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Approving and authorizing the adoption of a Fourth Amendment to Tax Increment Financing Plan for the Housing Tax Increment Financing District No. 2, the Shepard Davern Rental Housing Project (District 15, Ward 3).
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore, with the approval of the City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”), established the Shepard Davern Redevelopment Project Area (the “Project Area”) and 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, in 2003, the City and the HRA heretofore approved and created, by resolutions of the City and HRA, within the Project Area, Housing Tax Increment Financing District No. 2 (Shepard Davern Rental Housing Project) (the “TIF District”) and adopted a Tax Increment Financing Plan therefor (as amended, the “TIF Plan”); and
WHEREAS, the HRA has amended the TIF Plan for the TIF District in 2003, 2005 and 2006; and
WHEREAS, the HRA has determined that it is necessary to further amend the TIF Plan for the TIF District to increase the tax increment revenues and authorized expenditures, and to expand opportunities within the City for the creation of qualifying affordable housing and has caused to be prepared a Fourth Amendment to Tax Increment Financing Plan (the “Fourth Amendment”); and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the approval of the Fourth Amendment, including, but not limited to, notification to the Ramsey County Commissioner representing the area of Ramsey County (the “County”) in which the TIF District is located and delivering a copy of the Fourth Amendment to the County and Independent School District Number 625, both of which have taxing jurisdiction over the property included in the TIF District; and
WHEREAS, the Council of the City has held a public hearing on this same date on the approval of the Fourth Amendment, after published notice thereof; and
WHEREAS, at said public hearing, the Council of the City heard testimony from all interested parties on the Fourth Amendment.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City as follows:
Section 1. Findings for the Approval of Fourth Amendment. The Council hereby finds that the Fourth Amendment is intended to and, in the judgment of the Council, its effect will be to carry out the objectives of the Redevelopment Plan and the TIF Plan.
Section 2. Approval of Fourth Amendment.
2.01 The Fourth Amendment is hereby approved.
2.02 The staff of the City and the HRA and their advisors and legal counsel are authorized and directed to proceed with the implementation of the Fourth Amendment.