A new 80-unit senior rental housing facility will be constructed next to the Shakopee Area Catholic Schools campus, thanks to a plan approved by the Shakopee City Council at its regular meeting June 5.
The council approved a Tax Increment Financing (TIF) plan and Contract for Private Development (CPD) for the All Saints Senior Living, LLC senior housing project. The council also, acting in its capacity as the Economic Development Authority EDA, approved the TIF plan, CPD, and issuance of the TIF note for the project.
The assistance will allow Trident L.L.C. to construct an approximately 84,000 square foot, senior rental housing facility that will be managed by Tealwood Management. The facility will be located on three acres at Independence Drive south of County Hwy 16 and adjacent to the SACS campus. When the facility opens in 2013‐2014, it will offer independent living, assisted living and memory support units.
Through the TIF plan, the City of Shakopee will provide tax reimbursement assistance totaling $1 million for up to 26 years. Under the plan, at least 20 percent (16) of the 80 units would have to be available to individuals with incomes at or below 50 percent of the median income in Scott County in order for All Saints to receive the tax reimbursement in a given year.
“As a growing community, we have to address the needs of all of our residents from infants to seniors,” said Mayor Brad Tabke. “The All Saints Living senior housing project allows us to incent development in the city that also provides lower income senior citizens with an affordable housing option.”