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 remove the 234 Tax Parcels detailed in Exhibit A (collectively, the “Removed Parcels”) from the TIF District effective as of Tax Pay Year 2027 and to amend the TIF Plan budget;
WHEREAS, the HRA has investigated the facts and has caused to be prepared an Amendment to Tax Increment Financing Plan for the Phalen Village Redevelopment Tax Increment Financing District (the “TIF Plan Amendment”); and
WHEREAS, the total current net tax capacity of the Removed Parcels is at least equal to the net tax capacity of the Removed Parcels in the TIF District's original net tax capacity, and therefore the TIF Plan Amendment may be accomplished without notice or hearing pursuant to Section 469.175, Subdivision 4(e)(2)(A) of the TIF Act; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “Board”), as follows:
1. The Board hereby approves the HRA budget amendment as set forth in the attached Financial Analysis.
2. The Board approves the TIF Plan Amendment. The TIF District and the TIF Plan are hereby amended to remove the 234 Tax Parcels effective as of Tax Pay Year 2027 and to amend the budget and the TIF Plan Amendment is hereby approved. The TIF Plan Amendment shall be placed on file in the office of the Executive Director of the HRA. 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 Commissioner of Revenue and the Office of the State Auditor.
3. The officers of the HRA, attorneys 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.
4. This Resolution shall be in full force and effect from and after its approval.
EXHIBIT A is found in the attachments