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Authorizing the execution of the Capital Allocation Agreement for the Rivercentre Complex among City, RiverCentre Convention and Visitors Authority, and Saint Paul Arena Company, LLC.
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WHEREAS, the City of Saint Paul, Minnesota (the "City"'), is the owner of certain land and improvements situated thereon, located at 175 West Kellogg Boulevard, Saint Paul, Minnesota and commonly known as the RiverCentre Convention Center, the Roy Wilkins Auditorium, the RiverCentre Parking Ramp, and the Pedestrian Connection linking the RiverCentre to the City’s skyway system (hereinafter collectively referred to as the "RiverCentre"); and
WHEREAS, the City entered into an Agreement with the RiverCentre Convention & Visitors Authority, a Minnesota non-profit corporation (the "RCVA"), whereby the City has engaged the RCVA to, among other things, equip, maintain, manage and operate the RiverCentre; and
WHEREAS, Laws of Minnesota, 2008, Chapter 366, Article 5, Section 36 (the “Original Special Law”) as amended by Laws 2014, Chapter 150, Article 5, Section 5 (the “2014 Amendments”) as further amended by Laws 2023, Chapter 64, Article 8, Section 5 (the “2023 Amendments” and together with the Original Special Law and the 2014 Amendments, the “Special Law”) authorized the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) to establish a redevelopment tax increment financing district (the “Minnesota Events District” or the “TIF District”) consisting of the properties formerly included in the HRA’s Downtown and Seventh Place Tax Increment District; and
WHEREAS, the Original Special Law provided that tax increments (the “Tax Increments”) from the Minnesota Events District could be expended only (after making certain payments) to pay principal and interest on the HRA’s Sales Tax Refunding Revenue Bonds (Civic Center Project), Series 1996 (the “Series 1996 Bonds”), and
WHEREAS, Laws of Minnesota 1993, Chapter 375, Article 9, Section 46, as ...
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