Title
Resolution Approving the Establishment of a Tax Increment Financing District and Approving an Amended and Restated Tax Increment Plan and Approving an HRA Budget Amendment (Penfield Redevelopment Project)
Body
WHEREAS the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“Authority”) 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, the City Council of the City of Saint Paul, Minnesota (the “City”), on June 21, 2006, and the HRA, on June 28, 2006, approved the creation of a redevelopment tax increment financing district and adopted a tax increment financing plan therefor but the HRA did not file a request for certification of the original net tax capacity of such redevelopment tax increment financing district and the redevelopment project has changed substantially since such tax increment financing plan was adopted; and
WHEREAS, it has been proposed that, within the Redevelopment Project Area, the Authority create the Penfield Tax Increment Financing District (the “Tax Increment District”), as a redevelopment tax increment financing district, and adopt an Amended and Restated Tax Increment Financing Plan (Penfield Redevelopment Project) (the “Tax Increment Financing Plan”) therefor, all pursuant to Minnesota Statutes, Sections 469.174 through 469.1799 (the “Tax Increment Act”); and
WHEREAS, the Authority has investigated the facts and has caused t...
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