2022-2026 Capital Improvement Plan (Final)

thru 2022 2026

Capital Improvement Plan City of Shakopee, Minnesota

Department Capital Improvements Fund

Contact Public Works Director

Type Improvement

Project #

CIF-21-007

Useful Life 30

Project Name *Canterbury Commons (2021) - CSAH 83

Category Street Reconstruction

Priority 1 Critical for Safety/Preservati

Accounting Code

Status Active

Fund Capital Improvement Fund

Description As part of the proposed Canterbury Commons development, needed public infrastructure projects were identified within the Canterbury Commons Areawide Transportation study. The following includes projects that were identified as infrastructure improvements needed on the county roadways to be paid for by the Canterbury Commons TIF: Projects 1 and 7, and portions of 10 and 15: 2021 CSAH 83 Expansion project from Valley Industrial Blvd to TH 169. The amount of TIF funding for these improvements is $4,514,450. Non-Canterbury Development projects costs will be per the county funding policy. These costs were originally to be funded out of the CIF in the amount of $2,360,000 and as part of the county's federal funding grant in the amount of $1,370,000. However, with approval of a TIF amendment, the city's full share of $4,514,450 will be funded with TIF. The City will issue Tax Increment Bonds for the City's portion of the project, to be reimbursed via TIF. Total Project Cost: $5,884,450

Note: Project was bid out in May 2021 with bids being rejected due to high SPU costs. Project is expected to be re-bid Fall 2021.

Justification Infrastructure improvements warranted as part of existing conditional traffic safety and operational needs and needed infrastructure as part of the Canterbury Commons development.

Expenditures

Total

2022

2023

2024

2025

2026

Improvements

5,884,450

5,884,450

5,884,450

5,884,450

Total

Funding Sources

Total

2022

2023

2024

2025

2026

Capital Bonds

4,514,450

4,514,450

Grants

1,370,000

1,370,000

5,884,450

5,884,450

Total

Budget Impact/Other

42