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Shakopee Economic Development Authority
August 15, 2017
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| | | | | | | | | FROM: | Michael Kerski, Planning & Development Director | | TO: | EDA Commissioners |
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| | | | | | | | Subject:
Façade loan in the amount of $52,750 for the rehabilitation of 120 First Avenue E including restoring storefront. |
| | | | | | | | Policy/Action Requested:
Vote on awarding a Façade loan in the amount of $52,750 for the rehabilitation of 120 First Avenue E including restoring the storefront.
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| | | | | | | | Recommendation:
Approval of Façade loan to Mobob Shakopee LLC (consisting of partners Scott O'Brien, Chip Menke and Rob O'Brien) as outlined in their application, including rehabilitation of the storefront per the Downtown Design Guidelines. The total loan amount shall be a fifty percent match of total construction costs and the loan shall not exceed $52,750. Staff is authorized to execute the appropriate loan documents for a 10 year loan schedule.
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| | | | | | | | Discussion:
City Council adopted a new façade improvement policy. The policy limits loans to eligible properties to $30,000 unless the EDA feels that the project has a large impact.
The Applicants are proposing to restore the first floor as close as possible to the original design proposed in the Downtown Design Guidelines. The building currently has small storefront windows and an inappropriate red brick façade at the street level. The rear of the building, originally a movie house hall, would be cleaned and replaced with stone.
The proposed changes will positively enhance the pedestrian experience at the street level and will also rehabilitate a historic building closer to its original appearance. Total projected project costs are $105,500. |
| | | | | | | | Budget Impact:
The city currently has approximately $240,000 remaining in the Façade Improvement Program. With this loan, the balance will be $187,250. |
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