SHAKOPEE, Minn., March 8, 2018 /PRNewswire/ — Shakopee City Council on Tuesday approved, by a four to one vote, a resolution creating a new Tax Increment Financing Redevelopment (TIF) District for an area consisting largely of Canterbury Park. The TIF Resolution establishes the Redevelopment TIF District for 25 years with a maximum present value of public improvements of approximately $33 million.
Securing Shakopee City Council approval of the TIF District is an important milestone in Canterbury Park’s real estate development effort known as Canterbury Commons, however additional approvals, including a comprehensive redevelopment agreement, are needed and other conditions must also be satisfied.
The TIF District is designated ‘pay-as-you-go’ with Canterbury Park paying the upfront costs for public infrastructure related to the redevelopment and receiving reimbursements, through incremental tax proceeds, for all approved expenses. Approved public infrastructure costs include new public streets, utilities, sidewalks, and other public infrastructure needed to support the businesses and other amenities within Canterbury Commons.
Canterbury Park is working with City Staff to finalize a comprehensive redevelopment agreement that precisely defines road designations, locations, offsite improvement and costs as well as a timeline for the construction of the public improvements. That redevelopment agreement will be presented to City Council in the coming months.
The Canterbury Commons redevelopment project will include residential components, commercial and retail structures, and hospitality and destination entertainment establishments.
About Canterbury Park:
Canterbury Park Holding Corporation (the Company) owns and operates Canterbury Park Racetrack and Card Casino, Minnesota’s only thoroughbred and quarter horse racing facility. The Company’s 2018 live race will begin May 4th and end September 15th. In addition, Canterbury Park’s Card Casino hosts “unbanked” card games 24 hours a day, seven days a week, offering both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its facility in Shakopee, Minnesota. For more information about the Company, please visit us at www.canterburypark.com.
From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as “believes,” “expects,” “anticipates,” “intends” or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made.
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SOURCE Canterbury Park Holding Corporation