The city of Shakopee and the Shakopee Economic Development Authority will hold a public hearing on amending two Tax Increment Financing Districts on Tuesday, May 21.
The first is an amendment to the TIF Plan for Canterbury TIF District 18 to include four additional parcels along County Highway 83. These parcels include the Scott County Workforce Center, two industrial sites and a vacant property. The inclusion of these properties will allow infrastructure expenses for these parcels to paid for with TIF.
The largest of those expenses is the routing of Barenscheer Boulevard through the northern-most vacant property of the TIF district. This new road will serve as one of the primary entrances into the development and also as a detour route when Scott County begins the reconstruction of County Highway 83.
The overall budget for TIF expenses for the district increased by .4 percent due to changes within the TIF plan to reflect current project construction timing and tax rates.
The second is an amendment to the TIF Plan for the Riverfront Bluff District 19. This is an expansion of the district to include three additional properties on First Avenue and Atwood Street that would make the district the entire block.
The developer would expand the building footprint into this area and the amount of TIF would increase because of additional investment. The increased increment would go toward reimbursement to the EDA for the acquisition and relocation costs of one property and toward the developer for the acquisition of two additional properties, along with the required new infrastructure, demolition, site work and utilities.
The City Council meets at 7 p.m. in the council chambers at City Hall, 485 Gorman St. The full meeting agenda will be available May 17 at www.ShakopeeMN.gov/agendasandminutes.