Item Coversheet

3.D.


Shakopee Economic Development Authority
January 4, 2022

FROM: Nate Reinhardt, Finance Director 
TO:President and Commission Members
Subject:
Interfund loan resolution for workforce center acquisition and demo.
Policy/Action Requested:
Adopt Resolution No. E2022-002, approving an interfund loan for advance of certain costs in connection with Tax Increment Financing District No. 18.
Recommendation:
Approval
Discussion:

The EDA recently purchased property at 712 Canterbury Road (workforce center).  The proposed resolution allows for the costs of acquiring the property and demolition of the property to be reimbursed in the future from tax increment, proceeds from the sale of the property, or other revenue sources.

 

The interfund loan will bear an interest rate of four percent and and may be repaid at any time.

Budget Impact:
Costs to be reimbursed from future revenues.
ATTACHMENTS:
Description
E2022-002 Interfund Loan for TIF No. 18