Resources for Shakopee Businesses
Facade Improvement Program
The City of Shakopee reconfigured the former Commercial Exterior Program in 2016 to return the program to focus mainly on the aesthetics of a building as they appear from the street.
The City matches 50% of exterior work (signage, painting, windows, patios, lighting, streetscape, etc.) typically not exceeding $30,000. A percentage of the loan is forgiven annually as long as you own the building.
The City previously awarded the forgivable loans for roofs and other work, but has since said they will approach those on a case-by-case basis. Do not hesitate to apply for roofing, the worst that can happen is Council says no.
Depending on when you apply, this process can be as short as four weeks or as long as 12 to 16 weeks.
- Complete the City’s application (download here).
- Get at least two bids for the work you want to get done and submit to City with application.
- Your application will be reviewed by staff and a recommendation will be made.
- Your application will then be on the Economic Development Advisory Committee agenda for a recommendation. This group meets every two months.
- Your application will have a final approval by the Economic Development Authority (made up of the five City Council members) that meets the third Thursday of each month.
If approved, you have up to one year to spend the funds.
Grepoli can do all of the work for you on this application from filling out the paperwork to getting bids to submitting to the City. You will need to be present at any public meetings to talk about your project.
If you are too busy to handle the busywork of getting this done but want to improve the look of your building, we would love to help you! Our fee is simply 15% of whatever you are awarded for a loan. We do require a $1,500 non-refundable retainer that is applied to your final bill.
Depending on your project, you may be interested in applying for tax incentives. This can be very tricky and needs proper political thought and preparation before approaching the City. Shakopee utilizes a pay-as-you-go policy for incentives and bases them on high-wage job creation.
Tax abatements are awarded by each individual taxing authority (School, County, City, Etc.). The way these generally work is that you pay your entire property tax bill and then if you meet certain requirements set up in your deal (jobs, affordable housing units, etc.), you get the increase in property taxes rebated to your company.
Tax Increment Financing (TIF)
TIF only needs to be approved by the City. After approval, a bond is issued for a certain amount of money and then repaid by the increase in taxes produced by that property. As well, if you don’t meet requirements, the deal is off.
Grepoli can help in a variety of ways with these projects from political consulting to management of the project. Depending on the size, we require a down payment plus a percentage of what is awarded over time.
Shakopee also has Sewer Access Credits to help with SAC fees, participates in Minnesota Investment Fund and Job Creation Fund projects with the State of MN to help create jobs.
At Grepoli, we can also help find grants and loan programs that may meet the needs of your project in Shakopee or any other community. Get in touch and we’ll chat about your project and how we can help.