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Shakopee City Council
July 7, 2020
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| | | | | | | | | FROM: | Michael Kerski, Director, Planning & Development | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Amendment to Tax Abatement Agreement with Cherne | | |
| | | | | | | | Policy/Action Requested:
Approve Resolution No. R2020--084 Approving a Contract for Private Development with Opus Development, CIVF-VI-MN1W03 and Cherne Industries.. | | |
| | | | | | | | Recommendation:
Approve Resolution No. R2020-084. | | |
| | | | | | | | Discussion:
On February 18, 2020, the City Council approved the execution of a Contract for Private Development with Opus Development Company and Cherne Industries Incorporated, to assist Cherne in expanding its operations in the City. Since that time, Opus, because of the difficult financial environment, has brought Cabot in as the owner. They are one of the largest owners of industrial properties in the world and have made other investments in the Twin Cities market. The changes in the agreement are to allow Opus to construct, Cabot to own and Cherne to operate its business. The total investment remains the same and Cherne has signed a long term lease for its manufacturing and headquarters.
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