Title
Resolution Approving an Administrative Amendment to the Budget for Tax Increment Financing Plan for the Block 4 Redevelopment Tax Increment Financing District and Approving an HRA Budget Amendment, District 17, Ward 2
Body
WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Seventh Place 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, the 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 November 12, 1997, the HRA adopted Resolution No. 97-11/12-5 approving the creation of the Block 4 Redevelopment Tax Increment Financing District (the “TIF District”) and adopted a tax increment financing plan for the TIF District (the “TIF Plan”); and
WHEREAS, on April 28, 2004, the HRA adopted resolution 04-4/28-2 approving a First Amendment to TIF Plan for the TIF District (the “Amended TIF Plan”); and
WHEREAS, it has been proposed that the HRA amend the budget for the TIF District set forth in the TIF Plan to adjust expenditures to provide for administrative changes to the budget as set forth therein to authorize increased interest expenditures in connection with the redevelopment within the Project Area and make related changes to the HRA budget; and
WHEREAS, the HRA has investigated the facts and has caused to be prepared the Second Amendment to TIF Plan for the TIF District (the “TIF Plan Amendment”); and
WHEREAS, the TIF Plan Amendment does not increase the total estimated tax incre...
Click here for full text