Title
Resolution (i) Approving the Establishment of the Schmidt Keg House Redevelopment Tax Increment Financing District, (ii) Approving a Tax Increment Financing Plan therefor; (iii) Authorizing Execution of a Tax Increment Development Agreement; and (iv) Approving a HRA Budget Amendment, District 9, Ward 2
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WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) has heretofore established and expanded the Koch-Mobil Redevelopment Project area (as modified, the “Project Area”) and has adopted a redevelopment plan therefor and a first amendment thereto (as amended, the “Redevelopment Plan”) pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended (the “HRA Act”); and
WHEREAS, said 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, it has been proposed that, within the Project Area, the HRA create the Schmidt Keg House Redevelopment Tax Increment Financing District (the “TIF District”), as a redevelopment tax increment financing district, and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”) therefor, all pursuant to Minnesota Statutes, Sections 469.174 through 469.1794 (the “TIF Act”); and
WHEREAS, the TIF District is being established to facilitate the redevelopment by Schmidt Keg House, LLC (the “Developer”) of a substandard building by converting the existing Schmidt Brewery Keg House warehouse building into approximately 28,000 square feet of commercial space consisting of a restaurant, market and mezzanine office/retail space (the “Development”); and
WHEREAS, the HRA has investigated the facts and has caused to be prepared the TIF Plan for the TIF District; and
WHEREAS,...
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