Title
Resolution approving the execution of a tax increment financing development agreement, for a project located at 830 Cretin Avenue (The Lumin at Highland Bridge Project), District 15, Ward 3
Body
WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) has heretofore established the Ford Site Redevelopment Project Area (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, 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, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.1794, as amended, (the “TIF Act”), the HRA has created, within the Project Area, the Ford Site Housing Tax Increment Financing District #2, qualified as a housing tax increment financing district (the “TIF District”), and adopted a tax increment financing plan therefor approved by the St. Paul City Council on April 14, 2021 and adopted by the HRA on June 23, 2021 (the “TIF Plan”) which provides for the use of tax increment financing in connection with certain development within the Project Area and TIF District; and
WHEREAS, CB Ford Site I Limited Partnership, a Minnesota limited partnership (the “Developer”), has proposed to construct and equip an affordable housing development consisting of approximately 60 rental senior housing units and related amenities including an onsite management and leasing office, a community room with a kitchen, an activity room, individual storage units, bike storage, an elevator and surface and covered parking, to be located at 830 C...
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