2025 Budget for the City of Shakopee

94

2025 Annual Budget

Fund: River City Centre

Description of Services: In August 2022, the EDA became the master tenant for the commercial space on River City Centre. The property consists of 13 tenant spaces. The city has all of the spaces currently leased but we can assume over time that there will be some vacancies. The city provides day-to-day management and oversaw the renovation of the structure in 2023. The city is in the process of working with the Scott County CDA on dividing the building into two condo units, one for the commercial space and one for the rental space. We anticipate that will be completed in early 2025.

Tenant Summary: Address 115 1 st Avenue E 135 1 st Avenue E 145 1 st Avenue E 155 1 st Avenue E 165 1 st Avenue E 175 1 st Avenue E 185 1 st Avenue E 215 1 st Avenue E 235 1 st Avenue E 245 1 st Avenue E 255 1 st Avenue E 265 1 st Avenue E 275 1 st Avenue E

Lease Start 7/1/2020 2/1/2011 6/1/2023 7/1/2022 4/1/2016 1/1/2022 5/1/2018 4/1/2021 1/1/2001 3/1/2019 3/1/2022 7/1/2022 6/1/2022

Lease End 6/30/2025 6/30/2028 5/31/2028 10/31/2027 2/28/2027 8/31/2028 10/31/2024 2/28/2027 2/28/2029 11/30/2031 12/31/2028 6/30/2032 5/31/2027

Accomplishments:  The renovations of the building were completed in 2023.  All rental spaces are currently filled.

Goals/Challenges: 

Ongoing building exterior maintenance

 The nature of retail turnover and market changes

Performance Measures:

Actual 2022

Actual 2023 100% 100%

Projected 2024

Projected 2025

Occupancy

75% 75%

100% 100%

95% 95%

Stable Rent Roll meeting building needs