[PAGE 1]
AGENDA
CHASKA ECONOMIC DEVELOPMENT AUTHORITY
CHASKA CITY HALL - COUNCIL CHAMBERS & ZOOM
Monday, December 15, 2025
IMMEDIATELY FOLLOWING CITY COUNCIL MEETING
1. Call to Order
2. Roll Call
3. Adopt Agenda
4. Approve Previous Meeting Minutes
4.A. Meeting Minutes from 10-20-2025
4.B. Meeting Minutes from 11-17-2025
5. Discussion Items
5.A. Memorandum of Understanding with Trident Development LLC for City
Square West Project
5.B. Adopt EDA Resolution No. 2025-92 Adopting the 2026 EDA Budget and
EDA Property Tax Levy for Payable 2026.
6. Other Business
7. Adjourn
Agenda Page 1
Page 1 of 12

[PAGE 2]
DRAFT
- MINUTES -
CHASKA ECONOMIC DEVELOPMENT AUTHORITY
OCTOBER 20, 2025
1. Call to Order
The meeting was called to order by President Hubbard at 9:13 p.m.
2. Roll Call
Roll call was taken. Present: President Hubbard and Commissioners Benesh, Grau, Hatfield, and
Sheveland.
Absent: None.
Also Present: Matt Podhradsky, Executive Director and Elise Durbin, Assistant Executive Director.
3. Agenda
Motion by Commissioner Hatfield, second by Commissioner Benesh to adopt the agenda as
presented.
Motion carried.
4. Approve Previous Meeting Minutes
4.A. Meeting Minutes 09/29/2025
Motion by Commissioner Benesh, second by Commissioner Sheveland to adopt the agenda as
presented.
Motion carried.
5. Discussion Items
5.A. Amended Land Donation Agreement
Executive Director Podhradksy introduced, and Assistant Executive Director Durbin gave an
overview of this item.
Motion by Commissioner Hatfield, second by Commissioner Benesh to approve the Amended
Land Donation Agreement.
Motion carried.
6. Other Business
There was no other business.
7. Adjourn
Motion by Commissioner Sheveland, second by Commissioner Grau to adjourn the meeting at
9:18 p.m.
Motion carried.
Page 2 of 12

[PAGE 3]
DRAFT
- MINUTES -
CHASKA ECONOMIC DEVELOPMENT AUTHORITY
NOVEMBER 17, 2025
1. Call to Order
The meeting was called to order by President Hubbard at 8:30 p.m.
2. Roll Call
Roll call was taken. Present: President Hubbard and Commissioners Benesh, Grau, Hatfield,
and Sheveland.
Absent: None.
Also Present: Matt Podhradsky, Executive Director; and Elise Durbin, Assistant Executive
Director.
3. Agenda
Motion by Commissioner Sheveland, second by Commissioner Benesh to adopt the agenda as
presented.
Motion carried.
4. Approve Previous Meeting Minutes
4.A. Meeting Minutes 09/29/2025
Motion by Commissioner Grau, second by President Hubbard, to adopt the agenda as presented.
Motion carried.
5. Discussion Items
5.A. Adopt EDA Resolution 2025-84 Amending Temporary Transfer Spending Plan
Executive Director Podhradksy presented this item to the Council.
Motion by Commissioner Benesh, second by Commissioner Hatfield, to Adopt Resolution EDA
2025-84 Amending the Temporary Transfer Spending Plan for Tax Increment Financing District
No. 12, Tax Increment Financing District No. 13, and Tax Increment Financing District No. 19.
Motion carried.
6. Other Business
Commissioner Sheveland said that the Truth and Taxation Hearing is on December 1, and
notices have been mailed out for residents who would like to attend the hearing. Executive
Director Podhradksy said that at the December 1 meeting, the General Fund budget will be
presented, but no action will be taken. He noted that on December 15, the tax levy will be
adopted, as well as all other budgets.
7. Adjourn
Motion by Commissioner Hatfield, second by Commissioner Grau to adjourn the meeting at 8:35
p.m.
Motion carried.
Page 3 of 12

[PAGE 4]
REQUEST FOR ACTION
CHASKA ECONOMIC DEVELOPMENT AUTHORITY
12/15/2025
Subject: Memorandum of Understanding with Trident Development LLC for
City Square West Project
Prepared By: Nate Kabat, Community Development Director
Elise Durbin, Assistant Executive Director
Background
In 2012, a Downtown Master Plan was adopted by the City Council. As a part of that plan, the
Downtown Master Plan identified three catalyst redevelopment sites in downtown—one of which
is the City Square West site.
A task force was brought together in 2017 and 2018 to develop a concept plan for the City
Square West site. The concept plan was approved by the City Council in December 2018.
Following the approval of the concept plan the City issued a Request for Qualifications (RFQ) in
2020 to identify a preferred developer for the City Square West project. Inland Development
Partners was selected as the preferred developer. The City and Inland Development
Partnership worked together to build upon the preferred concept, reviewed financial feasibility,
and sought outside dollars for the project.
1
Page 4 of 12

[PAGE 5]
In October 2025, the City and Inland Development Partners decided not to continue working
together on the City Square West project.
During the RFQ process, in addition to Inland Development Partners, two other developers
submitted proposals—Talle & Associates and Trident Development. Given Trident
Development’s work in Chaska at Highland Shores, Jonathan Flats, and most recently at
Hazeltine Plaza Apartments, staff reached out to them about the opportunity at City Square
West. Trident Development has and continues to remain interested in developing the site.
Memorandum of Understanding
To formalize the relationship, staff and Trident Development have been preparing a
Memorandum of Understanding (MOU) related to the redevelopment of City Square West
between the City, EDA, and Trident. The attached MOU outlines the expectations of all parties.
In summary:
• The first phase will be an evaluation phase where Trident and the City will work together
to share background information and start to prepare a concept plan, review that plan
with the Planning Commission and City Council, and develop preliminary cost estimates.
• If after the first phase, the project is deemed feasible by the City and Trident, then the
project will move onto the pre-development phase, where the city and developer will
continue to arrange financial sources for the project and city entitlements and financial
assistance packages will be reviewed by the Planning Commission and City Council.
• Once the pre-development phase is complete, then the project will move onto the
development phase where acquisition, relocation, and demolition will begin.
Recommendation
Given Trident’s track record of delivering high quality multi-family projects in Chaska,
knowledge and continued interest of the Chaska market, and preliminary discussions about how
they would approach the City Square West site, staff recommends approving the MOU so that
formal work on the concept can begin. The City will be requested to take the same action since
they are also a party to the agreement.
On a separate note, the City will be taking a two-pronged approach to this project at the
Legislature in 2026. Requests for inclusion in a bonding bill have already been submitted. The
request of $7.825 million is in addition to the $5.425 million approved in 2023. Additionally, a
bill has been drafted that would extend the Tax Increment Financing District (in place, but not
yet certified) for this project from a 25-year district to 35 years. The extension of the TIF
district continues to help fill the gap of the redevelopment.
CITY COUNCIL ACTION REQUESTED
Motion to approve the Memorandum of Understanding with Trident Development, L.L.C., and
the City of Chaska, and authorize the President and Executive Director to execute the MOU.
2
Page 5 of 12

[PAGE 6]
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding (“MOU”) is entered into between the City of Chaska, a Minnesota
municipal corporation (“Chaska”), the Chaska Economic Development Authority, a Minnesota
municipal corporation (the “EDA”, and together with Chaska, the “City”), and Trident Development,
LLC., a Minnesota limited liability company (“Trident”) as of the latest date indicated below.
WHEREAS, the City desires to pursue a private/public re-development of Block 27, situated
between Third Street and Fourth Street, west of Chestnut Street, City of Chaska, including Parcel
ID numbers 300501800; 300501830; 300501840; consisting of approximately 90,918 Sq. Ft or
2.08 acres, known as the City Square West re-development (the “Project”); and
WHEREAS, the City desires to engage Trident as exclusive developer for project management
and the overall re-development of the Project; and
WHEREAS, Trident is experienced in real estate development, project management and
construction; and
WHEREAS, Trident desires to be engaged and participate as the exclusive developer for the
Project; and
WHEREAS, the City has obtained, or will obtain public funding sources to be allocated and
applied to the direct and indirect costs of the Project;
NOW THEREFORE, the parties agree to the following mutual understandings and expectations:
1) INITIAL / EVALUATION PHASE – 90 Days:
a. The City will formally terminate, in writing, any and all agreements with all previous
developers involved in the Project.
b. Trident will conduct due diligence inspections, review and evaluation of the proposed
Project, including but not limited to, review of existing market demand assessment,
review of existing Phase 1 Environmental Site Assessment, review of existing ALTA
survey map, review of existing geotechnical evaluation report. Any additional or updated
reports will be at Trident’s expense.
c. City to provide its most recent title insurance commitment, dated as of 2017 for all
parcels consisting of the Project at the City’s expense.
d. Trident will engage a Professional Surveyor at Trident’s expense, to advise as to the steps
necessary to correct any title defects. The cost of correcting title defects will be at the
City’s expense.
e. Based on findings and recommendations in the existing market demand assessment,
Trident will produce a preliminary sketch plan (parking plan, site plan, floor plans), at
Trident’s expense, describing the preliminary scope of construction for the Project for
City’s review and approval. (note: a new, or updated market study may be required. If
so, such new market study will be a Trident’s expense)
f. Based on the approved sketch plan, as described in 1) e above, Trident will obtain
demolition and construction cost estimates from Lyon Contracting, Inc., at Trident’s
expense.
Page 1 of 4
Page 6 of 12

[PAGE 7]
g. Based on the approved sketch plan and preliminary cost estimates, Trident will prepare
for the Project a financial feasibility analysis for review by the City, at Trident’s expense.
Such analysis will include an estimate of “financial gap” to demonstrate Trident’s need
for public financial assistance (i.e., “but for any public financial assistance provided,
Trident would not undertake the Project.”).
h. Trident will submit for concept plan approval from the Chaska Planning Commission
and City Council
i. Provided the City and Trident are in agreement on the Concept Plan and the supporting
data and results of the Initial/Evaluation Phase and the financial feasibility analysis, the
City and Trident agree to proceed to the Pre-development Phase.
2) PRE-DEVELOPMENT PHASE – 120 Days:
a. Based on the ‘financial gap’ evidenced in the financial analysis, the City agrees to
arrange, procure and contribute funds from various public and government sources for
the Project, including, without limitation, review of Tridents request for Tax Increment
Financing, Tax Abatement and other available public funds for the Project.
b. Trident will undertake the re-zoning, re-platting and obtaining the necessary entitlements,
governmental approvals and permits for the construction of the Project, at Trident’s
expense.
c. Trident will arrange for private financing and investment capital for the Project, at
Trident’s expense.
3) DEVELOPMENT PHASE – 120 Days:
a. The City will acquire all the real property and improvement contained within the Project
area (Block 27), at the City’s expense.
b. The City will relocate, or cause to vacate all occupants, tenants or users of buildings in
Block 27, at the City’s expense. The Parties acknowledge that site acquisition and
relocation of tenants may require more than 120 days. If required, Trident will consider
an extension of an additional 120 days of this phase, provided that such extension of time
does not increase development costs to Trident.
c. The City will demolish, terminate all utilities, dispose of all demolition materials and
clear the Project site in preparation for re-development, at City’s expense.
d. Provided the City and Trident are in agreement with the results of the Initial/Evaluation
Phase and the financial feasibility analysis, the City and Trident agree to enter into a
comprehensive contract for public/private re-development/purchase agreement and agree
to proceed with the Project pursuant to the terms of the agreement, as set forth in this
MOU. The contract for public/private re-development/purchase agreement must meet any
and all requirements of public fund sources.
4) OTHER
a. If, prior to the execution of the comprehensive contract for public/private redevelopment,
the City elects to discontinue working with Trident on the Project for any reason, the City
then agrees to reimburse Trident for fifty percent (50%) of its costs incurred.
b. Additional terms and conditions related to, but not limited to construction, timing, public
improvements and surety, will be contained in the contract for private/public re-
development
Page 2 of 4
Page 7 of 12

[PAGE 8]
This MOU is intended to set forth an understanding of the more significant business terms and conditions
of the subject matter and is not binding on either party.
Chaska: City of Chaska, Minnesota, a Minnesota Municipal Corporation
By: __________________________________ Dated ____________________, 2025
By:___________________________________
EDA: Economic Development Authority of Chaska, a Minnesota Municipal Corporation
By: __________________________________ Dated ____________________, 2025
By:___________________________________
TRIDENT DEVELOPMENT, LLC., a Minnesota limited liability company
By: __________________________________ Dated ____________________, 2025
Page 3 of 4
Page 8 of 12

[PAGE 9]
EXHIBIT
Page 4 of 4
Page 9 of 12

[PAGE 10]
REQUEST FOR ACTION
CHASKA ECONOMIC DEVELOPMENT AUTHORITY
12/15/2025
Subject: Adopting 2026 EDA Budget and Property Tax Levy for Payable 2026
Reviewed By: Noel Graczyk, Administrative Services Director
Prepared By: Erica Mattice, Finance Division Director
Mitchell O’Sell, Accountant I
Background
The proposed 2026 Budget for the Chaska EDA includes a proposed HRA levy that must be
certified to the County Auditor by December 29, 2025. The following table compares EDA tax
levies and budgets from the proposed 2026 Budget to the adopted 2025 Budget.
2025 2026 Percent
Adopted Proposed Increase Increase
Budget Budget (Decrease) (Decrease)
HRA Property Tax Levy $231,440 $249,217 $17,777 7.7%
Total all Revenue $646,185 $854,722 $208,537 32.3%
Sources
Total all Expenditure $624,145 $784,811 $160,666 25.7%
Uses
Net Total $ 22,040 $ 69,911 $ 69,911 n/a
The proposed property tax levy for payable 2026 includes a 7.7% increase based on new
construction, inflation, and operational needs. This proposed budget also includes an additional
$200,000 in revenue and expense to pay for the roof on the Peacock Inn.
Staff Recommendation
Staff recommends approval of the proposed resolution adopting the 2026 EDA Budget and an
EDA property tax levy for payable 2026.
EDA ACTION REQUESTED
Motion to adopt EDA Resolution No. 2025-92 adopting the 2026 EDA Budget and EDA
property tax levy for payable 2026.
Page 10 of 12

[PAGE 11]
CHASKA ECONOMIC DEVELOPMENT AUTHORITY
CARVER COUNTY, MINNESOTA
RESOLUTION
DATE 12/15/2025 RESOLUTION NO. EDA 2025-92
MOTION BY COMMISSIONER SECOND BY COMMISSIONER
A RESOLUTION APPROVING THE 2026 EDA BUDGET AND PROPERTY TAX LEVY FOR
PAYABLE 2026
WHEREAS, the Executive Director’s proposed 2026 EDA Budget recommends a Housing and
Redevelopment Authority special benefit property tax levy in accordance with Minnesota State
Statutes, Section 469.033, Subdivision 6; and,
WHEREAS, in accordance with Minnesota State Statues, Section 469.033, Subdivision 6 the special
benefit property tax shall be an amount approved by the City Council of the City of Chaska but
shall not exceed 0.0185 percent of estimated market value of the City of Chaska; and,
WHEREAS, the City has conducted a public hearing on December 1, 2025 to receive comment
from the public on the proposed 2026 Budget and the tax levies recommended therein including
the proposed 2026 EDA Budget and the EDA tax levy recommended therein; and,
WHEREAS, the EDA must certify to the County Auditor on or before December 29, 2025, a
property tax levy for assessed 2025 payable 2026.
NOW, THEREFORE, BE IT RESOLVED, that the following assessed 2025 payable 2026 property
tax levy be adopted consistent with the 2026 Budget:
Fund Levy Amount
EDA Fund, HRA Levy $249,217
FURTHER, BE IT RESOLVED, that the following 2026 EDA special revenue fund budget be
adopted:
Revenues and Other Expenditures and Fund Balance
Fund Sources Other Uses Increase (Decrease)
EDA Fund $854,722 $784,811 $69,911
Page 11 of 12

[PAGE 12]
AND, FURTHER, BE IT RESOLVED, that the Executive Director of the EDA is directed to file the
approved EDA levy with the Carver County Auditor on or before December 29, 2025.
Passed and adopted by the Economic Development Authority of the City of Chaska, Minnesota,
this 15th day of December 2025.
Taylor Hubbard, President
Attest:
Matt Podhradsky, Executive Director
Page 12 of 12