Item Coversheet

7.C.3.


Shakopee City Council
July 5, 2017

FROM:Michael Kerski, Director of Planning and Development
TO:Mayor and Council Members
Subject:
Setting a Public Hearing for a Tax Increment Financing Plan for Tax Increment Financing District No. 18 and Redevelopment Plan for the Canterbury Park Redevelopment Project No. 1
Policy/Action Requested:
Approve Resolution 7909 calling for a public hearing on a tax increment financing district and modifications to the redevelopment plan for Canterbury Park setting a joint meeting between the City Council of Shakopee and the Economic Development Authority for September 5, 2017 at 7:00 PM.
Recommendation:
Approve policy action as requested.
Discussion:

The City previously established a Canterbury Park Redevelopment Project No. 1.  Since that time, the City completed a required update redevelopment survey of the property and the City and its consultants believe that the study shows that the area meets the current requirements for a Redevelopment Tax Increment Finance District. 

 

Canterbury has completed an initial development concept plan that shows the need for substantial new public infrastructure that could be financed through a TIF Districts.  Currently, an EAW has been sent to the various agencies for review of the impact of the proposed development.  Current plans are for residential uses along with hospitality, retail and entertainment uses. 

 

The redevelopment and TIF plans will be submitted for the public hearing.

Budget Impact:
ATTACHMENTS:
Description
Resolution