Title
Resolution Approving and Authorizing (I) The Use of Unobligated Tax Increment under Temporary Tax Increment Financing Spending Plan Authority to Provide Infrastructure Improvements Necessary to Advance Private Development at The Heights, (II) Execution of Documents Relating Thereto, and (III) Approving an HRA Budget Amendment, District 2, Ward 6
Body
WHEREAS, Minnesota Statutes, Section 469.176, subdivision 4n, as amended (the “Temporary TIF Act”), authorizes the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) to, notwithstanding any other law to the contrary, spend unobligated tax increment (“Available Tax Increments”) to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of construction or substantial rehabilitation of buildings and ancillary facilities, if the following conditions exist:
(1) such assistance will create or retain jobs in the State of Minnesota (the “State”), including construction jobs;
(2) such construction commences before December 31, 2025;
(3) such construction would not have commenced before December 31, 2025 without such assistance;
(4) the HRA creates, and the City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”) approves, a written spending plan (after a duly noticed public hearing) that specifically authorizes the HRA to take such actions; and
(5) the Available Tax Increments are spent under the spending plan by December 31, 2025; and
WHEREAS, the HRA and the Council have heretofore adopted a spending plan on June 22, 2022 and adopted a Supplement to the Spending Plan on February 23, 2023 (collectively the “Spending Plan”) pursuant to the Temporary TIF Act, which authorizes the use of Available Tax Increments to provide improvements, loans or assistance for private development that satis...
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