Item Coversheet

4.D.


Shakopee Economic Development Authority
March 6, 2018

FROM: Michael Kerski, Director of Planning and Development 
TO:President and Board Members
Subject:
Approving an Interfund Loan for the advance of certain costs in connection with the proposed Tax Increment Financing District for the River Bluff Redevelopment
Policy/Action Requested:
Approval of the Interfund Loan to allow for redevelopment costs to be reimbursed by potential TIF No. 19 for the River Bluff project.
Recommendation:
Approve Resolution No. E2018-001
Discussion:

Adoption of this resolution allows the EDA and the City to be reimbursed for costs associated with the redevelopment of these sites along First Avenue, Scott Street and Levee Drive. 

 

This will allow reimbursement for property acquisition, title work, environmental studies, geotechnical studies and staff and consultant time.

 

Doggie Doos will be vacating early fall (acquisition and lease on this agenda)  and we will expect to have a draft development agreement to bring to the EDA in April or May.

 

The TIF work has been completed and will be updated once the final development plan has been completed and the TIF Public Hearing date will be set.

Budget Impact:
ATTACHMENTS:
Description
Resolution