HomeMy WebLinkAboutMay 05, 2026 - EDA PacketSHAKOPEE
Shakopee Economic Development Authority Regular Meeting
Tuesday, May 5, 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 Change Order for Gensler for additional views and expansion of Canterbury
study area.
4.b PUBLIC HEARING: Gravel Pit TIF 22 Soil Deficiency
4.c Amendment to Interfund Loan for TIF District No. 22
5. Reports
5.a EDA Bill List
6. Adjourn to June 2, 2026, at 7:00 pm
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
Piliall
SHAKOPE E
Agenda Item:
Prepared by:
Reviewed by:
Shakopee Economic
Development Authority
May 5, 2026
Approval of EDA Meeting Minutes
Rick Parsons
3.a
Action to be considered:
I move to approve the EDA meeting minutes for April 7,2026
Motion Type:
Simple Majority
Background:
The April 7, 2026, EDA meeting minutes are ready for approval.
Recommendation:
Approve the above requested motion.
Budget Impact:
none.
Attachments:
EDA Minutes 04-07-2026
2
SHAKOPEE
Economic Development Authority
City Hall
485 Gorman Street
Shakopee, MN, 55379
Tuesday, April 7, 2026
9:00 a.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 Lehman 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 Contreras made a motion to approve consent business, second
by Commissioner Lara and the motion passed. 5 - 0
4) General Business
1/2 3
4.a) Lease Extension for Concrete Mobility
Commissioner Contreras made a motion to approve the lease extension
with Concrete Mobility at $19 per square foot from July 2026 until
June 30, 2027 in the amount of $48,241, second by Commissioner
DuLaney and the motion passed. 5 - 0
5) Reports
5.a) EDA Bill List
6) Adjourn to May 5, 2026 at 7:00 p.m.
Commissioner Lara made a motion to adjourn to May 5, 2026 at 7:00 p.m.,
second by Commissioner Lehman and the motion passed. 5 - 0
2/2 4
Piliall
SHAKOPE E
Agenda Item:
Prepared by:
Reviewed by:
Shakopee Economic
Development Authority
May 5, 2026
Change Order for Gensler for additional views and expansion of
Canterbury study area.
Michael Kerski, Planning and Development Director
Michael Kerski
4.a
Action to be considered:
Approve
Motion Type:
Simple Majority
Background:
Gensler has already completed Phase One that is south of the amphitheater (preliminary
concepts attached). Since this is such a large development, our consultants are
recommended that an Alternative Urban Areawide Review (AUAR) be completed for the
area since it allows the most flexibility. As part of that process, two development
scenarios are required. Gensler will explore options for the area towards the current
practice track and connection to the existing roundabout. They will also examine
opportunities for another entertainment anchor for the area.
The additional Gensler work is not about better renderings —it's about ensuring this
becomes a financeable, lease -ready, and competitive regional destination. At this scale,
the design decisions we make now will determine whether this site performs at a national
level or becomes an underutilized suburban project. The additional investment reduces
long-term risk, maximizes land value, and positions Canterbury as a true mixed -use
destination rather than a collection of buildings.
Recommendation:
Approve Change Order with Gensler for $55,000 with the costs split 50/50 with
Canterbury Development.
Budget Impact:
5
Reimbursed by Canterbury 50/50 and city's portion will be reimbursed from the city's
administrative portion of the TIF for Canterbury.
Attachments:
20260413 Canterbury Gensler.pdf
Study Area.pdf
6
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SHAKOPE E
Agenda Item:
Prepared by:
Reviewed by:
Shakopee Economic
Development Authority
May 5, 2026
PUBLIC HEARING: Gravel Pit TIF 22 Soil Deficiency
Michael Kerski, Planning and Development Director
Michael Kerski
4.b
Action to be considered:
Approve Resolution
Motion Type:
Simple Majority
Background:
The Economic Development Authority (EDA) previously approved a Tax Increment
Financing (TIF) Plan and associated redevelopment plan through Resolution No. E2024-
006 following a duly noticed public hearing held on November 19, 2024.
Subsequent to that approval, additional analysis, refinement of development
assumptions, and updates to project costs and implementation strategies necessitated
amendments to both the TIF Plan and the Redevelopment Plan. As a result, the EDA is
now being asked to formally rescind the prior resolution and consider updated plan
documents that are attached. The previous plan was reviewed by three different
developers who decided not to move forward.
The current developer created the amphitheater and is willing to take the risks on the
project since they feel the location is good and believe they have a longer term view for
development and any return. The project design has already been approved through a
PUD and preliminary plat. They anticipate making some changes to the commercial area
including constructing an additional public road from the south into the commercial
area. They have had interest from commercial tenants, homebuilders and multifamily
developers. They anticipate that remediation could begin in 2026 and continue through
2027 with development occurring over the next five to seven years. Present value of the
new development is projected to be over $600 million.
The proposed TIF District No. 22 is structured as a Soil Deficiency District, consistent with
Minnesota Statutes Sections 469.174 through 469.1794 and applicable special legislation
adopted by the State of Minnesota in 2023.
39
The district is located within the broader Minnesota River Valley Housing and
Redevelopment Project Area No. 1, an established redevelopment area administered by
the EDA to facilitate strategic reinvestment, environmental remediation, and economic
development within the City.
The primary purpose of establishing the Soil Deficiency TIF District is to:
• Address extraordinary site preparation costs associated with poor soil conditions;
• Facilitate redevelopment of underutilized or constrained land;
• Support private investment that would not otherwise occur "but for" the use of TIF;
• Advance the City's long-term economic development and land use objectives.
The Modified Redevelopment Plan provides the framework for coordinated public and
private investment within the project area, ensuring consistency with City policies and
redevelopment goals.
The TIF Plan outlines the anticipated capture of tax increment generated by new
development within the district to reimburse eligible project costs, including soil
correction and site preparation.
Consistent with statutory requirements, the TIF Plan and fiscal implications were provided
to Scott County and Independent School District No. 720 at least 30 days prior to the
public hearing.
The use of TIF in this instance is intended to:
• Close financing gaps associated with site challenges;
• Leverage private development investment;
• Expand the City's tax base over time.
The proposed TIF Plan and Modified Redevelopment Plan:
• Meet statutory requirements under the TIF Act and applicable special legislation;
• Are consistent with the City's Comprehensive Plan and redevelopment objectives;
• Provide a necessary financing tool to address site -specific constraints;
• Support high -quality redevelopment that would not occur without public
participation.
Rescinding the prior resolution and adopting the updated plan documents ensures the
City and EDA are proceeding with the most accurate and effective redevelopment
framework.
40
Recommendation:
Open Public Hearing, Close Public Hearing, Adopt Resolution No. E2026-002 rescinding
Resolution No. E2024-006 and approving the Tax Increment Financing (Soil Deficiency)
Plan for District No. 22 and the Modified Redevelopment Plan for the Minnesota River
Valley Housing and Redevelopment Project No. 1
Budget Impact:
The district is anticipated to operate on a pay-as-you-go basis, meaning:
• The City/EDA does not issue debt backed by the General Fund;
• Reimbursements are contingent upon actual tax increment generated;
• Developer takes on all the financial risks;
• Financial risk to the City is minimized.
Attachments:
TIF Plan - EDA 4.27.2026.pdf
Shakopee Gravel Pit TIF District - EDA TIF Plan Approval Resolution 002.pdf
Site Plan Gravel Pit Presentation Boards .jpeg
41
Public Hearing Date: May 5, 2026
City of Shakopee and Economic
Development Authority for the City
of Shakopee,
Scott County, Minnesota
MODIFICATION TO THE REDEVELOPMENT PLAN
Minnesota Valley Housing and Redevelopment Project No. 1
&
Tax Increment Financing (TIF) Plan
Establishment of Tax Increment Financing District No. 22
(a soils district)
Prepared with the assistance of:
Ehlers
3001 Broadway Street NE, Suite 320
Minneapolis, MN 55413
42
TABLE OF CONTENTS
Page(s)
I - BACKGROUND
Section A Introduction 1
Section B Definitions 1
II — MODIFICATION TO REDEVELOPMENT PLAN FOR MINNESOTA RIVER VALLEY
HOUSING AND REDEVELOPMENT PROJECT NO. 1
Section A Statutory Authorization 2
Section B Statement of Need and Public Purpose 2
Section C Statement of Objectives 2
Section D Designation of Tax Increment Financing District as a Soil Deficiency District 2
Section E Duration of the TIF District 5
Section F Property to be Included in the TIF District 5
Section G Property to be Acquired in the TIF District 5
Section H Specific Development Expected to Occur Within the TIF District 6
Section I Findings and Need for Tax Increment Financing 6
Section J Estimated Public Costs 7
Section K Estimated Sources of Revenue 8
Section L Estimated Amount of Bonded Indebtedness 8
Section M Original Net Tax Capacity 8
Section N Original Local Tax Capacity Rate 9
Section 0 Projected Retained Captured Net Tax Capacity and Projected Tax Increment 9
Section P Use of Tax Increment 10
Section Q Excess Tax Increment 11
Section R Tax Increment Pooling and the Ten -Year Rule 11
Section S Limitation on Administrative Expenses 12
Section T Limitation on Property Not Subject to Improvements - Four Year Rule 12
Section U Estimated Impact on Other Taxing Jurisdictions 13
Section V Prior Planned Improvements 13
Section W Development Agreements 14
Section X Assessment Agreements 14
Section Y Modifications of the Tax Increment Financing Plan 14
Section Z Administration of the Tax Increment Financing Plan 15
Section AA Filing TIF Plan, Financial Reporting and Disclosure Requirements 15
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
43
I - 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 for the City of Shakopee.
"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.
"Proiect" means the Gravel Pit Development Project to be located within the TIF District.
"Proiect Area" means the Minnesota River Valley Housing & Redevelopment Project No. 1.
"Project Plan" means the Redevelopment Plan for Minnesota Valley Housing & Redevelopment Project No. 1
"School District" means Independent School District No. 720, Minnesota.
"Special Legislation" means Laws of Minnesota, 2023, Chapter 64, Article 8, Section 13
"Special Legislation Proiect Area" means the following parcels, identified by parcel identification numbers:
279160102, 279160110, 279170020 and 279160120.
"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).
1
44
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. Area Section
1.6 (regarding parcels to be acquired within the Project), Section 1.7 (regarding estimated public improvement
costs within the Project Area) and Section 1.8 (regarding public improvements and facilities within the Project
Area) 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 are coterminous with the City and general objectives of the Project
Area remain unchanged.
Section A Statutory Authorization
The Authority and the City are authorized pursuant to the Special Legislation 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 public health, safety and welfare than has been realized under existing
development.
The development of this parcel 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 welfare.
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 Soil Deficiency
District
Pursuant to the Laws of Minnesota 2023, Chapter 64, Article 8, Section 13 (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.
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In meeting the statutory criteria, the City relies on the following facts and findings:
• The property operates as a gravel mine where the potential for environmental effects exists,
but appropriate mitigation measures can be incorporated to mitigate these effects.
• Findings of Fact and Conclusions and Record of Decision: Shakopee Gravel Redevelopment
by WBS. Dated June 4, 2024.
• Shakopee Gravel Redevelopment EAW ending May 23, 2024.
• The District is a soils condition district consisting of three parcels.
• The estimated market value of the property in the District is $5,890,200, and the clean-up
and site preparation costs for the properties in the District exceeds the fair market value of
the land before completion of the preparation.
The Special Legislation applies to the Special Legislation Project Area which consists of the following
parcels, identified by parcel identification numbers: 279-160-102, 279-160-110, 279-170-020, and 279-160-
120. The properties proposed to be included within the TIF District are identified by parcel identification
number: 279-160-102, 279-160-110 and 279-170-020.
Laws of Minnesota 2023, Chapter 64, Article 8, Section 13:
Subdivision 1.
Definitions.
(a) For purposes of this section, the following terms have the meanings given.
(b) "City" means the city of Shakopee.
(c) "Project area" means the following parcels, identified by parcel identification numbers:
279160102, 279160110, 279170020, and 279160120.
(d) "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.
Subd. 2.
Special rules.
(a) 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.
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(b) 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 Special Legislation 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.
(c) For the purposes of clauses (1) to (5) above, 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 (6) above, a parcel is characterized by substandard buildings if substandard buildings occupy
at least 30 percent of the area of the parcel.
(d) 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.
(e) 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.
(f) 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.
(g) The authority to approve tax increment financing plans to establish tax increment financing
districts under this section expires December 31, 2026.
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EFFECTIVE DATE.
This section is effective the day after the governing body of the city of Shakopee and its chief clerical
officer comply with the requirements of Minnesota Statutes, section 645.021, subdivisions 2 and 3.
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 2051). Modifications of this plan (see Section Y) 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 2031.
Section F Property to be Included in the TIF District
The TIF District comprises property identified by the parcel numbers listed below and includes adjacent
streets and rights -of -way located within the Special Legislation Project Area. 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:
Parcel number
Legal Description
Owner
279-160-102
Section 16 Township 115 Range 0221 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
Shakopee Gravel
279-160-110
Section 16 Township 115 Range 0221 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.
Shakopee Gravel
279-170-020
Section 17 Township 115 Range 022 113.50A LYING N OF RR IN SE1/4
NE1/4
Shakopee Gravel
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.
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Section H Specific Development Expected to Occur Within the TIF District
The development will include a mix of single family and multi -family housing options along with commercial
development.
Construction of improvements is expected to start in 2028 and continue through 2031 with the project expected
to be fully constructed by December 31, 2031, and be 100% assessed and on the tax rolls as of January 2,
2032 for taxes payable 2033.
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 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 City'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. 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 of the City's findings regarding alternative market value, in accordance with
Minnesota Statutes Section 469.175, Subdivision 3(d), the Authority makes the following
determinations:
The City'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 $613,480,589, including the value of the building
(See Exhibit V).
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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 $55,338,421 (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 $558,142,168 (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 City 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 the City's comprehensive plan.
4. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City 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 enterprises 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
Land/Building Acquisition
Site Improvements/Preparation
Affordable Housing
Utilities
Other Qualifying Improvements
Administrative Costs (up to 10%)
PROJECT COSTS TOTAL
Interest
PROJECT AND INTEREST COSTS TOTAL
99, 082, 340
11, 009,148
$ 110,091,488
$ 110,091,488
The Authority anticipates using tax increment to the extent available to pay the (i) cost of parcels on which the
items in (ii) will occur; (ii) the cost of correcting the unusual terrain or soil deficiencies, the additional cost of
installing public improvements directly caused by the deficiencies; and (iii) the administrative costs of the
Authority allowable to the district (the "Allowable Costs").
The City reserves the right to administratively adjust the amount of any of the Allowable Costs without a
modification to the TIF Plan, as long as the overall TIF Plan budget ($110,091,488) is not increased. The
Authority also reserves the right to fund any of the Allowable Costs with any other legally available revenues
but anticipates that such costs will be primarily financed with tax increments.
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Section K Estimated Sources of Revenue
SOURCES OF REVENUE
Tax Increment
Interest
TOTAL
$ 110, 091, 488
$ 110,091,488
The Authority anticipates capturing the tax increments from the project for financing of the Allowable 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 Allowable
Costs incurred (see Section J). The Authority also anticipates retaining any remaining increment to finance
eligible administrative costs.
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 Special
Legislation Project Area to pay Allowable 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 $110,091,488. The Authority currently plans to finance the Allowable 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, 2025, for taxes payable in
2026, is $5,890,20. Upon establishment of the TIF District and classification of the property as commercial -
industrial and residential rental apartment, the estimated original net tax capacity of the TIF District is estimated
to be $80,529.
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
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(4) changes in property classification rates.
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 that the request for certification of the TIF District will occur after June 30, 2026, and the local tax
rates for taxes levied in 2026 and payable in 2027 will apply, for which the County Auditor shall certify as the original
tax capacity rate of the TIF District. The payable 2026 and 2027 tax rates were not available at the time of
preparation of this Plan for the fiscal impact notice, so for purposes of estimating the tax increment generated by
the TIF District, the sum of the preliminary local tax rates for taxes levied in 2025 and payable in 2026 is 84.490%
as shown below.
Entity
Preliminary
2025/2026
Extension Rate
City of Shakopee 28.6620%
Scott County 28.4580%
ISD No. 720 22.2660%
Other 5.1030%
Total: 84.4890%
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, 2031, creating a total
tax capacity for the TIF District of $522,982,750 as of January 2, 2032. The captured tax capacity as of the first
full year of increment is projected to be $6,917,311, and the first full receipt of increment is projected to be
$5,844,405 in taxes payable 2033. Even though full increment isn't until pay year 2033 increment will start in pay
year 2030 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 tax capacities and tax
increments are calculated using class rates for commercial -industrial properties of 1.5% of the first $150,000 of
taxable value and 2% for taxable value above $150,000, residential homestead of 1.0% of the first $500,000
and 1.25% over $500,000 and residential rental apartment of 1.25%. Future tax increment revenue estimates
include 1% 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.
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For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F 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 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) return excess tax increments to the County Auditor for redistribution to the Authority, County and
School District.
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.
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
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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 Ten -Year Rule
At least 20% of the tax increments from the TIF District must be expended on activities within the district or pay
for bonds used to finance the Allowable Costs of the TIF District (see Section D for additional restrictions). The
Special Legislation provides that no more than 80% of the tax increments may be spent on costs outside of the
TIF District but within the boundaries of the Project Area. 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 ten 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 ten-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 ten 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.
Beginning with the eleventh year following certification of the TIF District, the TIF District must be decertified
when tax increments are sufficient to pay obligations described above incurred within the first ten years or, if
applicable, when a pay-as-you-go contract or note for expenses incurred within the first ten years
The Authority anticipates that an allowable portion of tax increments generated by the Project may be spent
outside the TIF District but within the Special Legislation Project Area in accordance with Special Law
(including allowable administrative expenses), and such expenditures are expressly authorized in this TIF
Plan.
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Section S Limitation on Administrative Expenses
Administrative expenses mean 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 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
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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 $110,489,251.
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 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 $29,118,303.
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 $37,215,813.
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.
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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 the Special Legislation Project Area 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
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 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.
14
57
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 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.
15
58
Exhibit I
Tax Increment Financing (Soil Deficiency)
District No. 22
Minnesota Valley Housing and Redevelopment
Project No. 1
City of Shakopee
Scott County, Minnesota.
Legend
A
;;J Municipal Boundary
TIF District No. 22
Parcels
boMraarros of rho KiMpsata Vaflpy Nos+Imp and ftedevc000manr Pfoiect NO J orp
e:ofarrunays wrtl+ me corporate bmars or the Gary of Shakapec
59
Exhibit ii
Assumptions Report
City of Shakopee. lAinnesota and Shakopee Economic Developmeln Authority
Tax Incr°en'ent Financing (Soils Deficiency) District No. 22
Gravel Ph Development
TIF Plan Exhibits based on $512.850.000 Taxable MV all phases
Type of Tax Increment Fnanar.o Dtstna
Maximum Duration of TtF pritrict
Salts Cand tion
20 yeas from 1st onionartallt
Protected Certificascri Request Date 08/3027
Deoersficasor, Carte 12731151 (21 Years of Inotsnnnt)
21:Lier2027
Ease=stmarea Ma -tie: "Ja,.,e $5.390.2D0
C-g,ry, `4e ya. C apAcrzy 580.`_26
Ease Est -maid Iriret V*ue
Estimated increase 1t Value - New Cron
Total EdWaal►hire
Total Net Tax Capaaty
Assessment'Coiecbor r'e3r
2!127,2028 2028.20.9 222St233C 20300731
$5.8t#O.200 $5,890.200 $5 890 MO $5,890,200
0 0 0 1742''84.800
5.800.2C0 5,800.200 5.890_'00 180.175,000
S80,520 $80.529
$80.529 $2,929.750
Cty of S kopee
Soot County
ISO 10720
Other
28.08!2%
28.458%
22 206%
5.103%
Loco+. Tax Ca aasy Rate 84.490% Proposed 21:12513)26
Fiscal Dtsppanbes Cxxtb,out on From TIF C sVt
Adinnustratn a Relate -taw Percent Imaorrum a 10%)
Poolong Percent
38.3947%
10.00%
0 00%
Bonds Note Pay -A -'ou-8731
Bonds Dated NA Note 'Dated
Bond Rate NA Note R3 se
Bond Ar oure NA None Amount
Q2;'01.28
7.00%
$47.000,030
Present VaI...e =re & Rate 02/01/28 7.00%P1,/Amault $44,575,582
Notes
Propctons assumed Preeminent me NTC Rates (see waiting tar Preerratary 2025 Rases!
Frst ,naemeni in 2030 final payment in 2050
60
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Market Value Analysis Report
City of Shakopee. Minnesota and Shakopee Economic Development Authority
Tax Increment Financing (Soils Deficiency) District No. 22
Gravel Pit Development
TIF Plan Exhibits based on 5512.850,000 Taxable MV all phases
Assumptions
Present Value Date
PM_ Rate - Gross Ti _
02101,28
7.00%
Increase in EMV With T1F District
Less: P.V of Gross Tax Increment
Subtotal
Less Increase m EMV WRhout TIF
Difference
$613.480,569
55,3-38,421
$558,142,168
0
$558.142,168
Annual Present
Gross Tax Value a
Year Increment 7.009E
1 2031 1,929.933 1,639,129
2 2032 3,941.3.33 3.128.457
3 2033 5,192.097 3,851 643
4 2034 5,844.405 4.051.910
5 2035 5,903.464 3.825.099
6 2036 5,963.114 3.610.980
7 2037 6,023.361 3.408.843
8 2038 6,064, 210 3,218.019
9 2039 6,145.668 3.037,874
10 2040 6,207.740 2,867.810
11 2041 6„270.432 2,707.263
12 2042 6,333.753 2.555.703
13 2043 8,397.706 2,412,625
14 2044 6,462,298 2,277.554
15 2045 6.527.537 2,150.044
16 2046 6,593.427 2,029.670
17 2047 6,659.978 1,916,034
18 2048 6,727.192 1,808.758
19 2049 6,795,080 1.707 487
20 2050 6,863,646 1.611.885
21 2051 6,932.899 1.521.634
$125,799.273 $55.338.421
63
ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE, MINNESOTA
RESOLUTION NO. E2026-002
RESOLUTION RESCINDING RESOLUTION NO. E2024-006 AND
APPROVING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING (SOIL DEFICIENCY) DISTRICT NO. 22 AND A MODIFIED
REDEVELOPMENT PLAN FOR THE MINNESOTA RIVER VALLEY
HOUSING AND REDEVELOPMENT PROJECT NO. 1
WHEREAS, the Economic Development Authority for the City of Shakopee, Minnesota
(the "Authority") was created pursuant to Minnesota Statutes, Sections 469.090 through 469.1082,
as amended, and was authorized to transact business and exercise its powers by a resolution of the
City Council of the City of Shakopee, Minnesota (the "City"); and
WHEREAS, the City has previously established and the Authority administers the
Minnesota River Valley Housing and Redevelopment Project No. 1 (the "Project") located within
the City (the "Project Area"), pursuant to Minnesota Statutes, Sections 469.001 through 469.047,
as amended (the "HRA Act"), and has caused to be created a Redevelopment Plan (the
"Redevelopment Plan") therefor; and
WHEREAS, the Authority and the City have determined to modify the Redevelopment Plan
(the "Modified Redevelopment Plan") for the Project Area and approve a new tax increment
financing plan (the "TIF Plan") for Tax Increment Financing (Soil Deficiency) District No. 22 (the
"TIF District"), a soil deficiency district, pursuant to Minnesota Statutes, Sections 469.174 through
469.1794, as amended (the "TIF Act"), and Laws of Minnesota 2023, Chapter 64, Article 8,
Section 13 (the "Special Law"); and
WHEREAS, at the regular meeting of the Board of Commissioners of the Authority (the
"Board") held on November 19, 2024, the Board held a public hearing and adopted Resolution No.
E2024-006 entitled "A Resolution of the Economic Development Authority for the City of
Shakopee, Minnesota Approving Tax Increment Financing Plan for Tax Increment Financing (Soil
Deficiency) District No. 22 and a Modified Redevelopment Plan for the Minnesota River Valley
Housing and Redevelopment Project No. 1 (the "2024 TIF Resolution"), in which the Authority
approved the TIF Plan and the TIF District; and
WHEREAS, the EDA proposes to rescind the 2024 TIF Resolution and newly consider
approval of the Modified Redevelopment Plan, the TIF Plan and the TIF district, as described in
amended plan documents presented to the Board on this date; and
WHEREAS, pursuant to Section 469.175, subdivision 2 of the TIF Act, the proposed TIF
Plan and the estimates of the fiscal and economic implications of the TIF Plan were presented to the
Clerk of the Board of Education of Independent School District No. 720 and to the County Auditor
of Scott County, Minnesota at least thirty (30) days before the date of the public hearing regarding
64
199944641v2
the TIF Plan; and
WHEREAS, this Board has reviewed the contents of the Modified Redevelopment Plan and
the TIF Plan, and on this date the City Council shall conduct a duly noticed public hearing on the
adoption of the Modified Redevelopment Plan and the TIF Plan; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority for the City of Shakopee, Minnesota that:
1. Resolution No. E2024-006 Rescinded. The City Council hereby rescinds Resolution
No. E2024-006.
2. Modified Redevelopment Plan and TIF Plan.
a. The Modified Redevelopment Plan is hereby approved in substantially the
form now on file with the Board.
b. The creation of the TIF District as authorized by the Special Law and the
TIF Plan therefor are hereby approved.
c. The Board hereby transmits the Modified Redevelopment Plan and the TIF
Plan to the City Council and recommends that the City Council approve (a) the creation of
the TIF District; and (b) the Modified Redevelopment Plan and the TIF Plan.
d. Upon approval of the Modified Redevelopment Plan and the TIF Plan by the
City Council, Authority staff and consultants are authorized to take all actions necessary to
implement the Modified Redevelopment Plan and the TIF Plan.
Sworn and Executed Under My Hand this 5th day of May, 2026.
President
Executive Director
2
199944641v2
65
MNEPEE GRAVEL PIT
66
PIDiliall
SHAKOPE E
Agenda Item:
Prepared by:
Reviewed by:
Shakopee Economic
Development Authority
May 5, 2026
Amendment to Interfund Loan for TIF District No. 22
Michael Kerski, Planning and Development Director
Michael Kerski
4.c
Action to be considered:
Approve Resolution No. E2026-003 authorizing the additional interfund loan and
increasing the total authorization to $600,000.
Motion Type:
Simple Majority
Background:
The Economic Development Authority (EDA) and the City of Shakopee are in the process
of establishing a Soil Deficiency Tax Increment Financing (TIF) District within the
Minnesota River Valley Housing and Redevelopment Project No. 1 to facilitate
redevelopment and address site -related constraints.
To advance this effort, the EDA has previously authorized interfund loans to finance
preliminary and eligible project costs:
• January 4, 2022 - Original interfund loan authorized in the amount of $100,000
(Resolution E2022-003);
• October 7, 2025 - Amended to increase total authorization to $300,000 (Resolution
E2025-004).
As project planning and due diligence have progressed, additional costs have been
incurred and are anticipated, necessitating further amendment to the interfund loan
authorization. The current costs include staff time, soil studies, and architectural work.
Resolution No. E2026-003 authorizes:
An additional $300,000 interfund loan from the EDA General Fund or other eligible
sources;
A total interfund loan authorization of $600,000 to fund qualified costs related to the TIF
District.
67
Qualified costs include, but are not limited to:
• Staff time;
• Engineering and infrastructure analysis;
• Environmental and geotechnical studies;
• Traffic studies;
• Legal and administrative expenses;
• Other planning and due diligence activities necessary to support redevelopment.
The interfund loan is structured as follows:
Repayment Source: Solely from available tax increment generated within the TIF District;
Interest Rate: 7% per annum (subject to statutory limits);
Payment Schedule: Semiannual payments (February 1 and August 1), beginning after
funds are advanced;
Security: Limited obligation payable only from tax increment (not a general obligation of
the City or EDA);
Prepayment: Allowed at any time without penalty.
If the TIF District is not ultimately created, the interfund loan must be repaid from other
available EDA or City sources.
Recommendation:
Approve Resolution No. E2026-003 authorizing the additional interfund loan and
increasing the total authorization to $600,000.
Budget Impact:
The interfund loan represents a temporary internal financing mechanism using EDA
funds and is repaid from the city's administrative share of the TIF increment.
Attachments:
Shakopee Gravel Pit TIF District - EDA Resolution Amending Interfund Loan 003.pdf
68
ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE, MINNESOTA
RESOLUTION NO. E2026-003
RESOLUTION AMENDING RESOLUTION E2025-004 REGARDING AN
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 previously 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, on January 4, 2022, the Board of Commissioners of the Authority adopted
Resolution E2022-003 (the "Original Interfund Loan Resolution"), pursuant to which the
Authority requested that the EDA General Fund (or any other fund designated by the Authority or
other available sources) provide funds in the amount of $100,000 in order to finance the Qualified
Costs through an interfund loan (the "Original Interfund Loan"); and
WHEREAS, on October 7, 2025 the Authority adopted Resolution E2025-004 (the "First
Amended Interfund Loan Resolution"), pursuant to which the Authority amended the Original
Interfund Loan Resolution and authorized the advancement of up to $300,000 to finance the
Qualified Costs (the "First Additional Interfund Loan"); and
WHEREAS, the Authority has proposed to amend the First Amended Interfund Loan
Resolution to request an additional interfund loan in the maximum principal amount of $300,000
in order to finance the Qualified Costs, including but not limited to engineering, administrative,
legal expenses, traffic studies, environmental studies, and other studies deemed necessary by the
Authority (the "Second Additional Inter fund Loan"), in accordance with the terms of this
resolution; and
69
199971118v2
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;
WHEREAS, the Original Interfund Loan, the First Additional Interfund Loan, and the
Second Additional Interfund Loan will be referred to collectively as the "Interfund Loan" and will
be in the total amount of $600,000; and
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 Second Additional Interfund Loan shall be made in the amount of $300,000
from the EDA General Fund (or any other fund designated by the Authority or other available
sources).
2. Subject to Section 7 hereof, the Second Additional 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 Second Additional 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 Second Additional
Interfund Loan, principal and interest (the "Payments") on the Second Additional 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 Second Additional Interfund
Loan. Payments shall continue until the earlier of (a) the date the principal and accrued interest
of the Second Additional 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 Second
Additional 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 Second Additional Interfund Loan shall bear interest at the rate of seven
percent (7%) 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.
5. The principal sum and all accrued interest payable under the Second Additional
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.
2
70
6. The Second Additional 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 Second Additional 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 Additional 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 Additional 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.
8. Unless otherwise amended by this resolution, the Original Interfund Loan
Resolution and the First Amended Interfund Loan Resolution shall remain in full force and effect.
9. 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 5th day of May, 2026.
President
Executive Director
3
71
Piliall
SHAKOPE E
Agenda Item:
Prepared by:
Reviewed by:
Shakopee Economic
Development Authority
May 5, 2026
EDA Bill List
Becky Smith, Accounting Specialist
5.a
Action to be considered:
Review EDA Bill List
Motion Type:
Informational only
Background:
EDA Bill List provided to EDA Commissioners
Recommendation:
Information Only
Budget Impact:
N/A
Attachments:
72