2026 Budget for the City of Shakopee

93

2026 Annual Budget

Fund: Economic Development Authority

Description of Services: The EDA was organized to promote development, new businesses, business retention, improve housing and reduce blighted areas in the city. These services are overseen by the Planning and Development Director with the assistance of the Economic Development Coordinator and other staff as required. The EDA Board is comprised of the City Council Members. The City Administrator is also the Executive Director of the EDA.

Employees:

2023

2024

2025

2026

Director of Planning & Development Economic Development Coordinator

0.5

0.5

0.5

0.5

1

1

1

1

Total

1.5

1.5

1.5

1.5

Accomplishments:  The EDA approved a Tax Increment District for the Shakopee Gravel Site along with a Planned Unit Development and Preliminary Plat. The project is expected to generate more than $350 million in value when completed.  GN Resound began construction on the former Shutterfly site as its new North American Headquarters, eventually employing more than 800 people and adding several new divisions to the location.  The Amphitheater at Canterbury is under construction and will be completed in early 2026. Live Nation was named as the facility operator and the facility was named the Mystic Lake Amphitheater.  Shakopee’s entrepreneur group that started with less than six companies is now more than 35.  The FounderyMN entered into partnership with BETA MN which heightened innovators interest in Shakopee as a location for business.  The successful completion of another year of the annual TAP beer event brought people to Shakopee from all over the world including first attendees from London. The event hosted 44 Minnesota breweries, the largest number in four years.  The Social District opened in September and included almost all the facilities downtown and at Canterbury. New district and rules signs were installed. The city purchased 50,000 compostable cups that will be sold to users to help fund the costs for the District.  Staff responded to numerous inquiries for economic development projects from the State and Greater MSP.  EDA partnered with Canterbury to retain Hunden Partners to complete a study for the 28 acres adjacent to the amphitheater to create additional entertainment destinations.

Goals/Challenges: 

Continue to be a destination location for all businesses.

Performance Measures:

Actual 2023

Actual 2024

Projected 2025

Projected 2026

Projected companies in FounderyMN

15 20

25 28

35 40

TBD TBD

Companies Joined

Organization Chart:

Director of Planning & Development

Economic Development Coordinator

Mayor & Council

City Administrator