Title
Resolution approving and authorizing (i) the adoption of a Fourth Amendment to Tax Increment Financing Plan for the Housing Tax Increment Financing District No. 2 (Shepard Davern Rental Housing Project) and (ii) an HRA Budget Amendment; District 15, Ward 3
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Shepard Davern 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 (the “HRA Act”); and
WHEREAS, pursuant to resolutions adopted in 2003, 2005 and 2006, the HRA established, and amended, 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, it has been proposed that the HRA 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
WHEREAS, the HRA has investigated the facts and has caused to be prepared a Fourth Amendment to Tax Increment Financing Plan (the “Fourth Amendment”); and
WHEREAS, the HRA or the City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”) has or will have 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, Minnesota (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 will hold a public hearing on this same date regarding the approval of the Fourth Amendment, and will consider a resolution to approve the Fourth Amendment.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the “Board”) of the HRA as follows:
Section 1. Findings for the Approval of Fourth Amendment. The Board hereby finds that the Fourth Amendment is intended to and, in the judgment of the Board, its effect will be to carry out the objectives of the Redevelopment Plan and the TIF Plan.
Section 2. Approval of the Fourth Amendment.
2.01 Contingent upon approval by the Council of the City after the public hearing, the Fourth Amendment is hereby approved and adopted and the Fourth Amendment shall be placed on file in the office of the Executive Director of the HRA.
2.02 The HRA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Fourth Amendment and to negotiate, draft and prepare all further plans, resolutions, documents and contracts necessary for this purpose.
2.03 Upon approval by the Council of the City of the Fourth Amendment, the staff of the HRA is hereby directed to file a copy of the Fourth Amendment with the County Auditor of the County. The staff of the HRA is also directed to file a copy of the Fourth Amendment with the Commissioner of Revenue and the Office of the State Auditor.
Section 3. Approval of an HRA Budget Amendment. The Board hereby approves the HRA budget as set forth in the attached Financial Analysis.