HomeMy WebLinkAboutJanuary 04, 2022 - EDA Packet Shakopee Economic Development Authority
"DiaAll January 4, 2022
SHAKOPEE 7:00 PM
City Hall, 485 Gorman St.
1. Roll Call
2. Approval of Agenda
3. Consent Business
3.A. EDA Minutes
3.B. Decertification of TIF No. 16 Rahr Expansion
3.C. Interfund Loan Resolution - Gravel Pit Site
3.D. Interfund Loan Resolution - Workforce Center
4. Reports
4.A. EDA Bill List
5. Adjourn to Tuesday, February 1, 2022 at 7:00 pm
Note to EDA Members:
If you haw any questions or need additional information on any of the above items,please call Michael Kerski,prior to
the meeting at(952)233-9346.
Page 1 of 18
3.A.
WILLA'
SHAKOPEE
Shakopee Economic Development Authority
January 4, 2022
FROM: Lori J. Hensen, City Clerk
TO: President and Board Members
Subject:
EDA meeting minutes of December 7, 2021.
Policy/Action Requested:
Approve the meeting minutes of December 7, 2021.
Recommendation:
Approve the meeting minutes of December 7, 2021.
iscussion:
Budget Impact:
N/A
ATTACHMENTS:
o December 7, 2021
Page 2 of 18
Shakopee Economic Development Authority
MINUTES
December 7, 2021
SHAKOPEE 7:00 PM
City Hall,485 Gorman St.
1. Roll Call
Present: President Jody Brennan, Commissioners Bill Mars, Matt Lehman, Jay Whiting,
Angelica Contreras
Staff Present: Assistant City Administrator Chelsea Petersen, City Attorney Jim Thomson,
Finance Director Nate Reinhardt, City Engineer/Public Works Director Steve Lillehaug,
Planning/Development Director Michael Kerski, City Clerk Lori Hensen, Recreation
Programs Manager Sherry Dvorak, Communications Manager Amanda McKnight, Senior
Planner Alyssa Olson
2. Approval of Agenda
Commissioner William Mars made a motion to approve the agenda, seconded by
Commissioner Jay Whiting and the motion passed.
5 - 0
3. Consent Business
Lehman to remove 3.B. and 3.C. for further discussion.
Commissioner Angelica Contreras made a motion to approve the modified consent agenda,
seconded by Commissioner Jay Whiting and the motion passed.
5 - 0
3.A. EDA Minutes
Approve the meeting minutes of November 3, 2021. (Motion was carried under
consent agenda)
3.B. Amend TIF Cooperative Agreement
Commissioner Jay Whiting made a motion to adopt Resolution No. E2021-011, a
resolution approving an amended and restated tax increment cooperative agreement
relating to Tax Increment Financing District No. 17, seconded by Commissioner
William Mars and the motion passed.
4 - 1
3.C. Interfund Loan Resolution for TIF No. 17
Page 3 of 28
Commissioner Angelica Contreras made a motion to adopt Resolution No. E2021-
012 to allow for an interfund loan for advance of certain costs in connection with Tax
Increment Financing District No. 17 (Amazon), seconded by Commissioner Jay
Whiting and the motion passed.
4 - 1
4. General Business
4.A. 2022 EDA Special Benefit Levy & Budget
Commissioner Jay Whiting made a motion to adopt Resolution Nos. E2021-009 and
E2021-010, approving the 2022 EDA special benefit levy of$500,000 and 2022
budget, respectively, seconded by Commissioner William Mars and the
motion passed.
4 - 1
Nays: Lehman
5. Reports
5.A. EDA Bill List
Informational only
6. Adjourn to Tuesday, January 4, 2022 at 7:00 pm
Commissioner William Mars made a motion to adjourn to Tuesday, January 4, 2022 at
7:00 pm, seconded by Commissioner Angelica Contreras and the motion passed5 - 0
Page 2 of 28
3.B.
Pilliiill
SHAKOPEE
Shakopee Economic Development Authority
January 4, 2022
FROM: Nate Reinhardt, Finance Director
TO: President and Commission Members
Subject:
Decertification of TIF No. 16 Rahr Expansion
Policy/Action Requested:
Adopt Resolution No. E2022-001 Decertifying Tax Increment Financing District No. 16
(Rahr Expansion).
Recommendation:
Approve the resolution as requested.
Discussion:
The tax increment financing district was established in 2017 with a required decertification
date of 12/31/2025. The City's obligation will be satisfied after the second half 2021
payment is made. The districts decertification will occur four year's earlier than the required
decertification date. The original paygo note was for a principal amount of$1,883,086,
payable over a nine year period without interest.
The development consisted of a 112,000 square foot manufacturing, assembly and processing
plant, a 90,000 square foot warehouse, an 18,400 square foot research laboratory, and a
14,500 square foot maintenance warehouse which required substantial development costs
including site improvements and utility infrastructure. The costs associated with the
development and operation of the site, indicate the development of the site would not have
been feasible, and would not occur, but-fore the use of tax increment to finance a portion of
the costs related to site improvements and infrastructure costs.
Budget Impact:
The City collected a total of$658,876 in tax increment related to the district in 2021.
Approximately $900,000 in net tax capacity will be added to the tax role in 2022.
ATTACHMENTS:
Page 5 of 18
o Resolution E2022-01 Decertification of TIF #16
Page 6 of 18
ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE
RESOLUTION NO.E2022-001
RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 16
BE IT RESOLVED By the Board of Commissioners of the Shakopee Economic Development
Authority(the"Authority")as follows:
Section 1. Recitals.
1.01. The City of Shakopee, Minnesota, and the Authority previously established Tax
Increment Financing (Economic Development) District No. 16 (the "TIF District") within Minnesota
River Valley Housing and Redevelopment Project No. 1.
1.02. The Authority has determined that there are no outstanding obligations payable from tax
increment derived from the TIF District that cannot be paid with tax increment on hand as of December
31, 2021; therefore, pursuant to Minnesota Statutes, Section 469.1763, subdivision 4(b), the TIF District
should be decertified on such date.
Section 2. TIF District Decertified; Filing.
2.01. The Authority hereby authorizes the decertification of the TIF District, and it is hereby
deemed decertified as of December 31, 2021.
2.02. The Authority staff is authorized and directed to transmit a copy of this resolution to the
Scott County Auditor (the "County Auditor") with instructions to decertify the TIF District, it being the
intent of the Authority that any tax increment derived from the TIF District and collected after December
31, 2021, should be redistributed by the County Auditor to the taxing jurisdictions within the TIF District.
2.03. Authority staff is directed to return any remaining tax increment not needed to pay
outstanding obligations of the TIF District in the accounts established for the TIF District to the County
Auditor for distribution to the taxing jurisdictions within the TIF District.
Adopted this day of ,2022.
President
ATTEST:
Executive Director
Page 7 of 18
3.C.
1.1aLiAl
SHAKOPE E
Shakopee Economic Development Authority
January 4, 2022
FROM: Nate Reinhardt, Finance Director
TO: President and Commission Members
Subject:
Resolution No. E2022-003 allows for the reimbursement from possible TIF funds for staff
and consultant time related to administering and establishing a TIF District.
Policy/Action Requested:
Adopt Resolution No. E2022-003 to allow for an interfund loan for advance of certain costs
in connection with a potential future tax increment financing district.
Recommendation:
Approval
Discussion:
The EDA has typically adopted interfund loan resolutions to cover any costs association with
developing and administering a tax increment financing district. If the EDA decides to
establish a tax increment district related to the gravel pit site, this would allow for any costs
incurred related to that district to be reimbursed from future tax increment revenues.
Budget Impact:
The resolution provides an interfund loan (between the EDA and a future tax increment
district) of up to $100,000. If the resolution is not approved, or a tax increment district is not
established, these costs would be paid from the EDA budget.
ATTACHMENTS:
o E2022-003 - Interfund Loan Former Gravel Pit Site
Page 8 of 18
ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE, MINNESOTA
RESOLUTION NO. E2022-003
RESOLUTION APPROVING AN INTERFUND LOAN FOR ADVANCE OF
CERTAIN COSTS IN CONNECTION WITH A TAX INCREMENT
FINANCING DISTRICT WITHIN THE MINNESOTA RIVER VALLEY
HOUSING AND REDEVELOPMENT PROJECT NO. 1
WHEREAS, the Economic Development Authority for the City of Shakopee, Minnesota
(the "Authority") and the City of Shakopee, Minnesota (the "City") have proposed to establish a
soil deficiency tax increment financing district through special legislation (the "TIF District")
within the Minnesota River Valley Housing and Redevelopment Project No. 1 (the "Project")
pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"),
and will adopt a Tax Increment Financing Plan for the purpose of financing certain
improvements within the Project; and
WHEREAS, the Authority will administer the TIF District; and
WHEREAS, under Section 469.178, subdivision 7 of the TIF Act, the City and the
Authority are authorized to advance or loan money from any fund from which such advances
may be legally made (each such advance being referred to as an "interfund loan") in order to
finance expenditures that are eligible to be paid with tax increments under the TIF Act; and
WHEREAS, the Authority has determined to pay for certain costs related to the proposed
TIF District, including administrative expenses, traffic studies, environmental studies, and other
studies deemed necessary by the Authority (the "Qualified Costs"), which costs may be financed
on a temporary basis from City or Authority funds available for such purposes; and
WHEREAS, in order to finance the Qualified Costs in the amount of up to $100,000, the
Authority intends to borrow funds through an interfund loan from the EDA General Fund or any
available fund of the Authority or other available sources (the "Interfund Loan") in accordance
with the terms hereof; and
WHEREAS, the Authority intends to reimburse itself for the Qualified Costs paid by the
Interfund Loan from tax increments derived from the property within the TIF District or from
any other available sources in accordance with the terms of this resolution;
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority for the City of Shakopee, Minnesota as follows:
1. The Interfund Loan shall be made in the amount of $100,000 from the EDA
General Fund (or any other fund designated by the Authority or other available sources).
Page 9 of 18
2. Subject to Section 7 hereof, the Interfund Loan is repayable solely from and to the
extent that Available Tax Increment is available. "Available Tax Increment" means, on each
Payment Date (as defined herein), all of the tax increment generated in the preceding six (6)
months with respect to the property within the TIF District and remitted to the Authority by Scott
County, Minnesota, all in accordance with the TIF Act. Payments on the Interfund Loan are on
parity with any other outstanding or future interfund loans secured in whole or in part with
Available Tax Increment.
3. Provided that there is Available Tax Increment to repay the Interfund Loan,
principal and interest (the "Payments") on the Interfund Loan shall be paid semiannually on
February 1 and August 1 (each a "Payment Date"), commencing on the first Payment Date after
the advance of the Interfund Loan. Payments shall continue until the earlier of(a) the date the
principal and accrued interest of the Interfund Loan is paid in full, or (b) the date of last receipt
of tax increment from the TIF District. Subject to Section 7 hereof, payments on the Interfund
Loan will be made in the amount and only to the extent of Available Tax Increment. Payments
shall be applied first to accrued interest, and then to unpaid principal.
4. The Interfund Loan shall bear interest at the Authority's then current internal rate
of return on the principal amount advanced, accruing from the date of each initial expenditure;
provided, however that the maximum rate of interest permitted to be charged is limited to the
greater of the rates specified under Minnesota Statutes, Section 270C.40 and Section 549.09 as
of the date the loan or advance is authorized, unless the written agreement states that the
maximum interest rate will fluctuate as the interest rates specified under Minnesota Statutes,
Section 270C.40 or Section 549.09 are from time to time adjusted. The interest rate shall be 4%
and will not fluctuate.
5. The principal sum and all accrued interest payable under the Interfund Loan is
prepayable in whole or in part at any time by the Authority without premium or penalty. No
partial prepayment shall affect the amount or timing of any other regular payment otherwise
required to be made under any interfund loan.
6. The Interfund Loan is evidence of an internal borrowing by the Authority in
accordance with Section 469.178, subdivision 7 of the TIF Act, and, subject to Section 7 hereof,
is a limited obligation payable solely from Available Tax Increment pledged to the payment
thereof under this resolution. The Interfund Loan shall not be deemed to constitute a general
obligation of the State of Minnesota or any political subdivision thereof, including, without
limitation, Scott County, Minnesota. Neither the State of Minnesota nor any political
subdivision thereof shall be obligated to pay the principal of or interest on the Interfund Loan or
other costs incident hereto except, subject to Section 7 hereof, out of Available Tax Increment.
The Authority shall have no obligation to pay any principal amount of the Interfund Loan or
accrued interest thereon, which may remain unpaid after the final Payment Date.
7. In the event that the City and the Authority do not create the TIF District, the
Interfund Loan shall be repayable from any available source or funds.
2
Error!Unknown document property name.
Page 10 of 18
8. The Authority may amend the terms of the Interfund Loan at any time by
resolution of the Board of Commissioners to the extent permissible under law.
Sworn and Executed Under My Hand this 4`h day of January, 2022.
President
Executive Director
3
Error!Unknown document property name.
Page 11 of 18
3.D.
PiaAI
SHAKOPEE
Shakopee Economic Development Authority
January 4, 2022
FROM: Nate Reinhardt, Finance Director
TO: President and Commission Members
Subject:
Interfund loan resolution for workforce center acquisition and demo.
Policy/Action Requested:
Adopt Resolution No. E2022-002, approving an interfund loan for advance of certain costs
in connection with Tax Increment Financing District No. 18.
Recommendation:
Approval
Discussion:
The E DA recently purchased property at 712 Canterbury Road (workforce center). The
proposed resolution allows for the costs of acquiring the property and demolition of the
property to be reimbursed in the future from tax increment, proceeds from the sale of the
property, or other revenue sources.
The interfund loan will bear an interest rate of four percent and and may be repaid at any
time.
Budget Impact:
Costs to be reimbursed from future revenues.
ATTACHMENTS:
o E2022-002 Interfund Loan for TIF No. 18
Page 12 of 18
ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE, MINNESOTA
RESOLUTION NO. E2022-002
RESOLUTION APPROVING AN INTERFUND LOAN FOR ADVANCE OF
CERTAIN COSTS IN CONNECTION WITH TAX INCREMENT FINANCING
DISTRICT NO. 18
WHEREAS, the Economic Development Authority for the City of Shakopee, Minnesota
(the "Authority") and the City of Shakopee, Minnesota (the "City") have established Tax
Increment Financing District No. 18 (the "TIF District"), a redevelopment tax increment
financing district within the Minnesota River Valley Housing and Redevelopment Project No. 1
(the "Project"), pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended
(the "TIF Act"), and have adopted a Tax Increment Financing Plan for the purpose of financing
certain improvements within the Project; and
WHEREAS, the Authority administers the TIF District; and
WHEREAS, under Section 469.178, subdivision 7 of the TIF Act, the City and the
Authority are authorized to advance or loan money from any fund from which such advances
may be legally made (each such advance being referred to as an "interfund loan") in order to
finance expenditures that are eligible to be paid with tax increments under the TIF Act; and
WHEREAS, the Authority purchased property located at 712 Canterbury Road,
Shakopee, Minnesota, and the workforce center building located on the property (the "Property")
located within the TIF District and intends to demolish it and make the property available for
redevelopment purposes; and
WHEREAS, the Authority has determined to reimburse itself for the cost of acquisition
of the Property and the demolition of the workforce center (the "Qualified Costs"), which costs
may be financed on a temporary basis from City or Authority funds available for such purposes;
and
WHEREAS, in order to finance the Qualified Costs in the amount of up to $3,450,000,
the Authority intends to borrow funds through an interfund loan from the EDA General Fund or
any available fund of the Authority (the "Interfund Loan") in accordance with the terms hereof;
and
WHEREAS, the Authority intends to reimburse itself for the Qualified Costs paid by the
Interfund Loan from the proceeds of the sale of the Property for redevelopment, tax increments
derived from the property within the TIF District, or from any other available sources in
accordance with the terms of this resolution;
Page 13 of 18
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority for the City of Shakopee, Minnesota as follows:
1. The Interfund Loan shall be made in the amount of $3,450,000 from the EDA
General Fund (or any other fund designated by the Authority or other available sources).
2. The Interfund Loan is repayable solely from the proceeds of the sale of the
Property for redevelopment and Available Tax Increment. "Available Tax Increment" means, on
each Payment Date (as defined herein), all of the tax increment generated in the preceding six (6)
months with respect to the property within the TIF District and remitted to the Authority by Scott
County, Minnesota, all in accordance with the TIF Act. Payments on the Interfund Loan are on
parity with any other outstanding or future interfund loans secured in whole or in part with
Available Tax Increment.
3. Provided that there is Available Tax Increment to repay the Interfund Loan,
principal and interest (the "Payments") on the Interfund Loan shall be paid semiannually on
February 1 and August 1 (each a "Payment Date"), commencing on the first Payment Date after
the advance of the Interfund Loan. Payments shall continue until the earlier of(a) the date the
principal and accrued interest of the Interfund Loan is paid in full, or (b) the date of last receipt
of tax increment from the TIF District. Payments on the Interfund Loan will be made in the
amount and only to the extent of Available Tax Increment. Payments shall be applied first to
accrued interest, and then to unpaid principal.
4. The Interfund Loan shall bear interest at the Authority's then current internal rate
of return on the principal amount advanced, accruing from the date of each initial expenditure;
provided, however that the maximum rate of interest permitted to be charged is limited to the
greater of the rates specified under Minnesota Statutes, Section 270C.40 and Section 549.09 as
of the date the loan or advance is authorized, unless the written agreement states that the
maximum interest rate will fluctuate as the interest rates specified under Minnesota Statutes,
Section 270C.40 or Section 549.09 are from time to time adjusted. The interest rate shall be 4%
and will not fluctuate.
5. The principal sum and all accrued interest payable under the Interfund Loan is
prepayable in whole or in part at any time by the Authority without premium or penalty. No
partial prepayment shall affect the amount or timing of any other regular payment otherwise
required to be made under any interfund loan.
6. The Interfund Loan is evidence of an internal borrowing by the Authority in
accordance with Section 469.178, subdivision 7 of the TIF Act, and is a limited obligation
payable solely from Available Tax Increment pledged to the payment thereof under this
resolution. The Interfund Loan shall not be deemed to constitute a general obligation of the State
of Minnesota or any political subdivision thereof, including, without limitation, Scott County,
Minnesota. Neither the State of Minnesota, nor any political subdivision thereof shall be
obligated to pay the principal of or interest on the Interfund Loan or other costs incident hereto
except out of Available Tax Increment. The Authority shall have no obligation to pay any
2
Page 14 of 18
principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid
after the final Payment Date.
7. The Authority may amend the terms of the Interfund Loan at any time by
resolution of the Board of Commissioners to the extent permissible under law.
Sworn and Executed Under My Hand this 4th day of January, 2022.
President
Executive Director
3
Page 15 of 18
4.A.
PIlikAll
SHAKOPEE
Shakopee Economic Development Authority
January 4, 2022
FROM: Nate Reinhardt, Finance Director
TO: EDA Commission Members
Subject:
EDA Bill List
Policy/Action Requested:
None
Recommendation:
Informational only.
Discussion:
Attached is a listing of bills for the EDA for the period 12/8/2021 to 1/4/2022.
Payments are for general office supplies, attorney & professional service fees.
Pass through Gaughan Companies; Met Council TBRA Grant reimbursement for Riverfront
Bluff project $93,448.68
Budget Impact:
N/A
ATTACHMENTS:
o EDA Check Register
o Monthly Financial Report
Page 16 of 18
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