2040 Comprehensive Plan: Envision Shakopee

FUTURE HOUSING NEEDS At the crux of Shakopee’s future health and vitality is the need for a diverse set of housing options that allows those who currently live here to age in place and for new households to be welcomed to the city. The Metropolitan Council projects Shakopee will grow by 22,500 residents by 2040. Conversations with Shakopee employers indicate that business growth Shakopee is tied to and constrained by the city’s access to labor. Resident growth will drive future housing demand and how the city prepares for this growth will impact Shakopee’s economy. As a member of the metropolitan region, Shakopee is expected to provide affordable units based upon the expected residential growth in the community. For the city, the expected need is 975 units from 2021 to 2030. The breakdown by AMI band is as follows: As Shakopee has grown as an employment hub in the region, its housing and amenity options have not expanded to meet the needs of its workers and other potential residents. Today, 80% of Shakopee workers (12,200 people) commute into Shakopee from around the region. On average, workers in Shakopee earned between $35,000– $47,000 annually in 2016, less than the median household income of Shakopee residents ($79,000). The majority of these workers cannot afford to live in the city. Specifically, 85% of workers in Shakopee earn less than $68,000, the annual income required to purchase an average-priced home in Shakopee, and 67% earn less than $50,000, the annual income required to rent an average-priced apartment in Shakopee. As companies continue to look to Shakopee for new or expanded investment opportunities, the lack of local labor will continue to be a hurdle for economic growth. By providing a diversity of housing options, preserving affordable housing stock and ensuring a vibrant and amenity-rich city, Shakopee can not only integrate existing workers into the city, but also invest in its economic future. 548 units at 30% AMI 145 units at 31-50% AMI 282 Units at 51-80% AMI

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