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Shakopee EDA approves assignment of private development agreement for Deco property
Summary
The Shakopee Economic Development Authority approved a resolution to assign and assume a private development agreement and transfer redevelopment property from Deco Shakopee LLC to Newman holding Deco LLC, as required by the original development guarantee.
SHAKOPEE, Minn. — The Shakopee Economic Development Authority on Dec. 2 approved a resolution to assign and assume a private development agreement and transfer redevelopment property tied to a TIF note.
Staff explained the assignment is required when ownership of a project subject to a transfer guarantee is sold. "If the property is sold, we have to transfer the original development agreement along with the guarantee," staff said, noting the city holds the TIF note and receives the TIF value tied to the obligation. According to staff, the prior limited partners sold their interest and a willing buyer was identified; the staff packet included information about the buyer and buyer representatives were present.
Board member Petros moved to approve Resolution E2025-55 approving assignment and assumption of the contract for private development and transfer of redevelopment property from Deco Shakopee LLC to Newman holding Deco LLC; motion was seconded and passed by voice vote.
The EDA also approved its bill list by unanimous consent and adjourned to Jan. 6, 2026, at 7 p.m.
