Item Coversheet

4.A.


Shakopee Economic Development Authority
July 21, 2020

FROM: Michael Kerski, Director, Planning & Development 
TO:President and Board Members
Subject:
Amendment to the Contract for Private Development with Gaughan Companies for the Riverfront Bluff development
Policy/Action Requested:
Resolution No. E2020-008 authorizing the second amendment to Contract for Private Development with Gaughan Development LLC for the Riverfront Bluff Redevelopment 
Recommendation:
Approve Resolution No. E2020-008   
Discussion:

The city, in partnership with the developer, submitted grant requests to DEED and the Met Council to assist in cleanup costs for this development. These grants have been awarded and now the city is passing on the implementation and reporting requirements to Gaughan. 

 

The city will also enter into a Developer's Agreement for the reconstruction of the road. This was programmed in the CIP/CIF but all parties have agreed it would be better for the developer to complete the roadwork around its project once they are complete.

 

Gaughan anticipates beginning site work and demolition work in August 2020.  The $30 million project should be completed in about 18 months.

Budget Impact:
ATTACHMENTS:
Description
Resolution
Second Amendment