund any of the identified costs with any other legally available revenues but anticipates that such costs will be primarily financed with tax increments. Section K Estimated Sources of Revenue Sources of Revenue Amount Tax Increment revenue $66,307,587 Interest on invested funds $0 Other $1) Total $66,307,587 Baker Tilly Municipal Advisors, LLC Page 7 City of Shakopee and Shakopee Economic Development Authority The Authority anticipates capturing the tax increments from the project for financing of the identified development costs and reimbursing the developer for a portion of those costs. As tax increments are collected from the TIF District in future years, a portion of these increments will be used by the Authority to reimburse the developer for public costs incurred (see Section K). The Authority also anticipates retaining any remaining increment to finance eligible administrative or other expenses related to the project. The Authority reserves the right to finance any or all public costs of the TIF District using pay-as- you- go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The Authority also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income. Section L Estimated Amount of Bonded Indebtedness The maximum principal amount of bonds (as defined in the TIF Act) secured in whole or part with tax increment from the TIF District is $66,307,587. The Authority currently plans to finance the site improvements and development costs through either a pay-as-you-go note or Authority financing and reserves the right to issue bonds in any form, including without limitation any interfund loan with interest not to exceed the maximum permitted under Section 469.178, Subdivision 7 of the TIF Act. Section M Original Net Tax Capacity The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year. The estimated taxable value of all property within the TIF District as of January 2, 2023, for taxes payable in 2024, is $4,365,800. Upon establishment of the district and classification of the property as taxable residential rental, residential homestead and commercial -industrial, the estimated original net tax capacity of the TIF District is estimated to be $51,233. Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as a result of: (1) changes in the tax-exempt status of property; (2) reductions or enlargements of the geographic area of the TIF District; (3) changes due to stipulation agreements or abatements; or (4) changes in property classification rates. Baker Tilly Municipal Advisors, LLC Page 8 City of Shakopee and Shakopee Economic Development Authority Section N Original Local Tax Capacity Rate The County Auditor shall also certify the original local tax rate of the TIF District. This rate shall be the sum of all local tax rates that apply to property in the TIF District. This rate shall be for the same taxes payable year as the original net tax capacity. In future years, the amount of tax increment generated by the TIF District will be calculated using the lesser of (a) the sum of the current local tax rates at that time or (b) the original local tax rate of the TIF District. It is anticipated the request for certification of the TIF District will occur prior to June 30, 2025, and the local tax rates for taxes levied in 2024 and payable in 2025 will apply, for which the County Auditor shall certify as the original tax capacity rate of the TIF District. The payable 2025 tax rates are not yet available and for purposes of estimating the tax increment generated by the TIF District, the sum of the local tax rates for taxes levied in 2023 and payable in 2024 is 87.095% as shown below. 2023/2024 Taxing Jurisdiction Local Tax Rate City of Shakopee Scott County ISD D #720 Other 27.402% 26.228% 28.602% 4.863% Total 87.095% Section 0 Projected Retained Captured Net Tax Capacity and Projected Tax Increment The Authority anticipates that 100% of the development will be completed by December 31, 2033, creating a total tax capacity for the TIF District of $4,877,969 as of January 2, 2034. The captured tax capacity as of the first full year of increment is projected to be $4,380,702, and the first full receipt of increment is projected to be $3,815,358 in taxes payable 2035. Even though full increment isn't until pay year 2035 increment will start in pay year 2027 and gradually increase as more of the project is developed. A complete schedule of estimated tax increment from the TIF District is shown in Exhibit III. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. The estimates shown in this TIF Plan assume that residential rental class rates remain at 1.25%, residential homestead rates remain at 1% and commercial -industrial property rates are $150,000 at 1.5% and 2% for value above $150,000 of the estimated taxable value and assume no annual increases in market values. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473E and Chapter 276A, the original net tax capacity of the TIF District shall be determined before the application of fiscal disparity. In subsequent years, the current net tax capacity shall either (a) be determined before the application of fiscal disparity or (b) exclude the product of any fiscal Baker Tilly Municipal Advisors, LLC Page 9 City of Shakopee and Shakopee Economic Development Authority disparity increase in the TIF District (since the original net tax capacity was certified) times the appropriate fiscal disparity ratio. The method the Authority elects shall remain the same for the life of the TIF District, except that a single change may be made at any time from method (a) to method (b) above. The Authority elects method (b), or M.S. Section 469.177, Subdivision 3(b). The County Auditor shall certify to the City the amount of captured net tax capacity each year. The Authority may choose to retain any or all of this amount. It is the Authority's intention to retain 100% of the captured net tax capacity of the TIF District. Such amount shall be known as the retained captured net tax capacity of the TIF District. Exhibit II gives a listing of the various information and assumptions used in preparing a number of the exhibits contained in this TIF Plan, including Exhibit III which shows the projected tax increment generated over the anticipated life of the TIF District. Section P Use of Tax Increment Each year the County Treasurer shall deduct 0.36% of the annual tax increment generated by the TIF District and pay such amount to the State's General Fund. Such amounts will be appropriated to the State Auditor for the cost of financial reporting and auditing of tax increment financing information throughout the State. Exhibit III shows the projected deduction for this purpose over the anticipated life of the TIF District. The Authority has determined that it will use 100% of the remaining tax increment generated by the TIF District for any of the following purposes: (1) pay for the estimated public costs of the TIF District (see Section K) and County administrative costs associated with the TIF District (see Section T); (2) pay principal and interest on tax increment bonds or other bonds issued to finance the estimated public costs of the TIF District; (3) accumulate a reserve securing the payment of tax increment bonds or other bonds issued to finance the estimated public costs of the TIF District; (4) pay all or a portion of the county road costs as may be required by the County Board under Minnesota Statutes Section 469.175, Subdivision 1a; or (5) return excess tax increments to the County Auditor for redistribution to the Authority, County and School District. Tax increments from property located in one county must be expended for the direct and primary benefit of a project located within that county, unless both county boards involved waive this requirement. Tax increments shall not be used to circumvent levy limitations applicable to the Authority. Tax increment shall not be used to finance the acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the State or federal government, or for a commons area used as a public park, or a facility used for social, recreational, or conference purposes. This prohibition does not apply to the construction or renovation of a parking structure or of a privately -owned facility for conference purposes. Baker Tilly Municipal Advisors, LLC Page 10 City of Shakopee and Shakopee Economic Development Authority If there exists any type of agreement or arrangement providing for the developer, or other beneficiary of assistance, to repay all or a portion of the assistance that was paid or financed with tax increments, such payments shall be subject to all of the restrictions imposed on the use of tax increments. Assistance includes sale of property at less than the cost of acquisition or fair market value, grants, ground or other leases at less than fair market rent, interest rate subsidies, utility service connections, roads, or other similar assistance that would otherwise be paid for by the developer or beneficiary. Section Q Excess Tax Increment In any year in which the tax increments from the TIF District exceed the amount necessary to pay the estimated public costs authorized by the TIF Plan, the Authority shall use the excess tax increments to: (1) prepay any outstanding tax increment bonds; (2) discharge the pledge of tax increments thereof; (3) pay amounts into an escrow account dedicated to the payment of the tax increment bonds; or (4) return excess tax increments to the County Auditor for redistribution to the City, County and School District. The County Auditor must report to the Commissioner of Education the amount of any excess tax increment redistributed to the School District within 30 days of such redistribution. Section R Tax Increment Pooling and the Five -Year Rule At least 75% of the tax increments from the TIF District must be expended on activities within the district or to pay for bonds used to finance the estimated public costs of the TIF District (see Section E for additional restrictions). No more than 25% of the tax increments may be spent on costs outside of the TIF District but within the boundaries of the Project Area, except to pay debt service on credit enhanced bonds. All administrative expenses are considered to have been spent outside of the TIF District. Tax increments are considered to have been spent within the TIF District if such amounts are: (1) paid to a third party for activities performed within the TIF District within five years after certification of the district; (2) used to pay bonds that were issued and sold to a third party, the proceeds of which are reasonably expected on the date of issuance to be spent within the later of the five-year period or a reasonable temporary period or are deposited in a reasonably required reserve or replacement fund; (3) used to make payments or reimbursements to a third party under binding contracts for activities performed within the TIF District, which were entered into within five years after certification of the district; or (4) used to reimburse a party for payment of eligible costs (including interest) incurred within five years from certification of the district. Baker Tilly Municipal Advisors, LLC Page 11 City of Shakopee and Shakopee Economic Development Authority Beginning with the sixth year following certification of the TIF District, the TIF District must be decertified when 75% of the tax increments is sufficient to pay obligations described above incurred within the first five years or, if applicable, when a pay-as-you-go contract or note for expenses incurred within the first five years The Authority anticipates that an allowable portion of tax increments generated by the project may be spent outside the TIF District (including allowable administrative expenses), and such expenditures are expressly authorized in this TIF Plan. Section S Limitation on Administrative Expenses Administrative expenses means documented expenditures of an authority or municipality, including but not limited to: (1) amounts paid for services provided by bond counsel, fiscal consultants, and economic development consultants; (2) allocated expenses and staff time of the authority or municipality for administering a project, including but not limited to preparing the tax increment financing plan, negotiating and preparing agreements, accounting for segregated funds of the district, preparing and submitting required reporting for the district, and reviewing and monitoring compliance with sections 469.174 to 469.1794; (3) amounts paid to publish annual disclosures and provide notices under section 469.175; (4) amounts to provide for the usual and customary maintenance and operation of properties purchased with tax increments, including necessary reserves for repairs and the cost of any insurance; (5) amounts allocated or paid to prepare a development action response plan for a soils condition district or hazardous substance subdistrict; and (6) amounts used to pay bonds, interfund loans, or other financial obligations to the extent those obligations were used to finance costs described in clauses (1) to (5). Administrative expenses and administrative costs do not include: (1) amounts paid for the purchase of land; (2) amounts paid for materials and services, including architectural and engineering services directly connected with the physical development of the real property in the project; (3) relocation benefits paid to, or services provided for, persons residing or businesses located in the project; (4) amounts used to pay principal or interest on, fund a reserve for, or sell at a Baker Tilly Municipal Advisors, LLC Page 12 City of Shakopee and Shakopee Economic Development Authority discount bonds issued pursuant to section 469.178; or (5) amounts used to pay other financial obligations to the extent those obligations were used to finance costs described in clause (1) to (3). Administrative expenses include amounts paid for services provided by bond counsel, fiscal consultants, planning or economic development consultants, and actual costs incurred by the County in administering the TIF District. Tax increments may be used to pay administrative expenses of the TIF District up to the lesser of (a) 10% of the total tax increment expenditures authorized by the TIF Plan or (b) 10% of the total tax increments received by the TIF District. [M.S. Section 469.176, Subdivision 3] Section T Limitation on Property Not Subject to Improvements - Four Year Rule If after four years from certification of the TIF District no demolition, rehabilitation, renovation, or qualified improvement of an adjacent street has commenced on a parcel located within the TIF District, then that parcel shall be excluded from the TIF District, and the original net tax capacity shall be adjusted accordingly. Qualified improvements of a street are limited to construction or opening of a new street, relocation of a street, or substantial reconstruction or rebuilding of an existing street. The Authority must submit to the County Auditor, by February 1 of the fifth year, evidence that the required activity has taken place for each parcel in the TIF District. If a parcel is excluded from the TIF District and the Authority or owner of the parcel subsequently commences any of the above activities, the Authority shall certify to the County Auditor that such activity has commenced, and the parcel shall once again be included in the TIF District. The County Auditor shall certify the net tax capacity of the parcel, as most recently certified by the Commissioner of Revenue, and add such amount to the original net tax capacity of the TIF District. Section U Estimated Impact on Other Taxing Jurisdictions Exhibit IV shows the estimated impact on other taxing jurisdictions if the maximum projected retained captured net tax capacity of the TIF District was hypothetically available to the other taxing jurisdictions. The Authority believes that there will be no adverse impact on other taxing jurisdictions during the life of the TIF District, since the proposed development would not have occurred without the establishment of the TIF District and the provision of public assistance. A positive impact on other taxing jurisdictions will occur when the TIF District is decertified, and the development therein becomes part of the general tax base. The fiscal and economic implications of the proposed tax increment financing district, as pursuant to Minnesota Statutes Section 469.175, Subdivision 2, are listed below. 1. The total amount of tax increment that will be generated over the life of the TIF District is estimated to be $66,547,154. 2. To the extent the project in the TIF District generates any public cost impacts on City - provided services such as police and fire protection, public infrastructure, and the impact of any general obligation tax increment bonds attributable to the district upon the ability to issue other debt for general fund purposes, such costs will be levied upon the taxable net tax capacity of the City, excluding that portion captured by the TIF District. The City anticipates issuing a pay-as-you-go TIF note to finance a portion of the project costs and Baker Tilly Municipal Advisors, LLC Page 13 City of Shakopee and Shakopee Economic Development Authority reserves the right to use bond financing and/or internal financing, as necessary, to finance a portion of the project costs attributable to the TIF District. 3. The amount of tax increments over the life of the TIF District that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, is estimated to be $21,854,140. 4. The amount of tax increments over the life of the TIF District that would be attributable to county levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remained the same is estimated to be $20,040,478. 5. No additional information has been requested by the county or school district that would enable it to determine additional costs that will accrue to it due to the development proposed for the district. Section V Prior Planned Improvements The Authority shall accompany its request for certification to the County Auditor (or notice of district enlargement), with a listing of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. There have been no building permits issued in the last 18 months in conjunction with any improvements to the properties within the TIF District. Section W Development Agreements If within a project containing a soils deficiency district, more than 10% of the acreage of the property to be acquired by the City is purchased with tax increment bonds proceeds (to which tax increment from the property is pledged), then prior to such acquisition, the City must enter into an agreement for the development of the property. Such agreement must provide recourse for the City should the development not be completed. The City anticipates entering into an agreement for development, but does not anticipate acquiring any property located within the TIF District. Section X Assessment Agreements The Authority may, upon entering into a development agreement, also enter into an assessment agreement with the developer, which establishes a minimum market value of the land and improvements for each year during the life of the TIF District. The assessment agreement shall be presented to the County or City Assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land, and so long as the minimum market value contained in the assessment agreement appears to be an accurate estimate, shall certify the assessment agreement as reasonable. The assessment agreement shall be filed for record in the office of the County Recorder or Registrar of Titles, as applicable, of each county where the property is located. Any modification or premature termination of this agreement must first be approved by the City, County and School Baker Tilly Municipal Advisors, LLC Page 14 City of Shakopee and Shakopee Economic Development Authority District. The Authority may consider entering into an assessment agreement. Section Y Modifications of the Tax Increment Financing Plan Any reduction or enlargement in the geographic area of the Project Area or the TIF District; a determination to capitalize interest on the debt if that determination was not part of the original TIF Plan; an increase in the portion of the captured net tax capacity to be retained by the City; an increase in the total estimated public costs; or a designation of property to be acquired by the City shall be approved only after satisfying all the necessary requirements for approval of the original TIF Plan. This paragraph does not apply if: (1) the only modification is elimination of parcels from the TIF District; and (2) the current net tax capacity of the parcels eliminated equals or exceeds the net tax capacity of those parcels in the TIF District's original net tax capacity, or the Authority agrees that the TIF District's original net tax capacity will be reduced by no more than the current net tax capacity of the parcels eliminated. The City must notify the County Auditor of any modification that reduces or enlarges the geographic area of the TIF District. The geographic area of the TIF District may be reduced but not enlarged after five years following the date of certification. Section Z Administration of the Tax Increment Financing Plan Upon adoption of the TIF Plan, the City shall submit a copy of such plan to the Minnesota Department of Revenue and the Office of the State Auditor. The City shall also request that the County Auditor certify the original net tax capacity and net tax capacity rate of the TIF District. To assist the County Auditor in this process, the City shall submit copies of the TIF Plan, the resolution establishing the TIF District and adopting the TIF Plan, and a listing of any prior planned improvements. The City shall also send the County or City Assessor any assessment agreement establishing the minimum market value of land and improvements in the TIF District and shall request that the County or City Assessor review and certify this assessment agreement as reasonable. The County shall distribute to the City the amount of tax increment as it becomes available. The amount of tax increment in any year represents the applicable property taxes generated by the retained captured net tax capacity of the TIF District. The amount of tax increment may change due to development anticipated by the TIF Plan, other development, inflation of property values, or changes in property classification rates or formulas. In administering and implementing the TIF Plan, the following actions should occur on an annual basis: (1) prior to July 1, the City shall notify the County or City Assessor of any new development that has occurred in the TIF District during the past year to ensure that the new value will be recorded in a timely manner. (2) if the County Auditor receives the request for certification of a new TIF District, or for modification of an existing TIF District, before July 1, the Baker Tilly Municipal Advisors, LLC Page 15 City of Shakopee and Shakopee Economic Development Authority request shall be recognized in determining local tax rates for the current and subsequent levy years. Requests received on or after July 1 shall be used to determine local tax rates in subsequent years. (3) each year the County Auditor shall certify the amount of the original net tax capacity of the TIF District. The amount certified shall reflect any changes that occur as a result of the following: (a) the value of property that changes from tax-exempt to taxable shall be added to the original net tax capacity of the TIF District. The reverse shall also apply; (b) the original net tax capacity may be modified by any approved enlargement or reduction of the TIF District; (c) if laws governing the classification of real property cause changes to the percentage of estimated market value to be applied for property tax purposes, then the resulting increase or decrease in net tax capacity shall be applied proportionately to the original net tax capacity and the retained captured net tax capacity of the TIF District. The County Auditor shall notify the City of all changes made to the original net tax capacity of the TIF District. Section AA Filing TIF Plan, Financial Reporting and Disclosure Requirements The City will file the TIF Plan, and any subsequent amendments thereto, with the Commissioner of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes Section 469.175, Subdivision 4A. The City will comply with all reporting requirements for the TIF District under Minnesota Statutes Section 469.175, Subdivisions 5 and 6. Baker Tilly Municipal Advisors, LLC Page 16 Exhibit Map of Tax Increment Financing (Soil Deficiency) District No. 22 Scott County This dra+nrrg is re=ther a legal., recorded map nca a survey and is not Intended to be used as cane. This drboth9 as a [omptabon of records, on ation, and data located in vane. aty malty. and state offices, and trtler sauces affect.; the area shorn, and a to be used fa Werence puporsts or*, Scott Cotfly is not resporn+dt for arry misuse. &Ott Date: 8/14/2024 1:9,028 Exhibit II Assumptions Report City of Shakopee, Minnesota and Shakopee Economic Development Authority Tax Increment Financing (Soil Deficiency) District No. 22 Shakopee Gravel Pit Development Draft TIF Plan Exhibits: Revenue Projections based on Developer Buildout Assumptions Type of Tax Increment Financing District Redevelopment Maximum Duration of TIF District 20 years from 1st increment Projected Certification Request Date 12/31/24 Decertification Date 12/31/47 (21 Years of Increment) 2022/2023 Base Estimated Market Value $4,365,800 Original Net Tax Capacity Base Estimated Market Value Estimated Increase in Value - New Construction Total Estimated Market Value $51,233 Assessment/Collection Year 2024/2025 2025/2026 2026/2027 2027/2028 $4,365,800 0 $4,365,800 $4,365,800 $4,365,800 0 36, 223, 640 56,116, 328 4,365,800 4,365,800 40,589,440 60,482,128 Total Net Tax Capacity $51,233 $51,233 $561,208 $815,361 City of Shakopee Scott County ISD #0720 Other (EDA) 27.402% 26.228% 28.602% 4.863% Local Tax Capacity Rate (2206) Fiscal Disparities Contribution From TIF District Administrative Retainage Percent (maximum = 10%) Pooling Percent 87.095% 32.0047% 10.00% 0.00% 2023/2024 Bonds Bonds Dated Bond Rate Bond Amount Present Value Date & Rate NA NA NA 12/31/24 Note (Pay -As -You -Go) Note Dated Note Rate Note Amount 7.00% PV Amount 12/31/24 5.00% $31,722,500 $23,561,544 Notes Projections assume no future changes to classification rates and current tax rates remain constant. Projections are based on certified pay 2024 rates. Projections assume project 100% completed in 2033 Projections assume 0% market value inflation Projected Tax Increment Report ptions ▪ O 3 • cup, 0 Q CO L m o E Q _O CD ' pc -2 ci z O Z U O v Ca CD D C O V v t.- O -a cu c p a co a) C) m DC C C � ▪ 5 ,+N_+ C LL O W G L v QH O -Y}, X c r 3 - S 0 H > c N T Z O O CO CO CO N CO CO T N O) T O CO N CO ti ti ti N T CO O) N. 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CO CO M M CO M M M M CO CO M CO CO N- 0) CO C O) CO CO N N N N N N N N N N N N N CO CO T N- CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO O) CO N Co N COaS T T T T T T T T T T T T T T cfl COCO 0) 0) 0o O 00 O CO O O O O O O O O O O O CO CO CO CO CO N LC) LC) CO CO CO CO CO CO 00 00 CO CO CO CO CO N M M M M M M M M M M M M M M M M CO O O LC) N oO M 00 M ti T LC) LC) LC) LC) C C LC) LC) LC) LC) LC) LC) C Co T CO LC) CO CO N - r CO C`M CO CO CO M M CO CO C`M CO CO CM CO T CO CO CO CO CO 0) N- N- N- N- N- N- ti N- N- N- N- N- N - T N Co CO O) T N N Co Co Co Co Co05 Co Co CO CO Co Co Co Co LC) ti O co CO CO 69 a0 Ln ti O co CO CO 69 - co LO O) CO N 69- CO CO CO CO 00 M M O 00 = N LC) LC) LO C C LC) LC) LC) LC) LC) LC) C C N - O) O CO N N - M CO M M M M M M M M M M M M M CO N CO CO- N O T 4 CO CO CO CO CO CO CO CO CO CO CO CO CO N- 00 CO CO CO CO N O) Co CO CO 6) CO CO CO CO 00 CO 00 CO CO 00 00 00 00 CO 00 CO CO N M M M M M M M M M M M M M M M M Ln ti Ln CO CO K} X U E H r H c0 U N N Lt Z X '- Z H 2> .� \ \ \ \ \ \ \ \ \ \ \ \ \ c*" \ \ \ \ \ \ \ \ \ \ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CO CO CO LC) CO CO CO Ln LC7 CO LC) CO CO COM M CO CO CO CO LC) CO CO CO 01 O) O) CA O C) C) CA CD O) 6) 6) O C) C) CA C) O) 6) O) O O C) CA CO CO CO O O O O O CO O O O O O O O O O O O O O O O ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti N: CO CO CO CO CO CO CO CO 00 CO 00 CO CO CO CO CO CO CO CO CO CO CO CO CO 0 0 0 0 0 N- CO CO CO N N N N N N N N N N N N N N CO T O) O O) N- 00 O O O O O O O O O O O O O O CO T O) N- N- CO CO N- N- N- N- N- N- ti ti ti ti ti N- N- CO CO Co CO N- d) M N- CO CO CO CO CO CO CO CO CO CO CO CO CO N N- N CO CO 00 N 00 CO CO CO CO 00 00 CO CO CO CO CO CO C CO N T 0) N - O T M CO M M M M M M M CO CO M M N N Co 4 4 4 4 4 4 CO CO CO CO CO 0) C O) ,r,r,r,r,r,r,r,P,r,r,r,r,r,r,r N T CO N N- Co Co Co CO Co Co Co Co Co Co Co Co Co Co Co Co Co CO N CO N- CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO • 0) CO ti CO CO CO CO CO CO COU COU COU CO CO COU COU CO CO COU COU CO CO N CO ,r 1- 1- 1-,r,r,r,r,r 1- 1- 1-,r,r,r,r CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO Cr) Co CO CO CO CO Co Co M CO CO CO CO CO CO CO CO N N N N N N N N N N N N N N N N N N N N N N N N T T T T T T T T T T T T T T T T T T T T T T T T- ✓ , CO CO CO LO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO Co Co CO CO T T ,r CO CO 0) 0) 0) O) 0) 0) 0) 0) 0) 6) CA 0) 0) 0) CO CO CO CO CO CA CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO N N N N CO CO T M N O) O) O) O) O) O) O) O) O) O) O) O) O) CO Co CO • N- • CO C ti ti ti ti ti ti ti ti ti ti ti ff LC) LC) CO CO T CO • CO O) CO r N ti ti ti ti ti ti ti ti ti ti ti ti N- M CO CO CO N CO CO a0 CO CO CO CO CO CO CO CO 00 CO CO CO T N M 7 CO CO CO CO CO CO 0) N LO ti T O CO CO N N O N- O CO CO CO CO CO CO CO 00 CO CO CO CO CO CO CO CO CO T T CO CO CO CO CO CO CO CO 00 CO CO CO CO CO CO CO CO CO C3) N CO C O) r CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO Co Co CO co co CO Co M- CO CO N N N N N N N N N N N N N CO CO CO CO T T T T p) N N N N N N N N N N N N N O O co- ti CO Co CO CO N N N N N N N N N N N N (N- CO CO CO LO N M Co CO CO CO CO CO CO 00 CO CO CO CO CO CO CO C CO CO N- 00 O) CO T N CO CO CO N- CO O) CO T N CO CO CO N- N N N N N (N CO CO CO CO CO CO CO CO CO Co 7 71- 7j - (CS , C3) Co CM CM CCoo CM CM M M M CM M CCo CM CM M CM M M M M CM M M CM ..2.S— N N N N N N N N N N N N N N N N N N N N N N N N C Zr) -E Q 0_w .� Total net tax capacity based on mix of residential rental with a class rate of 1.25%, residential homestead with a class rate of 1% and commercial -industrial class rate of 1.5% first $150,000 value and 2% value above $150,000 (3) Original net tax capacity based on existing land value for the property to be included in the development for assess 2023/pay 2024 (4) Total local tax capacity rate for taxes payable 2024 Estimated Impact on Other Taxing Jurisdictions Report E N O - O -a m Q O+ A0 W > > N V G C .O z C N - W %co >� 0 O V co t� .- 'O '^ (: L _ ai c O co . Q a) ♦••� v+ O > CD w it zx t E a) a cn CD LL 0. OCR V H O With Project and TIF District Project or TIF District N -0 U c a) a) a a) a o >+ X >, I ca o .17' U CO U Z a) X (L) H 'v O N U Z U U CN O (a CO N J Et X va N C ( O 00 07 71- 00 CO r CO N 6- d- co 0) 00 co co co O co O �C) O 00 co Lri N N N 00 M 07 F O O o r N MLO- O 00 O 0)- 00 07 07 2 O O O N- N- CO CO 00 CO CO CO O ti C O CO N M co c (a 0CN- 2 CO O 00 N 00 N CO N 6 CO N. (a 00 4 N N N C� N- 71 - CO N M C (aCN- O City of Shakopee 2 O N ti -i-1, 0 •71- N O M O N- O CO�cn > O O O O X -0 U O _C C CO U X O O O a3 c a) ~ a) V co a) E O a) CD fn a) C '� - a_ a) O J, Q 0 , O N _0 O D U (0000CO O a) O H C > a)�, _c U O co v) O co O }' co O C a) .0 cn O in 'L O -0 X u L u) m a) LL E co ',7 H C DI a) �a) >7 J 0 L }' O tLU Q OO L U CO x H H O U X O m° a) r O co O O z L H — _ O Lo N C p O o o-) z m o O_ L �aI)� L E 2 a a) 00 2 wca a) O mu) E CD U x 7:1 ai U O O �O u) o C -0 O _c N O a) to }' O T) O U -, C o a) � Z co fY O -O -0 � 'E flU O O to .� U Q -- -p . O N a) a) a U ( U C () C O a) c a) U) co H * Statement 1: Statement 2: ca U 0 Q co C O C O O 0_ U) To H a) O_ co U U CO 0_ c6 U X ca C O O > U O O_ O U X co a) C a) co H a) O X co O O a) O c 00 C O C a) U) a) a) a) U C a) 0) 0) a) C .U) U) C O U) Q) C co a) U) a) C O U co o_ E a) H (N Exhibit V Market Value Analysis Report City of Shakopee, Minnesota and Shakopee Economic Development Authority Tax Increment Financing (Soil Deficiency) District No. 22 Shakopee Gravel Pit Development Draft TIF Plan Exhibits: Revenue Projections based on Developer Buildout Assumptions Assumptions Present Value Date P.V. Rate - Gross T.I. 12/31/24 7.00% Increase in EMV With TIF District Less: P.V of Gross Tax Increment Subtotal Less: Increase in EMV Without TIF $377,861,084 26, 274, 078 $351,587,006 0 Difference $351,587,006 Annual Gross Tax Year Increment Present Value @ 7.00% 1 2027 370,718 302,616 2 2028 587,988 448,573 3 2029 1,066,030 760,065 4 2030 1,903,635 1,268,472 5 2031 2,602,208 1,620,524 6 2032 3,300,782 1,921,085 7 2033 3,521,314 1,915,362 8 2034 3,594,825 1,827,427 9 2035 3,815,358 1,812,649 10 2036 3,815,358 1,694,065 11 2037 3,815,358 1,583,238 12 2038 3,815,358 1,479, 662 13 2039 3,815,358 1,382,861 14 2040 3,815,358 1,292,394 15 2041 3,815,358 1,207,845 16 2042 3,815,358 1,128, 827 17 2043 3,815,358 1,054,978 18 2044 3,815,358 985,961 19 2045 3,815,358 921,459 20 2046 3,815,358 861,177 21 2047 3,815,358 804,838 $66,547,154 $26,274,078 COflFLUEflCE MEETING SIGN -IN SHEET PROJECT: Shakopee Gravel Pit Development Open House PROJECT #: DATE /TIME: 10/29/2024 / 7:00 pm RE: Participant Sign In Sheet NAME: Ch4r1i-ems Lor y'i41 EMAIL: C..h&tiiG1'1DPt Qn\A'� •CONI - REPRESENTING: ChVrdn MA . VACrA v PHONE: iz in kctsm _ NAME: LP e„,„,itie REPRESENTING: mj‘ ` If EMAIL: Novi 4gyre 5W14:g. GOB (I.)/cg PHONE: � 5IGl NAME: t'k,I �CN /4Av)r 04-3 REPRESENTING: EMAIL: PHONE: 4. (a,34,,s-st.--‘7, NAME: 8ii40\ 1... It_ REPRESENTING: EMAIL: bc,'i. � 1 Kole cJ *��? � I . PHONE: 6/a L /5'.).)' NAME:(t*.( w�RX%(,� REPRESENTING: - , EMAIL: (�{��/�� t VIA IL 1I•�/'crv, PHONE: 0(5 2,-.1-02, NAME: )(ff+ 1c( M 0-l06.S REPRESENTING: EMAIL: !jcon& o(. co (1\ PHONE: cisai iA.• 710 NAME: 77901 .4- VI C /<' IeIGkmILNJ REPRESENTING: EMAIL: Vfrichar cis iZ e ria41. col PHONE: (/ Ial • P.D. 3 'p'G /i,i, NAME: TOddgoviV74, 11o*i /& EMAIL: -f-raUGID,n/t, '`//'vT/YIA REPRESENTING: PHONE: f-fj7 ......??/....5-79a NAME: REPRESENTING: EMAIL: PHONE: NAME: REPRESENTING: EMAIL: PHONE: NAME: REPRESENTING: EMAIL: / PHONE: NAME: REPRESENTING: EMAIL: PHONE: e Ay thinkconfluence.com cr - i he. -turn _____nA eTcf- -1-Ist_ 5007th s c b2e of +he, 5.Puc, .bu Lc660,41 - 1Qrl Jv'yst. 1542a-q9a--g160