The EDA currently has two contracts on properties to complete the acquisition of the remainder of the block for the Riverfront Bluff Redevelopment.

When those contracts were executed, it was anticipated that the developer would have closed on their financing and would be moving the redevelopment forward with remediation.

Since Doggie Doos is still in place, they have not been able to complete their financing for the project.  Doggie Doos is scheduled to close with the EDA on their new site on or about July 15, 2019.  It is anticipated that their construction should be substantially complete by late fall.  Once the EDA can transfer the property to the developer vacant, they can close on their larger construction loan.  The cost of the acquisition of these two houses will be reimbursed to the EDA/city as part of the construction loan and the EDA/city will accrue interest at a rate of 4% on costs for these two properties until it is repaid.

The developer has been working with Shakopee Public Utilities and Engineering on utility relocations and has retained AE2S and Terracon to complete the environmental remediation work.  The developer is also in the process of completing its redesign on the project to now include the entire block. 

The city council and EDA should see a modification to the Contract for Private Development this fall that will include the redesign and a restatement of costs for the TIF.  The council and EDA have previously approved the expansion of the Redevelopment District to include the remaining three properties.

The developer anticipates, dependent on weather, beginning site work this winter and construction in Spring 2020.  The anticipated project costs are now close to $30 million.