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Shakopee Economic Development Authority
October 16, 2018
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| | | | | | | | | FROM: | Michael Kerski, Director of Planning and Development | | TO: | President and Board Members |
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| | | | | | | | Subject:
Contract for Private Development for soils remediation for property in Southbridge that is contaminated with bad soils (trash) |
| | | | | | | | Policy/Action Requested:
Resolution approving a Contract for Private Development with Shakopee Crossings Limited Partnership and authorizing the sale of a TIF note for TIF District 21 |
| | | | | | | | Recommendation:
Approve Resolution No. E2018-024 approving a Contract for Private Development with Shakopee Crossings Limited Partnership and Authorizing the Sale of a Tax Increment Revenue Note. |
| | | | | | | | Discussion:
The EDA has previously approved the TIF District No. 21. This is a Soils District and the TIF Funds generated can only be used for the soil correction and site remediation. This is an unusual TIF since expenses can occur over the life of the TIF and development can occur over that same period of time. Since this is a Pay-Go note, the developer only receives the increment as it is generated for reimbursement. |
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