Item Coversheet

*4.B.3.


Shakopee City Council
July 20, 2021


FROM:Michael Kerski, Planning/Development Director
TO:Mayor and Council Members
Subject:
Set a Public Hearing date for Modification of Tax Increment Financing Plan for  Redevelopment District No. 18, Canterbury
Policy/Action Requested:
Adopt Resolution R2021-112 setting a Public Hearing for September 7, 2021 to amend Tax Increment Financing District No. 18, Canterbury.
Recommendation:
Approve Resolution.
Discussion:

This District has been modified several times.  This Resolution sets a public hearing in September to amend the plan, including the budget.  The amendment will reflect the budget to include additional costs associated with CH83, actual costs incurred by the city and Canterbury for infrastructure, partial acquisition and demolition of the Scott County Workforce Center and associated costs, and reflect the anticipated expenses for future infrastructure.  It will also reflect the current values of development, either completed or under construction, along with new projections of anticipated projects for the next several years.

 

BakerTilly and Kennedy & Graven will be working on updating the plans in cooperation with staff and will be distributing to the appropriate tax agencies per the attached schedule.

Budget Impact:
ATTACHMENTS:
Description
Resolution
Schedule