2025-2029 Capital Improvement Plan

Innovation Center/Incubator 2025 thru 2029 Capital Improvement Plan Shakopee, MN

Project #

BA-20-005

Project Name

Innovation Center/Incubator

Total Project Cost

$13,000,000

Contact

Director of Planning & Development

Department

Building Internal Service Fund

Type

Buildings

Category

Buildings

Priority

3 Less Important/Future Consideration

Status

Active

Useful Life

30 years

Accounting Code BA20005

Fund

Building Asset IS Fund

Project Code

BA2005

Description New building for community innovation and business building in cooperation with post secondary education in cooperation with Scott County CDA and Minnesota State University. Building will serve as a business incubator and support business training needs and post secondary education for the region's residents. $1.5 million has been committed by HUD/Federal Appropriation and we have applied for an addition $3 million from Federal appropriation and $4 million from direct State Funding.

Justification Critical need for the community. Post secondary education has been a need in the community for more than ten years. Business incubation and innovation was identified as a growing need in Envision Shakopee, the 2040 Comprehensive Plan.

Expenditures

2025 2026 2027 2028 2029

Total

Construction/Maintenance

12,000,000 1,000,000 13,000,000

0 0 0

0 0 0

0 0 0

0 0 0

12,000,000 1,000,000 13,000,000

Planning/Design

Total

Funding Sources

2025 2026 2027 2028 2029

Total

Grants

6,500,000 4,000,000 2,500,000

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

6,500,000 4,000,000 2,500,000 13,000,000

State Bonding Funds

Cost Sharing, MnDOT/Federal

Total

13,000,000

Budget Impact Building would be owned by the EDA. Similar to the library, we would be doing maintenance and utilities. Project contingent upon successful funding by outside sources.

Produced Using Plan-It CIP Software

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