Canterbury Park amends redevelopment agreement; TIF cost cap reduced to $17.6M, timeline extended to 2027

Canterbury Park Holding Corp

First Amendment reduces Master Developer's TIF-eligible improvement costs from $23.3M to $17.6M, a reduction of $5.7M.
City of Shakopee will construct Unbridled Avenue improvements, shifting responsibility from Master Developer.
Canterbury Park will purchase a TIF Note with maximum principal of $17.6M to reimburse qualified costs.
Deadline for completion of remaining Developer Improvements extended to July 17, 2027 from earlier 2023 dates.
Shenandoah Drive improvements completed by Master Developer prior to Dec 31, 2019, as confirmed.

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