Title
Resolution Approving an Amendment to the Tax Increment Financing (TIF) Plan for the Phalen Village Redevelopment Tax Increment Financing District and Amending the HRA Budget Therefor; District 2, Ward 6
Body
WHEREAS, the HRA has heretofore established the Saint Paul Neighborhood Project
Area, as amended (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 (the “HRA Act”); and
WHEREAS, the HRA has previously created the Phalen Village Redevelopment Tax Increment Financing District (the “TIF District”) located within the Project Area and adopted a tax increment financing plan for the TIF District (as previously amended, and as further amended hereby, the “TIF Plan”), pursuant to and in accordance with the HRA Act and Minnesota Statutes, Section 469.174 through 469.1794, inclusive, as amended (the “TIF Act”); and
WHEREAS, Laws of Minnesota 2005, Chapter 152, Article 2, Section 28 (the “Special Law”) authorized the HRA to establish up to two subdistricts in the TIF District and provided that “each subdistrict shall be treated as a separate tax increment district”; and pursuant to the terms of the Special Law, Ramsey County TIF District No. 234 and Ramsey County TIF District No. 269 have each been designated as separate subdistricts, each to be treated as a separate tax increment district;
WHEREAS, the TIF District is comprised of 116 tax parcels, with 115 tax parcels identified as Ramsey County TIF District No. 234 (the “234 Tax Parcels”) and one (1) tax parcel identified as Ramsey County TIF District No. 269 (the “269 Tax Parcels”); and
WHEREAS, the development documents pledging tax increments from the 234 Tax Parcels have expired by their terms and all obligations have been satisfied through Tax Pay Year 2026 (the “Development Documents”); and
WHEREAS, the HRA has determined that it is necessary to further amend the TIF Plan to...
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