Shakopee EDA Regular Meeting - December 3, 2025
Shakopee Economic Development Authority Regular Meeting - December 3, 2025
The Shakopee Economic Development Authority (EDA) met on December 3, 2025, at City Hall. The meeting included approval of routine consent items, a discussion and vote on transferring a development agreement and guarantee for a Tax Increment Financing (TIF) property, and approval of the EDA bill list. All actions were approved unanimously.
Consent Calendar
- Approved the EDA meeting minutes from the previous session.
- Approved the agenda.
Discussion Items
- Transfer of Guarantee and Contract for Private Development: Mr. Kersky explained that the original development agreement and guarantee must be transferred when the property is sold, because the city holds the TIF note and receives TIF value. The guarantee requires the property owner to make up any shortfall if tax revenues fall below the required amount. The seller, DECO Shakopee LLC (an affiliate of Enclave, represented by Austin Morris), decided to sell because limited partners wanted to move funds to another project. The buyer is LOUMIN HOLDINGS DECO LLC. Board member Mr. Lahman asked about an interfund loan with interest payments referenced in the memo; staff provided a year-to-date update. The board then approved Resolution E2025-005 approving the assignment and assumption of the contract for private development and transfer of redevelopment property. The motion was seconded and carried unanimously.
Key Outcomes
- Approved Resolution E2025-005 transferring the development agreement and guarantee from DECO Shakopee LLC to LOUMIN HOLDINGS DECO LLC under the same terms.
- Approved the EDA bill list by unanimous consent.
- Adjourned to January 6, 2026, at 7:00 PM.
Meeting Transcript
Development authority meeting. Councillor Contreras. Make a motion to recess to the EDA. Is there a second? Second. Motion and seconded. A discussion on the motion. Seeing none. All in favor say aye. Aye. Opposed. Motion passes. I'd like to call the order at the December 2nd meeting of the Shakabi Economic Development Authority. Please make note of the roll. Item number two is our agenda. Is there any comments on the agenda? Mr. Lehman? Mr. President, I'll make a motion to approve the agenda. I'll second. We have a motion and a second. Discussion, discussion, discussion. All in favor say aye. Aye. Any opposed? We have an agenda. The next item is our consent business. Any questions about the EDA meeting minutes? Look for a motion. Mr. I make a motion to approve the consent. We have a motion and a second from Mr. Delaney. Any discussion, discussion, discussion. All those in favor say aye. Aye. That's approved. Any opposed? I think we've got them all. General business, Mr. Kersky. Approval of the transfer guarantee and contract for private development from DECO Shacopy LLC to Loman Holdings. Deco LLC. Good evening, uh Chair and Board members. So this is a requirement of our agreement that if the property is sold, we have to transfer the original development agreement along with the guarantee. If you remember the city holds the TIFF note and receives the TIFF value, that includes a guarantee from the property owner that if the taxes fall below uh the amount that's due every year, the property owner has to make it up to us. So Austin Morris, who is the chairman and founder of Enclave, said an offer came along. The limited partners that are in this project wanted to transfer money to a different project. So they had a willing buyer, so they decided to sell.
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