Title
Resolution Approving an Administrative Amendment to the Budget for Tax Increment Financing Plan for the Block 4 Redevelopment Tax Increment Financing District and Approving an HRA Budget Amendment, District 17, Ward 2
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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 Seventh Place 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, the 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 12, 1997, the HRA adopted Resolution No. 97-11/12-5 approving the creation of the Block 4 Redevelopment Tax Increment Financing District (the “TIF District”) and adopted a tax increment financing plan for the TIF District (the “TIF Plan”); and
WHEREAS, on April 28, 2004, the HRA adopted resolution 04-4/28-2 approving a First Amendment to TIF Plan for the TIF District (the “Amended TIF Plan”); and
WHEREAS, it has been proposed that the HRA amend the budget for the TIF District set forth in the TIF Plan to adjust expenditures to provide for administrative changes to the budget as set forth therein to authorize increased interest expenditures in connection with the redevelopment within the Project Area and make related changes to the HRA budget; and
WHEREAS, the HRA has investigated the facts and has caused to be prepared the Second Amendment to TIF Plan for the TIF District (the “TIF Plan Amendment”); and
WHEREAS, the TIF Plan Amendment does not increase the total estimated tax increment expenditures, the amount of bonded indebtedness, capitalized interest, or make any other changes described in Minnesota Statutes section 469.175, subdivision 4, that would require a new public hearing.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the HRA, as follows:
1. Approval of the TIF Plan Amendment. The amendment to the budget for the TIF District set forth in the TIF Plan is hereby approved as set forth in the TIF Plan Amendment. The Executive Director and staff of the HRA and the HRA’s advisors and legal counsel are authorized and directed to proceed with the implementation of the TIF Plan Amendment and this Resolution and for this purpose to negotiate, draft and prepare all further plans, resolutions, documents and contracts necessary to implement the TIF Plan Amendment and this Resolution. The staff of the HRA is hereby directed to file a copy of the TIF Plan Amendment with the County Auditor of Ramsey County, the Office of the State Auditor and the Commissioner of Revenue.
2. Approval of an HRA Budget Amendment. The HRA hereby approves the HRA Budget Amendment as detailed in the attached Financial Analysis.