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HomeMy WebLinkAboutApril 07, 2026 - EDA Packet Pilljil SHAKOPEE Shakopee Economic Development Authority Regular Meeting Tuesday, April 7, 2026 7:00 PM City Hall, 485 Gorman Street 1. Roll Call 2. Approval of Agenda 3. Consent Business 3.a Approval of EDA Meeting Minutes 4. General Business 4.a Lease Extension for Concrete Mobility 5. Reports 5.a EDA Bill List 6. Adjourn to May 5, 2026 at 7:00 p.m. Note to EDA Members: If you have any questions or need additional information on any of the above items, please call Michael Kerski, prior to the meeting at (952)233-9346. 1 Shakopee Economic 3.a SHAKOPEE Development Authority April 7, 2026 Agenda Item: Approval of EDA Meeting Minutes Prepared by: Rick Parsons Reviewed by: Action to be considered: I move to approve the EDA meeting minutes for March 3,2026 Motion Type: Simple Majority Background: The March 3, 2026, EDA meeting minutes are ready for approval. Recommendation: Approve the above requested motion. Budget Impact: none. Attachments: 03-03-2026 EDA Minutes 2 PilaLl SHAKOPE E Economic Development Authority City Hall 485 Gorman Street Shakopee, MN, 55379 Tuesday, March 3, 2026 7:00 p.m. Vision: Shakopee is a place where people want to be! A distinctive river town, with a multitude of business, cultural and recreational opportunities in a safe, welcoming, and attractive environment for residents and visitors. 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 PRESENT: President Whiting, Commissioner DuLaney, Commissioner Lara, Commissioner Contreras, and Commissioner Lehman ABSENT: None. ALSO PRESENT: None. 2) Approval of Agenda Commissioner Lara made a motion to approve the agenda, second by Commissioner Contreras and the motion passed. 5 - 0 3) Consent Business 3.a) Approval of EDA Meeting Minutes Commissioner Lehman made a motion to approve the consent agenda, second by Commissioner Contreras and the motion passed. 5 - 0 4) General Business 1/23 4.a) Modification of Lease at 155 1st Ave E at River City Centre Commissioner Lara made a motion to approve the modification of lease rate, second by Commissioner DuLaney and the motion passed. 3 - 2 Nays: President Whiting, Commissioner Lehman 5) Reports 5.a) EDA Bill List 6) Adjourn Commissioner Lara made a motion to adjourn to April 7, 2026, second by Commissioner Contreras and the motion passed. 5 - 0 2/2 4 PliLl Shakopee Economic 4.a SHAKOPEE Development Authority April 7, 2026 Agenda Item: Lease Extension for Concrete Mobility Prepared by: Michael Kerski, Planning and Development Director Reviewed by: Michael Kerski Action to be considered: Approve Motion Type: Simple Majority Background: Concrete Mobility has been a long term tenant at River City Centre. The tenant has asked to remain for one more year, occupying the former Hometown Bank space on the western end of the building. They will pay their entire annual rent up front. The EDA's goal is to keep the River City Centre space in a positive cash position until the retail market improves and we can fill any vacant spaces. Currently there is only one vacant space. Recommendation: Approve Lease Extension with Concrete Mobility at $19 per square foot from July 2026 until June 30, 2027 in the amount of$48,241. Budget Impact: Provides ongoing rental revenue for operations and expenses. Attachments: 3-27-26 SIXTH AMENDMENT TO LEASE.docx 5 SIXTH AMENDMENT TO LEASE This SIXTH Amendment to Lease ("SIXTH Amendment") is made on April 7, 2026, by and between the Economic Development Authority of the City of Shakopee, Minnesota, a public body corporate and politic and a political subdivision of the State of Minnesota ("Landlord"), and Concrete Mobility, LLC, a Minnesota limited liability company (hereinafter referred to as "Tenant") WITNESSETH: WHEREAS, Landlord and Tenant entered into a lease dated May 15, 2020, and that certain Second Amendment dated May 31, 2022 and that certain Third Amendment dated June 6, 2023 and that certain Fourth Amendment dated July 4, 2024 and that Fifth Amendment dated June 3, 2025 (collectively the "Lease") for approximately 2,539 square feet of leasable area located in Suite 115 ("Premises") of the Building generally located at Suites 115-125 East First Avenue, Shakopee, Minnesota 55379 (Building A of River City Centre, "Project") and; WHEREAS, the parties now desire to amend the Lease all on the terms and conditions hereinafter set forth; NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereto, for themselves their legal representatives, successors and assigns agree to modify the Lease as follows: 1. Amendment of Lease. Effective April 7, 2026, the Lease shall be amended as set forth below: 2. Lease Term. The Lease Term shall be extended for a period of twelve (12) months commencing on July 1, 2026, and expiring June 30th, 2027 ("Sixth Amendment Extension Term"). 3. Monthly Installments of Gross Rent. Tenant shall pay to Landlord the following Gross Rent for the Sixth Amendment Extension Term up front, and by July 1, 2026 and otherwise in accordance with the Lease. Period Per Square Foot Period Gross Rent Per Year July 1, 2026—June $19.00 $48,241.00 30, 2027 4. Additional Rent. Tenant shall be responsible for any applicable additional rent per the Lease, throughout the Sixth Amendment Extension Term. 5. No Improvements.Tenant agrees to accept the Premises in an "as-is, where-is" condition throughout the Sixth Amendment Extension term, with no work required by Landlord. 6 6. Incorporation of the Lease. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Lease. Except as otherwise amended hereby, the terms and covenants of the Lease remain in full force and effect. No Brokers. Tenant and Landlord each hereby represents to the other that it has not dealt directly with any broker or brokers in connection with this Sixth Amendment, and neither Tenant nor Landlord know of another broker who negotiated this Sixth Amendment or is entitled to any commission in connection herewith. Tenant and Landlord hereby agree to indemnify, defend (with counsel reasonably acceptable to the other) and hold the other harmless from and against all losses, damages, claims, liens, liabilities, costs, and expense (including without limitation reasonable attorney's fees) arising from any claims or demands of any other broker or brokers or finders for any commission or other compensation alleged to be due such broker or finders in connection with its participating in the negotiation of this Sixth Amendment or in exhibiting the Premises on behalf of the indemnifying party. IN ALL OTHER RESPECTS, the terms and conditions of said Lease shall remain in full force and effect. THIS SIXTH AMENDMENT TO LEASE shall become effective only upon execution and delivery thereof by Landlord and Tenant. IN WITNESS WHEREOF the Landlord and Tenant have executed this Sixth Amendment to Lease as of the day and year first above written: LANDLORD: TENANT: Economic Development Authority of the City Concrete Mobility, LLC a Minnesota limited of Shakopee, Minnesota liability company By: Jay Whiting Its: President By: Brenda Flood Date: Its: CEO Date: By: William Reynolds Its: Executive Director Date: 7 Pliail Shakopee Economic 5.a SHAKOPEE Development Authority April 7, 2026 Agenda Item: EDA Bill List Prepared by: Becky Smith, Accounting Specialist Reviewed by: Action to be considered: Review EDA Bill List Motion Type: Informational only Background: EDA Bill List provided to EDA Commissioners Recommendation: Information Only Budget Impact: N/A Attachments: 8 Willi' SHAKOPE E Shakopee Economic Development Authority Regular Meeting Tuesday, April 7, 2026 7:00 PM City Hall, 485 Gorman Street 1. Roll Call 2. Approval of Agenda 3. Consent Business 3.a Approval of EDA Meeting Minutes 4. General Business 4.a Lease Extension for Concrete Mobility 5. Reports 5.a EDA Bill List 6. Adjourn to May 5, 2026 at 7:00 p.m. Note to EDA Members: If you have any questions or need additional information on any of the above items, please call Michael Kerski, prior to the meeting at (952)233-9346. 1 .6111 Shakopee Economic 3.a SHAKOPEE Development Authority April 7, 2026 Agenda Item: Approval of EDA Meeting Minutes Prepared by: Rick Parsons Reviewed by: Action to be considered: I move to approve the EDA meeting minutes for March 3,2026 Motion Type: Simple Majority Background: The March 3, 2026, EDA meeting minutes are ready for approval. Recommendation: Approve the above requested motion. Budget Impact: none. Attachments: 03-03-2026 EDA Minutes 2 PiaLLAI SHAKOPEE Economic Development Authority City Hall 485 Gorman Street Shakopee, MN, 55379 Tuesday, March 3, 2026 7:00 p.m. Vision: Shakopee is a place where people want to be! A distinctive river town, with a multitude of business, cultural and recreational opportunities in a safe, welcoming, and attractive environment for residents and visitors. 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 PRESENT: President Whiting, Commissioner DuLaney, Commissioner Lara, Commissioner Contreras, and Commissioner Lehman ABSENT: None. ALSO PRESENT: None. 2) Approval of Agenda Commissioner Lara made a motion to approve the agenda, second by Commissioner Contreras and the motion passed. 5 - 0 3) Consent Business 3.a) Approval of EDA Meeting Minutes Commissioner Lehman made a motion to approve the consent agenda, second by Commissioner Contreras and the motion passed. 5 - 0 4) General Business 1/23 4.a) Modification of Lease at 155 1st Ave E at River City Centre Commissioner Lara made a motion to approve the modification of lease rate, second by Commissioner DuLaney and the motion passed. 3 - 2 Nays: President Whiting, Commissioner Lehman 5) Reports 5.a) EDA Bill List 6) Adjourn Commissioner Lara made a motion to adjourn to April 7, 2026, second by Commissioner Contreras and the motion passed. 5 - 0 2/2 4 lilDilaiAll Shakopee Economic 4.a SHAKOPEE Development Authority April 7, 2026 Agenda Item: Lease Extension for Concrete Mobility Prepared by: Michael Kerski, Planning and Development Director Reviewed by: Michael Kerski Action to be considered: Approve Motion Type: Simple Majority Background: Concrete Mobility has been a long term tenant at River City Centre. The tenant has asked to remain for one more year, occupying the former Hometown Bank space on the western end of the building. They will pay their entire annual rent up front. The EDA's goal is to keep the River City Centre space in a positive cash position until the retail market improves and we can fill any vacant spaces. Currently there is only one vacant space. Recommendation: Approve Lease Extension with Concrete Mobility at $19 per square foot from July 2026 until June 30, 2027 in the amount of$48,241. Budget Impact: Provides ongoing rental revenue for operations and expenses. Attachments: 3-27-26 SIXTH AMENDMENT TO LEASE.docx 5 SIXTH AMENDMENT TO LEASE This SIXTH Amendment to Lease ("SIXTH Amendment") is made on April 7, 2026, by and between the Economic Development Authority of the City of Shakopee, Minnesota, a public body corporate and politic and a political subdivision of the State of Minnesota ("Landlord"), and Concrete Mobility, LLC, a Minnesota limited liability company (hereinafter referred to as "Tenant") WITNESSETH: WHEREAS, Landlord and Tenant entered into a lease dated May 15, 2020, and that certain Second Amendment dated May 31, 2022 and that certain Third Amendment dated June 6, 2023 and that certain Fourth Amendment dated July 4, 2024 and that Fifth Amendment dated June 3, 2025 (collectively the "Lease") for approximately 2,539 square feet of leasable area located in Suite 115 ("Premises") of the Building generally located at Suites 115-125 East First Avenue, Shakopee, Minnesota 55379 (Building A of River City Centre, "Project") and; WHEREAS, the parties now desire to amend the Lease all on the terms and conditions hereinafter set forth; NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereto, for themselves their legal representatives, successors and assigns agree to modify the Lease as follows: 1. Amendment of Lease. Effective April 7, 2026, the Lease shall be amended as set forth below: 2. Lease Term. The Lease Term shall be extended for a period of twelve (12) months commencing on July 1, 2026, and expiring June 30th, 2027 ("Sixth Amendment Extension Term"). 3. Monthly Installments of Gross Rent. Tenant shall pay to Landlord the following Gross Rent for the Sixth Amendment Extension Term up front, and by July 1, 2026 and otherwise in accordance with the Lease. Period Per Square Foot Period Gross Rent Per Year July 1, 2026—June $19.00 $48,241.00 30, 2027 4. Additional Rent. Tenant shall be responsible for any applicable additional rent per the Lease, throughout the Sixth Amendment Extension Term. 5. No Improvements.Tenant agrees to accept the Premises in an "as-is, where-is" condition throughout the Sixth Amendment Extension term, with no work required by Landlord. 6 6. Incorporation of the Lease. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Lease. Except as otherwise amended hereby, the terms and covenants of the Lease remain in full force and effect. No Brokers. Tenant and Landlord each hereby represents to the other that it has not dealt directly with any broker or brokers in connection with this Sixth Amendment, and neither Tenant nor Landlord know of another broker who negotiated this Sixth Amendment or is entitled to any commission in connection herewith. Tenant and Landlord hereby agree to indemnify, defend (with counsel reasonably acceptable to the other) and hold the other harmless from and against all losses, damages, claims, liens, liabilities, costs, and expense (including without limitation reasonable attorney's fees) arising from any claims or demands of any other broker or brokers or finders for any commission or other compensation alleged to be due such broker or finders in connection with its participating in the negotiation of this Sixth Amendment or in exhibiting the Premises on behalf of the indemnifying party. IN ALL OTHER RESPECTS, the terms and conditions of said Lease shall remain in full force and effect. THIS SIXTH AMENDMENT TO LEASE shall become effective only upon execution and delivery thereof by Landlord and Tenant. IN WITNESS WHEREOF the Landlord and Tenant have executed this Sixth Amendment to Lease as of the day and year first above written: LANDLORD: TENANT: Economic Development Authority of the City Concrete Mobility, LLC a Minnesota limited of Shakopee, Minnesota liability company By: Jay Whiting Its: President By: Brenda Flood Date: Its: CEO Date: By: William Reynolds Its: Executive Director Date: 7 Pliell Shakopee Economic 5.a SHAKOPEE Development Authority April 7, 2026 Agenda Item: EDA Bill List Prepared by: Becky Smith, Accounting Specialist Reviewed by: Action to be considered: Review EDA Bill List Motion Type: Informational only Background: EDA Bill List provided to EDA Commissioners Recommendation: Information Only Budget Impact: N/A Attachments: 8