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Shakopee City Council
February 18, 2020
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| | | | | | | | | FROM: | Michael Kerski, Director, Planning and Development | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Minnesota Department of Employment and Economic Development Contamination Cleanup Grant Contract for the Riverfront Bluff Project | | |
| | | | | | | | Policy/Action Requested:
Approve Resolution R2020-013. | | |
| | | | | | | | Recommendation:
Approve Resolution R2020-013. | | |
| | | | | | | | Discussion:
On December 31 the City of Shakopee submitted an application to MN DEED's Contamination Cleanup grant for the Riverfront Bluff project. The city was notified of a grant award in the amount of $332,732 and received a contract which is attached and to be signed. | | |
| | | | | | | | Budget Impact:
The budget for the Riverfront Bluff project is $925,625. The city and the EDA created a redevelopment tax increment financing (TIF) district to pay for the purchase, removal of the existing structures, and to provide new public infrastructure including roadways, sidewalks, and utilities of the Riverfront Bluff property. After grant funding, the remaining funding will be paid by the approved TIF and will be repaid out of tax proceeds over time. | | |
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