Item Coversheet

4.B.


Shakopee Economic Development Authority
May 21, 2019

FROM: Michael Kerski, Director of Planning and Development 
TO:President and Board Members
Subject:
Sale of Property at 331 First Avenue W
Policy/Action Requested:
Approve the sale of the property at 331 First Ave W to the Gaughan Companies or its affiliates
Recommendation:
Approve Resolution No. E2019-008 to sell property at 331 First Ave W to the Gaughan Companies or its affiliates
Discussion:

The EDA has previously approved the acquisition of the property as part of the Riverfront TIF.  This acquisition and contracts for the other two properties, will allow for redevelopment of the entire block.  The EDA will complete the transfer once a new contract for private development is completed and the developer is prepared to begin construction.

 

Currently, the developer is redesigning the entire project to include the three properties on the corner.  The developer will be acquiring the other two properties except for the one-time relocation payment in June for the corner property.  The EDA will be reimbursed for any of its acquisition and relocation costs from TIF revenues.

Budget Impact:
ATTACHMENTS:
Description
Resolution