Note 14 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

14.  SUBSEQUENT EVENTS

As noted in footnote 12, on January 25, 2022, the Company received the fully executed First Amendment to the Contract for Private Redevelopment (the “First Amendment”) among the Company, the City of Shakopee, and the Shakopee EDA, which is effective as of September 7, 2021. Under the First Amendment and as part of the authorized changes regarding the responsibilities of the Company and the City, improvements on Unbridled Avenue will be primarily constructed by the City of Shakopee. As a result, the total estimated cost of TIF eligible improvements to be borne by the Company will be reduced by $5,744,000 to an amount not to exceed $17,592,881. The First Amendment did not impact or reduce the amount the Company recorded as a TIF receivable as of December 31, 2021 or 2020. 

On January 10, 2022, the Company announced that it was reinstituting its quarterly cash dividend. The $0.07 per share cash dividend was paid on January 28, 2022 to shareholders of record as of the close of business on January 18, 2022.