Shakopee designs an entertainment district south of Mystic Lake Amphitheater
Shakopee’s Economic Development Authority will vote Wednesday, Nov. 4, on $38,500 more in design work for an entertainment district south of Mystic Lake Amphitheater, which staff says is meant to “generate traffic all year.” The packet says Gensler has worked on concepts for the past year and that a number of potential users have shown interest. It names none.
The EDA and Canterbury will split that design cost 50/50. Once the concepts are done, staff plans to bring a contract for an environmental review of the development scenarios, with Canterbury reimbursing all of those costs. The same item has $47,500 for design boards and a video to market the Shakopee gravel pit redevelopment.
The EDA and the City Council will also take up a $1 million payment to the amphitheater’s developer, Bloomington Investments, for costs it has already paid, tied to the public parking lot it built and deeded to the EDA for $1. The money will come from a $6.3 million interfund loan the EDA plans to repay with tax increment, and staff says paying now saves money because the note carried 7%. The lot will stay free for public use except when reserved for amphitheater events, up to 75 days a year. Under the amendment, the developer could buy it back for $900,000 after one year, about $500,000 after five and $1 after 10.
What's next: The EDA and the City Council will take these up Wednesday, Nov. 4, at City Hall, 485 Gorman Street, where the council meets at 7 pm.
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