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Shakopee Economic Development Authority
December 7, 2021
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | President and Commission Members |
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| | | | | | | | Subject:
Resolution No. E2021-012 allows for the reimbursement from possible TIF funds for staff and consultant time for administering the TIF district. |
| | | | | | | | Policy/Action Requested:
Resolution allows for reimbursement of staff and consultant time |
| | | | | | | | Recommendation:
Adopt Resolution No. E2021-012 to allow for an interfund loan for advance of certain costs in connection with Tax Increment Financing District No. 17 (Amazon). |
| | | | | | | | Discussion:
The EDA has typically adopted interfund loan resolutions to cover any costs associated with developing and administering a tax increment financing district. However, no such resolution for this district was previously adopted. This resolution would allow the City to be reimburse for staff time and consultants used during the current year and moving forward. |
| | | | | | | | Budget Impact:
Funding for staff time and consultants will come from the EDA until such a time that it is reimbursed from tax increment revenues. |
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