Discussion:
The EDA recently announced available federal funding in the amount of $3 billion dollars. The EDA’s American Rescue Plan Act (ARPA) is designed to provide a wide-range of financial assistance to communities and regions as they respond to and recover from the economic impacts of the coronavirus pandemic, including long-term recovery and resilience to future economic disasters.
The City of Shakopee is applying the ARPA EDA Economic Adjustment Assistance Grant and is requesting $7 million for Shakopee Innovation Center project. A total cost estimate of the project is $15 million. The city is in discussion with various community sponsors to secure additional funding, as well as applying to the State of Minnesota Capital Budget for this project.
The Federal EDA has asked that City Council pass a resolution, since the Shakopee EDA is the landowner but the city is the municipal corporation; both bodies need to support the application.
The project application also includes letters of support from other agencies, corporations and government officials.