Item Coversheet

*4.C.1.


Shakopee City Council
August 18, 2020

FROM:Michael Kerski, Director of Planning & Development
TO:Mayor and Council Members
Subject:
Metropolitan Council Tax Base Revitalization Account (TBRA) Grant Agreement. 
Policy/Action Requested:
Approve Metropolitan Council TBRA Grant.
Recommendation:
Approve Metropolitan Council TBRA Grant.
Discussion:

The City of Shakopee joined the Metropolitan Council's Livable Communities in 2018 which allows the city to apply for certain grants and loans through their various programs.

 

The TBRA allow cities to draw on grant funding from the Met Council to revitalize properties that are contaminated and return them to the tax roles. This funding has been used extensively throughout the metro area.

 

On April 7, 2020, Council approved applying for a Metropolitan Council TBRA Grant for the Riverfront Bluff Project (Resolution R2020-045) for the amount of $458,600. The city was notified in July of receiving the grant award for the full amount requested. 

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. 
ATTACHMENTS:
Description
TBRA Grant Agreement for Riverfront Bluff Project
Resolution R2020 - 045