Post on 10-Feb-2017
Downtown Shakopee Business Leaders’ Long-Term Goals - 8/11/2016
Support activity and community awareness of Downtown Shakopee.
• Request: Continue support for Main Streets Shakopee program at $25,000 in 2017 Budget.
Support high-density residential projects in Downtown Shakopee
• The City must lead the way in promoting and encouraging high-density residential projects.
• If necessary, utilize TIF and other incentives for qualifying projects.
Support Public/Private partnerships to maintain and improve older buildings.
• Request: Continue support for Exterior Improvement Loan Program with $150,000 available for loans in the 2017 budget.
Support public realm improvements through Downtown Shakopee
• Utilize appropriate funding sources for each part of the public realm improvements. (Park reserve for Parks, Public Works CIP for parking lots)
• Assess 10% of public realm improvements to Downtown Properties.
• Request: Allocate $750,000 in 2017 budget for phased construction of identified public realm improvements.
Agenda
5:00 - Welcome & Introductions
5:05 - Director of Planning & Dev, Michael Kerski
5:10 - Long-term Goals & 2017 Budget
5:33 - Discussion
5:50 - Adjourn
Now - Welcome/Introductions 5:05 - Kerski
Members
American Family Insurance Bill’s Toggery
eCig Edward Jones
First Avenue Framing Grepoli
Hometown Bank JMW Law
Munkabeans O’Brien’s Public House
Pullman Club Real Gem
Suntide Realty Turtles Bar & Grill
Valley Sports The Yoga Barre
Now - Welcome/Introductions 5:05 - Kerski
DT Biz Leader Program Goals
1) Keep downtown businesses informed of governmental actions.
2) Organize a cohesive voice to communicate the priorities of downtown Shakopee
businesses with decision-makers.
Now - Welcome/Introductions 5:05 - Kerski
Director of Planning and Development, Michael Kerski
Now - Kerski 5:10 - Long-term Goals & 2017 Budget
Long-Term GoalsContinue support for Main Streets Shakopee
program
Encourage High-Density Residential in Downtown Shakopee
Continue support for Exterior Improvement Loans program
Increase financial investment in Downtown Shakopee
Now - Long-term Goals & 2017 Budget 5:13 - Exterior Improvement Loan
Exterior Improvement Loan
Older downtown buildings are more expensive to maintain and repair than newer buildings.
Working together to retain the look and feel of an historic Downtown.
Partnering with Downtown property owners is of financial benefit to the City of Shakopee.
Now - Exterior Loan Program 5:18 - Downtown Investment
Exterior Improvement Loan
Exterior Improvement Loan is working!
Downtown properties who have received the loans look incredible and their neighbors have
followed suit.
Now - Exterior Loan Program 5:18 - Downtown Investment
Exterior Improvement Loan
From 2013 to August 1, 2016:
$464,337 in forgivable loans
$1.6 million in total investment
Leveraged $2.46 of private investment for every $1.00 of public investment
33% increase in Property Valuations from 2013 to 2017
Now - Exterior Loan Program 5:18 - Downtown Investment
Cumulative investment per project from 2013 to present
Exterior Improvement Loan
$0
$400,000
$800,000
$1,200,000
$1,600,000Public Investment Private Investment
Now - Exterior Loan Program 5:18 - Downtown Investment
Exterior Improvement Loan
$0.00
$45,000.00
$90,000.00
$135,000.00
$180,000.00
2013 2014 2015 2016 2017 Request
End of Year / Current Balance Annual Investment
$160,663
$24,859$37,853
$140,148$140,148
$37,853$24,859
$160,663
Now - Exterior Loan Program 5:18 - Downtown Investment
Annual Percent Change in Property Values
Exterior Improvement Loan
-22.5%
-15.0%
-7.5%
0.0%
7.5%
15.0%
22.5%
30.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017
Fuller / Holmes Holmes / Lewis Lewis / Sommerville Exterior Loan Properties
Now - Exterior Loan Program 5:18 - Downtown Investment
Exterior Improvement Loan
Continue support for the Exterior Improvement program at $150,000 annually and continue
ability to use for any exterior project.
Downtown Business Leaders Request:
Now - Exterior Loan Program 5:18 - Downtown Investment
Downtown Investment
Downtown Shakopee is the core and heart of our Community.
A pleasing, inviting public realm is critical to the success of Downtown Businesses and our
identity as a Community.
Downtown Shakopee is an economic driver for our Community.
Now - Downtown Investment 5:23 - High Density Residential
Downtown Investment
$0
$5,000
$10,000
$15,000
$20,000
Imagine Print Walmart Target Addison Riva Ridge SB Strip Mall Anchor Bank Downtown Thrivent Turtles
$19,086
$14,105
$7,613$7,142$6,972$6,880
$5,406
$3,773$3,641$3,395
City of Shakopee Taxes Collected Per Acre
Downtown Shakopee businesses provide the highest per acre revenue of
anywhere in the City of Shakopee.
Now - Downtown Investment 5:23 - High Density Residential
Downtown Investment
Allocate $750,000 in 2017 budget for phased construction of identified public realm
improvements.
Utilize appropriate funding sources for portions of project. (Park Reserves for Parks, Public
Works for Parking Lots)
Assess 10% of public realm improvements to Downtown properties.
Downtown Business Leaders Request:
Now - Downtown Investment 5:23 - High Density Residential
High Density Residential
Need to increase foot traffic and young people in the core downtown area.
Enthusiastically support R-4 Zoning for apartment projects.
Support reduction in surface parking lots with increase in other parking options with new
projects.
Now - High Density Residential 5:28 - Main Street Shakopee
High Density Residential
The City of Shakopee and the Shakopee City Council promote and encourage high-density residential projects in Downtown Shakopee.
If necessary, utilize TIF and other incentives for qualifying projects.
Downtown Business Leaders Request:
Now - High Density Residential 5:28 - Main Street Shakopee
Main Street Shakopee
Working in conjunction with the Main Street Program
Critical for building community awareness
26 New and expanded businesses (12/13/15)
Over $4 million in investment (12/13/15)
Now - Main Street Shakopee 5:33 - Discussion
Main Street Shakopee
Shakopee City Council continues to support the Main Street Shakopee
program at $25,000 annually.
Downtown Business Leaders Request:
Now - Main Street Shakopee 5:33 - Discussion
Long-term Goals
Increase Downtown Shakopee engagement and activity by supporting Main Streets Shakopee
Maintain the Exterior Improvement program which improves the long-term viability and integrity of property.
Implement downtown public realm plan in phases.
Add high-density residential projects in Downtown to increase foot traffic and long-term viability.
Now - Discussion 5:50 - Adjourn
2017 Budget Requests
$25,000 for Main Street Shakopee
$150,000 for Exterior Improvement Loan Program
$750,000 for phased Public Realm Improvements
Now - Discussion 5:50 - Adjourn