Title
Resolution Approving the Adoption of an Amendment to the Tax Increment Financing Plan for the Riverfront Renaissance Redevelopment Tax Increment Financing District; Districts 3 and 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Saint Paul Riverfront 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, the Redevelopment Plan contains an identification of need and statement of objectives and program of the HRA for carrying out 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, the HRA has previously created the Riverfront Renaissance Redevelopment Tax Increment Financing District, which is located in the Project Area, (the “TIF District”) 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, Sections 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 six 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 numbers 225, 261, 262, 263, 264, and 265 have each been designated as separate subdistricts, each to be treated as a separate tax increment district;
WHEREAS, the TIF District is comprised of multiple tax parcels, with 38 tax parcels identified as Ramsey County TIF District numbers 262, 263, 264 and 265 (the “262-265 Tax Parcels”) and the remaining tax parcels identified as Ramsey County TIF District numbers 225 and 261; and
WHEREAS, the development documents pertaining to the 262-265 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 262-265 Tax Parcels detailed in Exhibit A (collectively the “Removed Tax Parcels”) from the TIF District effective as of Tax Pay Year 2027; and
WHEREAS, the HRA has investigated the facts and has caused to be prepared an Amendment to the Tax Increment Financing Plan (the “Amendment to TIF Plan”); 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 Amendment to the TIF Plan 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 (the “Board”) of the HRA as follows:
1. The Board approves the Amendment to TIF Plan. The TIF District and the TIF Plan are hereby amended to remove the 262-265 Tax Parcels effective as of Tax Pay Year 2027 and the Amendment to TIF Plan is hereby approved. The Amendment to TIF Plan 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 Amendment to TIF Plan with the County Auditor of Ramsey County, the Commissioner of Revenue and the Office of the State Auditor.
2. 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.
3. This resolution shall be in full force and effect from and after its approval.
EXHIBIT A is found in the attachments tab