Title
Approving the establishment of The Heights Sherman Associates Phase I Housing Tax Increment Financing District in the Project Area and a Tax Increment Financing Plan therefor (District 2, Ward 6).
Body
WHEREAS, the City Council of the City of Saint Paul (the “Council”) has the statutory responsibility under Minnesota Statutes section 469.028 to approve redevelopment plans and projects of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), after public hearing thereon; and
WHEREAS, the HRA has heretofore established the Saint Paul Neighborhood Redevelopment Project Area (as expanded, the “Project Area”) and has adopted a redevelopment plan therefor (as recently amended, 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 a statement of objectives and program of the HRA for carrying out a housing and redevelopment project, including property to be acquired, public improvements to be provided, development and redevelopment to occur, and sources of revenue to pay costs thereof; and
WHEREAS, the HRA has asked the Council to approve the establishment, within the Project Area, of The Heights Sherman Associates Phase I Housing Tax Increment Financing District as a housing tax increment financing district under Minnesota Statutes section 469.174, Subdivision 11 (the “TIF District”) and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”), all pursuant to and in accordance with Minnesota Statutes section 469.174 to 469.1794 (the “TIF Act”); and
WHEREAS, Minnesota Statutes section 469.175 requires that before a county auditor may certify a tax increment financing district created under the TIF Act, the governing body of the municipality must approve the tax increment financing plan after a public hearing thereon; and
WHEREAS, the TIF District is being established primarily to facilitat...
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