2024-28 Capital Improvement Plan

2024 2028 thru

Capital Improvement Plan City of Shakopee, Minnesota

Project #

BA-20-005

Project Name Innovation Center/Incubator

Contact Director of Planning & Develop Department Building Internal Service Fund

Type Buildings

Useful Life 30

Category Buildings

Priority 3 Less Important/Future Conside

Accounting Code BA20005

Project Code BA2005

Fund Building Asset IS Fund

Status Active

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. Total Project Cost: $13,000,000

$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

Total

2024

2025

2026

2027

2028

Planning/Design

1,000,000

1,000,000

Construction/Maintenance

12,000,000

12,000,000

1,000,000

12,000,000

13,000,000

Total

Funding Sources

Total

2024

2025

2026

2027

2028

Cost Sharing, MnDOT/Federal

1,000,000

3,500,000

4,500,000

Grants

4,500,000

4,500,000

State Bonding Funds

4,000,000

4,000,000

1,000,000

12,000,000

13,000,000

Total

Budget Impact/Other 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.

Prior

100,000

Total

167