2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 8 – LONG-TERM DEBT (CONTINUED)

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

Year Ending December 31,

Governmental Lease Payable

Principal

Interest

Total

2026 2025 2027 2028 2029

$

108,259 140,703 108,317

$

12,188

$

114,398 109,678 152,891

6,139 1,361

367 2,469

84

2,553

2

369

Total

$

360,115

$

19,774

$

379,889

December 31, Year Ending

Governmental SBITA Payable

Principal

Interest

Total

2028 2027 2025 2026

$

129,969 114,197 16,864

$

7,937 2,850

$

17,658 117,047 137,906

794 205

8,695

8,900

Total

$

269,725

$

11,786

$

281,511

NOTE 9 – NON-EXCHANGE FINANCIAL GUARANTEE

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 $530,000 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. 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.

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