Title
Resolution Approving the Decertification of the Pioneer Endicott Redevelopment Tax Increment Financing District, District 17, Ward 2
Body
WHEREAS the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) has heretofore established the Saint Paul Neighborhood 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, 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 June 20, 2012, the City Council of the City of Saint Paul, Minnesota (the “City”), and on June 27, 2012, the HRA approved the creation of the Pioneer Endicott Redevelopment Tax Increment Financing District (a redevelopment district) (the “TIF District”) and adopted a tax increment financing plan for the TIF District and on April 13, 2022, the HRA and City adopted a First 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 development documents pertaining to the TIF District have expired by their terms and all obligations have been satisfied (the “Development Documents”).
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority, as follows:
1. With all Development Documents 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.
2. 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.
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.