Title
Resolution Approving the Decertification of the Emerald Park Redevelopment Tax Increment Financing District and Amending the HRA Budget Therefor, District 12, Ward 4
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WHEREAS the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Franklin-Emerald Redevelopment Project Area (the “Project Area”) and has adopted a redevelopment plan therefor (the “Redevelopment Plan”) as amended from time to time, 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, on November 28, 2001, the HRA approved the creation of the Emerald Park Redevelopment Tax Increment Financing District (a redevelopment district) (the “TIF District”) and adopted a tax increment financing plan therefor and on May 12, 2010, the HRA approved an amendment to the TIF Plan (as amended, the “TIF Plan”); and
WHEREAS, it has been proposed that the HRA decertify the TIF District as of December 31, 2026; and
WHEREAS, the HRA issued $6,595,000 in Tax Increment Revenue Refunding Bonds (Emerald Gardens Project), Series 2010 on July 15, 2010 (the “District Obligations”); and
WHEREAS, the HRA has collected sufficient tax increments and has fully redeemed the outstanding District Obligations; and
WHEREAS, the HRA's debt service budget must be amended to account for the redemption of the outstanding District Obligations.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the HRA, as follows:
1. The Board hereby approves the HRA budget amendment as set forth in the attached Financial Analysis.
2. With all District Obligations satisfied, the TIF District shall be deemed decertified as of December 31, 2026. Any remaining increments not eligible for spending, as determined by the Executive Director of the HRA, or its designee, will be returned to Ramsey County and redistributed to the appropriate taxing jurisdictions.
3. HRA Staff is authorized and directed to determine the amount of tax increments to be returned to Ramsey County for redistribution, if any, and to transmit a copy of this resolution to Ramsey County with a request to de-certify the TIF District, it being the intent of the HRA that no further collection of tax increment from the TIF District will be distributed to the HRA after December 31, 2026.
4. The officers of the HRA, attorneys, engineers, and other agents or employees of the HRA are hereby authorized to do all acts and things required of them by or in connection with this resolution, for the full, punctual, and complete performance of all the terms, required actions, and agreements contained in this resolution.
5. This resolution shall be in full force and effect from and after its approval.