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EDA approves temporary rent rollback for River City Center tenant after reported sales slump
Summary
The Shakopee Economic Development Authority voted to roll a tenant's rent back to a $14-per-square-foot baseline through October 2027 to prevent vacancy after the tenant reported substantial sales declines; the motion passed narrowly in a recorded 3-2 tally.
The Shakopee Economic Development Authority on March 3 approved a temporary modification to a tenant's lease at 155 1st Avenue in River City Center, rolling monthly rent to a $14-per-square-foot baseline through October 2027 to keep the space occupied.
Mr. Kerski, presenting the proposal to the board, said the tenant's business has been "significantly impacted" and that revenues were "down about 30%" in recent months. He added, "I'd say they're down 15% or 20% month over month," and recommended the rollback so the tenant would not close. "I'd rather take $14 a square foot than…
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