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Home My WebLink About09/01/2026 - EDA PacketSHAKOPE E Shakopee Economic Development Authority Regular Meeting Tuesday, September 1, 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 2027 EDA Levy and Budget 5. Reports 5.a EDA Bill List 6. Adjourn Note to EDA Members: If you have any questions or need additional information on any of the above items, please call Michael Kerski, prior to the meeting at (952)233-9346. 1 SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Economic Development Authority September 1, 2026 Approval of EDA Meeting Minutes Rick Parsons 3.a Action to be considered: I move to approve the EDA meeting minutes for August 4, 2026 Motion Type: Simple Majority Background: The August 4, 2026, EDA meeting minutes are ready for approval. Recommendation: Approve the above requested motion. Budget Impact: none. Attachments: EDA Minutes 08-04-2026 2 8/28/26, 10:09 AM Economic Development Authority SHAKOPEE Economic Development Authority City Hall 485 Gorman Street Shakopee, MN, 55379 Tuesday, August 4, 2026 7:00 p.m. Vision: Shakopee is a place where people want to be! A distinctive river town, with a multitude of business, cultural and recreational opportunities in a safe, welcoming, and attractive environment for residents and visitors. Mission: Our mission is to deliver high quality services essential to maintaining a safe and sustainable community. We commit to doing this cost-effectively, with integrity and transparency. 1 Roll Call PRESENT: President Whiting, Commissioner DuLaney, Commissioner Lara, Commissioner Contreras, and Commissioner Lehman ABSENT: None. ALSO PRESENT: None. 2) Approval of Agenda Commissioner Contreras made a motion to approve of agenda, second by Commissioner DuLaney and the motion passed. 5 - 0 3) Consent Business 3.a) Approval of EDA Meeting Minutes Commissioner Lara made a motion to approve the consent business, second by Commissioner Contreras and the motion passed. 5 - 0 4) Reports https://shakopeemn.granicus.com/MinutesViewer.php?cl ip_id=309&docid=583a3b99-a2f2-11f1-a028-005056a89546&form_id= 1/23 8/28/26, 10:09 AM Economic Development Authority 4.a) EDA Bill List 5) Adjourn Commissioner Lara made a motion to adjourn, second by Commissioner DuLaney and the motion passed. 5 - 0 https://shakopeemn.granicus.com/MinutesViewer.php?cl ip_id=309&docid=583a3b99-a2f2-11f1-a028-005056a89546&form_id= 2/2 4 WILLA! SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Economic Development Authority September 1, 2026 2027 EDA Levy and Budget Nate Reinhardt, Finance Director 4.a Action to be considered: Adopt Resolutions E2026-005 and E2026-006, approving the 2027 EDA special benefit levy of $550,000 and 2027 budget, respectively. Motion Type: Simple Majority Background: The Shakopee EDA levies their own separate tax, which is not part of the city's general property tax levy, and is identified separately on property tax statements. The EDA levy is subject to to a limit of of 0.0185 percent of the city's estimated market value. The EDA levy cap for 2027 is $1,598,946. The EDA levy is applied to all taxable properties within the city including properties that are currently part of a tax abatement or tax increment plan. The EDA levy is proposed at $550,000 which is no change from the previous levy. The EDA levy is specifically designated for economic development activities and any funds unspent from year to year will remain in this fund for this purpose. For the median value home value at $375,300, if the proposed levy of $550,000 is approved the annual property taxes on the median value home would be approximately $20. This is same amount of the taxes paid on the 2026 median value home of $361,300. State statues require the approval of City Council, prior to the tax levy becoming effective. The EDA levy will be forwarded to Council for approval. A preliminary EDA must be certified to the County Auditor by the deadline of September 30, 2026. Similar to the city's levy, the final levy can be reduced, but cannot be increased. However, staff anticipates asking City Council for final approval of the EDA levy at the City Council's September 15, 2026 meeting. 5 Attached is the 2027 EDA budget and the 2027 River City Centre budget. River City Centre operations are accounted for under a separate sub -fund of the EDA. The EDA budget includes revenues from the property tax levy, $341 k from Shakopee Public Utilities (SPU) based on the payment in lieu of taxes agreement , $20k for Social District licenses and cup sales, and $20k in general admissions related to EDA's TAP event. Operating expenditures include $296k for wages and benefits which includes the Economic Development Coordinator plus a half of the Planning & Development Director's time. The EDA budget also includes $25k for legal services, $50k for planning services, and $300k in professional services ($70k for facade loan requests/$100k for entrepreneurship programming/$25k for Main Street Programming/$30k for the EDA's TAP event/$20k for marketing/$55k miscellaneous professional consulting services). The River City Centre budget includes estimated tenant revenues of $375k. Revenue amounts are best estimates and will be impacted by renewals or tenant turnover. Building maintenance includes potential tenant space improvements for lease expiring June 2027 (Concrete Mobility space). The EDA (including River City Centre) had a minimal cash balance at the end of 2025, as a result of the acquisition of the master lease and building improvements to River City Centre. These funds will be recouped over time through lease revenue and interfund repayments from the administration funds of Tax Increment District #18. Recommendation: Adopt the resolutions as requested. Budget Impact: The EDA levy will provide the EDA with operation funding for 2027. Attachments: E2026-005 EDA Levy.pdf E2026-006 EDA Budget.pdf 2027 EDA Budget.pdf 2027 RCC Budget.pdf EDA Budget Presentation (9-1-2026).pdf 6 ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE, MINNESOTA RESOLUTION NO. E2026-005 AUTHORIZING THE LEVY OF A SPECIAL BENEFIT LEVY PURSUANT TO MINNESOTA STATUTES, SECTION 469.033, SUBDIVISION 6 WHEREAS, pursuant to Resolution No. 4206, adopted by the City Council of the City of Shakopee, Minnesota (the "City"), on April 4, 1995, as amended by Resolution No. 4381, adopted by the City Council of the City on February 6, 1996, and Minnesota Statutes, Sections 469.090 through 469.1082, the City created the Economic Development Authority for the City of Shakopee, Minnesota (the "Authority"); and WHEREAS, the Authority has the ability to exercise all powers and duties of a housing and redevelopment authority under the provisions of Minnesota Statutes, Sections 469.001 through 469.047 (the "HRA Act"); and WHEREAS, Section 469.033, subdivision 6 of the HRA Act permits the Authority to levy and collect a special benefit tax of up to 0.0185% of estimated market value of taxable property within the City, levied upon all taxable real property within the City; and WHEREAS, the special benefit tax levy authorized by Section 469.033, subdivision 6 of the HRA Act is separate and distinct from the City's levy and is not subject to levy limits; and WHEREAS, the Authority desires to levy a special benefit tax in the amount of $550,000, which is less than 0.0185% of the estimated market value of taxable property within the City; and WHEREAS, the Authority has determined to adopt a budget for fiscal year 2026 that provides for levy of the special benefits tax in amount of $550,000 to be used for the Authority's economic development and redevelopment activities; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board") of the Economic Development Authority for the City of Shakopee, Minnesota as follows: 1. The Board hereby approves a budget of $550,000 in proceeds of special benefits tax to be collected in 2025, subject to the approval of such budget by the City Council of the City (the "City Council"). 2. Staff of the Authority is hereby authorized and directed to file the budget with the City in accordance with Section 469.033, subdivision 6 of the HRA Act and request that the City Council consider approval of the special benefits tax levy. 3. There is hereby levied a special benefit tax pursuant to Section 469.033, subdivision 6 of the HRA Act in the amount equal to the lesser of a levy at a rate of 0.0185% of the estimated market value of taxable property within City or $550,000 with respect to taxes payable in calendar year 2026, contingent upon the approval of the City Council. 4. Staff of the Authority is hereby authorized and directed to take such other actions as are necessary to levy and certify such levy upon approval by the City Council. 507165v1 JAE SH235-1 7 Sworn and Executed Under My Hand this 1st day of September 2026. President Executive Director 5071681/1 JAE SH235-1 2 8 ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE, MINNESOTA RESOLUTION NO. E2026-006 A RESOLUTION ADOPTING THE 2027 BUDGET BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHAKOPEE, MINNESOTA that the 2027 Budget with the estimated revenues and appropriations for the Economic Development Authority Fund as shown below is hereby adopted. 2027 Budget Economic Development Authority Fund Revenues Taxes Licenses Intergovernmental Charges for Services Miscellaneous Total Revenues Expenditures Economic Development Other Financing Transfers Net Surplus (Deficit) Sworn and Executed Under My Hand this 1st day of September 2026. $ 550,000 20,000 341,000 20,000 2,000 933,000 755,400 50,000 $ 127,600 President Executive Director 9 2027 Annual Budget Company: ECONOMIC DEVELOPMENT AUTHORITY OBJECT ACCOUNT ACTUAL 2024 ACTUAL 2025 BUDGET 2026 REQUESTED BUDGET 2027 02190 - ECONOMIC DEVELOPMENT AUTHORITY REVENUES: 4011 - CURRENT PROPERTY TAX 4013 - MARKET VALUE CREDIT 4015 - FISCAL DISPARITIES 4020 - MOBIL HOME TAX 4025 - PAYMENT IN LIEU OF TAXES 4040 - OTHER TAXES (452,011.92) (37.00) (46,158.55) (3.74) (862.34) 49.58 (446,080.57) (29.92) (41,494.17) (3.38) (908.47) (1.24) (550,000.00) 0.00 0.00 0.00 0.00 0.00 (550,000.00) 0.00 0.00 0.00 0.00 0.00 TAXES 4243 - MISC LICENSE (499,023.97) 0.00 (488,517.75) (6,325.00) (550,000.00) (20,000.00) (550,000.00) (20,000.00) LICENSES AND PERMITS 4490 - OTHER GRANTS/AIDS 4705 - SPUC REVENUE CONTRIBUTION INTERGOVERNMENTAL 4588- BUSINESS SUBSIDY APP FEE 4766 - GENERAL ADMISSIONS CHARGES FOR SERVICES 4833 - INTEREST 4834 - CHANGE IN FAIR MARKET VALUE 4850 - MISCELLANEOUS 0.00 0.00 (317,529.00) (317,529.00) (12,000.00) (17,736.95) (29,736.95) (73,466.44) (38,522.57) 23.88 (6,325.00) 0.00 (340,817.32) (340,817.32) (12,000.00) (18,151.10) (30,151.10) (92,573.09) (64,497.07) 1,272.02 (20,000.00) 0.00 (335,000.00) (335,000.00) 0.00 (24,000.00) (24,000.00) (2,000.00) 0.00 0.00 (20,000.00) 0.00 (341,000.00) (341,000.00) 0.00 (20,000.00) (20,000.00) (2,000.00) 0.00 0.00 MISCELLANEOUS (111,965.13) (155,798.14) (2,000.00) (2,000.00) REVENUES EXPENDITURES: 6002 - WAGES (958,255.05) (1,021,609.31) 180,937.88 162,249.88 (931,000.00) 222,200.00 (933,000.00) 233,100.00 WAGES 6122-PERA 6124 - FICA 6135 - HEALTH 6136 - PAID FAMILY LEAVE 6139 - POST EMPLOYMENT HEALTH PLAN 6140 - LIFE/LTD 6145 - DENTAL 6170 - WORKERS COMPENSATION 6180 - COMPENSATED ABSENCES 6186 - PENSION EXPENSE 180,937.88 162,249.88 222,200.00 233,100.00 14, 787.68 15, 542.21 16, 700.00 17, 500.00 14,403.99 14,950.10 17,000.00 17,800.00 18,026.99 20,927.80 11,900.00 22,900.00 0.00 0.00 600.00 500.00 809.97 810.00 500.00 500.00 482.35 458.22 400.00 400.00 717.60 761.76 500.00 600.00 960.49 638.08 500.00 400.00 1,815.75 6,464.17 2,300.00 2,500.00 0.00 379.00 0.00 0.00 BENEFITS 52,004.82 60,931.34 50,400.00 63,10^ ^') 10 2027 Annual Budget Company: ECONOMIC DEVELOPMENT AUTHORITY OBJECT ACCOUNT ACTUAL ACTUAL BUDGET 2024 2025 2026 REQUESTED BUDGET 2027 WAGES & BENEFITS 232,942.70 223,181.22 272,600.00 296,200.00 6202 - SUPPLIES 6213 - MEETINGS 6310 - ATTORNEY 6312 - ENGINEERING/DESIGN CONSULTANTS 6315 - BUILDING REPAIRS & MAINTENANCE 6327 - PROFESSIONAL SERVICES 6332 - POSTAGE 6334 - TELEPHONE 6336- PRINTING/PUBLISHING 6338 - ADVERTISING 6351 - INSURANCE PREMIUM (IS FUND) 6362 - ELECTRIC 6410 - SOFTWARE 6415 - INFORMATION TECHNOLOGY RENT (IS FUND) 6430 - BUILDING RENT (IS FUND) 6435 - OTHER RENT 6472 - CONFERENCE/SCHOOL/TRAINING (ALL EXPENSES) 6476- MILEAGE 6480 - DUES 6490 - SUBSCRIPTIONS/PUBLICATIONS 389.46 14, 069.56 14, 500.00 14, 500.00 12,086.14 13,299.09 3,000.00 14,000.00 5,651.00 2,991.70 25,000.00 25,000.00 0.00 30,083.74 50,000.00 50,000.00 0.00 5,821.00 0.00 0.00 235,636.80 158,853.84 295,000.00 300,000.00 311.09 588.87 500.00 700.00 496.37 477.50 500.00 500.00 1,126.62 (217.32) 500.00 500.00 17,519.95 19,654.31 15,000.00 20,000.00 8,300.00 10,000.00 9,900.00 10,600.00 0.00 0.00 0.00 0.00 1,843.73 9,664.10 3,700.00 7,700.00 2,400.00 2,199.96 3,400.00 3,100.00 6,200.04 6,000.00 6,000.00 6,100.00 999.50 0.00 0.00 0.00 428.00 0.00 3,000.00 2,000.00 390.16 0.00 500.00 500.00 1,921.00 336.00 2,100.00 2,000.00 10,784.00 1,817.14 1,500.00 2,000.00 SUPPLIES AND SERVICES 6620 - PROPERTY TAX/SPECIAL ASSESS 306,483.86 275,639.49 434,100.00 459,200.00 3,192.00 0.00 0.00 0.00 MISCELLANEOUS EXPENSE 6765 - IMPROVEMENTS/INFRASTRUCTURE 3,192.00 0.00 0.00 0.00 150,000.00 118,127.00 75,000.00 0.00 CAPITAL OUTLAY 150,000.00 118,127.00 75,000.00 0.00 DEBT SERVICE 0.00 0.00 0.00 0.00 EXPENDITURES 692,618.56 616,947.71 781,700.00 755,400.00 OTHER FINANCING: TRANSFERS IN 8053 - TRANSFER OUT TO GENERAL FUND 0.00 0.00 23,250.00 0.00 0.00 0.00 50,000.00 50,000.00 TRANSERS OUT 23,250.00 0.00 50,000.00 50,000.00 GAIN/LOSS ON DISPOSAL OF ASSET 0.00 0.00 0.00 0.00 OTHER FINANCING 23,250.00 0.00 50,000.00 50,000.00 Total 02190 - ECONOMIC DEVELOPMENT AUTHORITY (242,386.49) (404,661.60) (99,300.00) (127,60(11 ) 2027 Annual Budget Company: RIVER CITY CENTRE OBJECT ACCOUNT ACTUAL 2024 ACTUAL 2025 BUDGET 2026 REQUESTED BUDGET 2027 02300 - RIVER CITY CENTRE REVENUES: 4801 - DAMAGE DEPOSIT 0.00 0.00 0.00 0.00 CHARGES FOR SERVICES 4833 - INTEREST 4841,4964- LEASE RENT/REVENUE 4842 - LEASE OPERATING CHARGE 4850 - MISCELLANEOUS 0.00 (39,906.31) (439,573.35) (12,029.00) (156,995.25) 0.00 (46,351.42) (383,961.47) 0.00 (178,050.54) 0.00 0.00 (400,000.00) 0.00 0.00 0.00 0.00 (375,000.00) 0.00 0.00 MISCELLANEOUS (648,503.91) (608,363.43) (400,000.00) (375,000.00) REVENUES EXPENDITURES: 6202 - SUPPLIES 6240 - EQUIPMENT REPAIR & MAINTENANCE 6310 - ATTORNEY 6312 - ENGINEERING/DESIGN CONSULTANTS 6315 - BUILDING REPAIRS & MAINTENANCE 6326 - CLEANING SERVICES 6327 - PROFESSIONAL SERVICES 6352 - LIABILITY 6362 - ELECTRIC 6364 - WATER 6365 - GAS 6366 - SEWER 6367 - REFUSE 6368 - STORM 6472 - CONFERENCE/SCHOOL/TRAINING (ALL EXPENSES) (648,503.91) (608,363.43) (400,000.00) (375,000.00) 59.61 380.00 200.00 300.00 0.00 0.00 10,000.00 10,000.00 8,293.49 13,069.39 15,000.00 15,000.00 0.00 3,875.70 0.00 0.00 59,942.78 50,649.24 60,000.00 60,000.00 7,510.39 2,736.47 5,000.00 5,000.00 25,341.70 36,878.24 25,000.00 25,000.00 5,708.75 6,350.66 6,000.00 9,500.00 1,000.00 43.78 2,000.00 2,000.00 0.00 5,892.00 300.00 300.00 1,078.57 1,645.45 3,000.00 3,000.00 0.00 0.00 300.00 300.00 9,388.56 10,123.10 12,000.00 12,000.00 0.00 0.00 200.00 200.00 0.00 75.00 0.00 0.00 SUPPLIES AND SERVICES 6610 - AWARDS & DAMAGES 6620 - PROPERTY TAX/SPECIAL ASSESS 118,323.85 0.00 112,736.00 131,719.03 3,688.65 108,642.00 139,000.00 0.00 115,000.00 142,600.00 0.00 125,000.00 MISCELLANEOUS EXPENSE 6765 - IMPROVEMENTS/INFRASTRUCTURE 112,736.00 108,498.85 112,330.65 10,301.04 115,000.00 400,000.00 125,000.00 0.00 CAPITAL OUTLAY 108,498.85 10,301.04 400,000.00 0.00 EXPENDITURES OTHER FINANCING: 8019 - TRANSFER IN FROM CAPITAL FUND 339,558.70 254,350.72 (421,105.70) (178,050.54) 654,000.00 0.00 267,600.00 0.00 TRANSFERS IN (421,105.70) (178,050.54) 0.00 12) 2027 Annual Budget Company: RIVER CITY CENTRE OBJECT ACCOUNT ACTUAL ACTUAL BUDGET 2024 2025 2026 REQUESTED BUDGET 2027 OTHER FINANCING (421,105.70) (178,050.54) 0.00 0.00 Total 02300 - RIVER CITY CENTRE (730,050.91) (532,063.25) 254,000.00 (107,400.00) 13 tUj Om) 7:5 w v O Q O n N O N September 1, 2026 14 aJ C a) E co o 2 -O Q a (a > a) v'1 > }' Q +i a--+ -o v)• E .E N MT a) O ( u r E v p -o 73 E teaJ +-' rJ C E vl E E o >> a, ro a) c v, c -o•3 -O o . o i c C o v Q 00 ▪ v O O 'I'J O o0 0 ,O L_ e3 CU MD E ra^ Co W - E ? 7, s - fa v1 v1 -1--+ < .— CI) . — —a (I) .� X v Q E 0 f) 7:3 • (L) .- (1' O a 2 8 O - al N• • • • River City Centre activity accounted for under a separate EDA fund. 15 C 2027 EDA Budget and Levy - Revenues cu 0i s V 2027 Proposed 0 a V O Ln O Ln O O O O In a) J w O O O O N O O O O N O O O O O O M O O O u1 M M 0 O 0 O O O O N O O O N O O O N TAP Event Admissions v O Total revenues C 0 a-+ C 0 U l/1 a U C L (73 no l/i i v.)O LC Q Q) E U O 4- a--+ CU U 's- C +-+ no l ) s 0 U O O C 03 O Ln V z M x 111 O - l/1 M N • v c E O v N am ra O ,� zv -C toC k' E a D v ^ I lg U N c NQ) zaz 3 O D C D > Qa3 no ,- CL) , o C " o=° >• C O > C > a N .( w N w a) a) • N N a-- • + I w OP • • 16 2027 EDA Budget and Levy - Expenses 2027 Proposed O O N rn N O O N N N Wages & Benefits O O O Lf1 N O O O O O O Lf1 O O O O Lf1 O O O O O O O O O Lr) O O O Ln O\ Professional Services O O_ O N O O 00 Tr - Other Supplies/Services O O O N O O O O 111 Transfer to General Fund O O M O O Lf1 O cc O O N M cc C 03 N L V N C i {/} co O - C NV c • 0 E •- CC 03 0 V CU 01 O Q u a (31 4J (..)- ' O n r 06 Q) +-+ V C C V • - a--+ C " C i N .� 2u aN co c co Q i FL N 1.�CuC o O OO - 02 Ln O - L .4-•N' a.. + l/'1 a . f6 C C • ro O� -C t/1. -O c n di f(13Q a--+ V u.c O� 4-, }' cu_ E o)� 3E z o N X00 � Ou z= O > N zv O C CD ''s u_ v,C 'O z v V > ci3 O N za3 C 1.- O_ �� Qa3 V yo uu VjCU < °zo, w � C 4hiO O N p M -I-'O • •V.) dJ 11- - Q Cl_Ln I—• 17 1..1� N N 0 N 4.1 GJ c1 N O N GJ m O N O N O O. .y V GJ O O M O O O O O O O O O O Total revenues A N C i O 0 (1) L- a) a1 a) >. 0 E i a.) -I-0-+te+-+ a) u; cv >'— c CU CU O O M O Equipment Maintenance O O O O O O O O Building Maintenance O O O O M O O O O rn O O In O O O a) V C cv C c L N ro �O N CU cu (N c°' - CU C (73 • 46 2 • ' um Ln c6 . O O cc N O O cc N N N 4--+ 0 O O In N O O 0 Lri X rcs a--� N O O O O O O O Improvements 0 O N N O O N O 0 O O In N 18 C O • a) C a) co V N Q 0 >. a) N C .N s O 0 N O Lill c5 z O 0 cc C O .> O d' C O a) vi dJ ate-+ c0 CO C C O C V Q a) dJ O N ro Q O C O 0 a) O 0 N CNI w O z O O i1 cc z zL z! 4191 d',g2 Z`41 >41,9, zzo ?c; 19 WILLA! SHAKOPEE Agenda Item: Prepared by: Reviewed by: Shakopee Economic Development Authority September 1, 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: 20