River City Centre is currently very complicated in its ownership with the EDA owning the underlying ground and holding a master lease on the commercial space and the CDA holding a master lease on the senior apartment portion. 

The City of Shakopee is the guarantor on the bonds that were issued for the commercial portion of the building and also on the second round of bonds for the residential.

As part of our lease termination the commercial bonds will be paid off in early 2023.  

The CDA would like to have a good working relationship that would be codified in a CIC which is basically the creation of two condos, commercial and residential, sitting on a common piece of land. Preliminary estimates, depending on complications that may be unknown at this time are between $30,000 to $60,000 to complete their work.

We currently have one vacant commercial space and are working on tenanting the commercial space as current leases expire.  Kraus Anderson is currently working with RSP and Confluence and SEH on final plans to be bid for construction in spring 2023.