Title
Approving the establishment of a Tax Increment Financing District and approving the Tax Increment Plan and modification of the Riverfront Redevelopment Plan (Cossetta Project).
Body
Amended 5/18/11
WHEREAS, the City Council of the City of Saint Paul (the "Council") has the statutory responsibility under Minnesota Statutes, Section 469.028, to approve redevelopment plans and projects of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), after a public hearing thereon; and
WHEREAS, the HRA heretofore established the Riverfront Redevelopment Project (the "Project Area") and has adopted a redevelopment plan therefor (the "Redevelopment Plan") pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended; and
WHEREAS, the HRA proposes to enlarge the Project Area, and has submitted to the Council a modification to the Redevelopment Plan; and
WHEREAS, said Redevelopment Plan contains an identification of need and statement of objectives and program of the HRA for carrying out of a redevelopment project, including property to be acquired, public improvements to be provided, development and redevelopment to occur, and sources of revenue to pay redevelopment costs within the Project Area; and
WHEREAS, the Saint Paul Planning Commission has reviewed the modification to the Redevelopment Plan, and approved the same as being in conformity with the Saint Paul Comprehensive Plan and the general plan for the development and redevelopment of the City as a whole; and
WHEREAS, Minnesota Statutes, Section 469.175 requires that before a county auditor may certify a tax increment financing district created under Minnesota Statutes, Section 469.174 to 469.1799 (the "Tax Increment Act") the governing body of the municipality must approve the tax increment financing plan after a public hearing thereon; and
WHEREAS, the HRA has asked the Council to approve the creation, within the enlarged Project Area, of a Tax Increment Fina...
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