2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2023

NOTE 8 – LONG-TERM DEBT (CONTINUED)

F. Minimum Debt Payments for Bonds, Leases and SBITAs (Continued)

Year Ending December 31,

Governmental Lease Payable

Interest

Total

Principal

$

123,240 108,259 226,555 2,470 108,317

$

11,598 6,139 19,340 1,361

$

134,838 114,398 109,678 245,895

2025 2024 2026 2027 2028

2 84

2,554

368

366

2029-2033

Total

$

569,207

$

38,524

$

607,731

Year Ending December 31,

Governmental SBITA Payable

Principal

Interest

Total

2024 2025

$

84,928 36,555

$

3,154

$

88,082 37,382

827

Total

$

121,483

$

3,981

$

125,464

NOTE 9 – NON-EXCHANGE FINANCIAL GUARANTEE

In conjunction with a Development Agreement dated as of October 1, 1997, between the Scott County Development Agency (Agency), the City of Shakopee, and the Shakopee EDA the Agency issued Bonds to finance the acquisition and construction of a mixed use project within Tax Increment Financing District No. 10. The Project consisted of the construction of 52-units of multifamily rental housing and related parking facilities, an approximately 25,000 square foot retail facility, a public plaza, and public parking facility. The Agency issued its Governmental Development Refunding Bonds (City of Shakopee, Minnesota – General Obligation), Series 2013A (River City Centre Project), on December 26, 2013, in the original aggregate principal amount of $2,330,000 (the “Series 2013A Bonds”). The Series 2013A Bonds refunded the outstanding principal balance of the Series 2006A Bonds on February 1, 2014. The Series 2013A Bonds are secured the net revenues of the housing component of the Project and a pledge of the full faith and credit of the City. The Series 2013A Bonds are currently outstanding in the principal amount of $735,000 and mature on February 1, 2027. If housing lease revenues are insufficient to pay the principal of and interest on the Series 2013A Bonds, the City may be called upon to levy ad valorem taxes. To date, no funds of the City have been used to pay principal of or interest on the 2013A Bonds.

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