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Shakopee Economic Development Authority
January 4, 2022
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | President and Commission Members |
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| | | | | | | | Subject:
Resolution No. E2022-003 allows for the reimbursement from possible TIF funds for staff and consultant time related to administering and establishing a TIF District. |
| | | | | | | | Policy/Action Requested:
Adopt Resolution No. E2022-003 to allow for an interfund loan for advance of certain costs in connection with a potential future tax increment financing district. |
| | | | | | | | Discussion:
The EDA has typically adopted interfund loan resolutions to cover any costs association with developing and administering a tax increment financing district. If the EDA decides to establish a tax increment district related to the gravel pit site, this would allow for any costs incurred related to that district to be reimbursed from future tax increment revenues. |
| | | | | | | | Budget Impact:
The resolution provides an interfund loan (between the EDA and a future tax increment district) of up to $100,000. If the resolution is not approved, or a tax increment district is not established, these costs would be paid from the EDA budget. |
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