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 the remediation and demolition.

Since Doggie Doos is still in place, they have not been able to complete their financing for the project.  Doggie Doos has finally closed and is under construction on its new site and should open before the end of the year. Once the EDA can transfer the riverfront 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 project is now 170 units plus a restaurant. They have been working to reorient the project and are exploring concepts that may include a more public use at the corner of Atwood and First Avenue.

The council and EDA have previously approved the expansion of the Redevelopment District to include the remaining three properties.  The modification of the Contract for Private Development is on the agenda for the EDA.  Staff will bring back the new designs once the developer completes siting decisions.

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.