2023 Annual Comprehensive Financial Report

Commercial:  A new 19,000-seat amphitheater is under construction adjacent to Canterbury. This $50 million facility will be a state-of-the-art complex with construction to be completed in 2025.  Next Steps Learning Center, a 16,000 square-foot childcare center, is open next to the Omry in the Canterbury Southwest Development.  Bravis Restaurant and Badger Hill Brewery opened in late 2023.  Chase Bank remodeled a former Dairy Queen restaurant into a new branch location.  Bun Mee Restaurant has opened in a former Ruby Tuesday restaurant location.  Saint Francis Regional Medical Center is partnering with Tria Orthopedics for the construction of a 44,000 square-foot ambulatory surgery center. Construction began in the spring of 2023.  Take 5 Carwash in Southbridge began construction in the spring of 2024  Riverside Valley Dental recently opened a new 4,200 square-foot dental office in Southbridge. Industrial: • W.P.T. Capital completed the 505,000 square foot Southwest Logistics Center valued at more than $30 million located at the SM Hentges development site. Sam’s Club opened its regional distribution center at the location and is hiring more than 100 people at a minimum of $24/hour • SM Hentges opened a new Shakopee service facility on Hentges Way. • OPUS development completed construction of a half million square-foot industrial park. • Quality Forklift opened a new 100,000 square foot headquarters, sales, and maintenance facility on 12th Avenue along Hwy 169. • Inland Development developed 26 acres in Dean Lakes along Hwy 169 with two business park buildings totaling 362,000 square feet. • Mesenbrink Construction is construct i ng a 12,000 square-foot speculative multi tenant industrial building on Stagecoach Road. Public: • The City of Shakopee completed a master plan and wayfinding signage plan for the Vierling Greenway Trail. Signs are now in production. • Shakopee Public Utilities began construction on a new Electrical Substation on Colburn Drive off County Road 69 in the West End. • The City of Shakopee completed construction of a new lift station that will serve the West End. • The City of Shakopee, in partnership with Xcel Energy, completed its first pollinator prairie in Windermere along Highway 169. • A new public restroom building was constructed at Quarry Lake Park and a new playground was constructed. • A new playground was built in Huber Park. • A bicycle/pedestrian bridge over US Highway 169 from the Southbridge neighborhood to Quarry Lake Park was completed. Major Initiatives The city completed an Alternative Urban Area Review (AUAR) for the Southern End of Shakopee. This area is almost 450 acres and will have more than 1,000 homes at build out. The city is currently in the process of a complete reconstruction of the city’s outdoor pool, SandVenture, to create a new year-round facility.

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