2026-2030 Capital Improvement Plan

Innovation Center/Incubator 2026 thru 2030 Project Details 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

2 - Smart to do

Status

Active

Useful Life

30 years

Accounting Code

BA20005

Fund

Building Asset IS Fund

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

2026

2027 2028 2029 2030

Total

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

Construction/Maintenance

0

12,000,000

0 0 0

0 0 0

0 0 0

Planning/Design

1,000,000 1,000,000

0

Total

12,000,000

Funding Sources

2026

2027 2028 2029 2030

Total

4,500,000 4,500,000 4,000,000 13,000,000

Cost Sharing, MnDOT/Federal

0

4,500,000 3,500,000 4,000,000 12,000,000

0 0 0 0

0 0 0 0

0 0 0 0

Grants

1,000,000

State Bonding Funds

0

Total

1,000,000

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.

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Produced Using Plan-It CIP Software