Title
Approving the establishment of a Tax Increment Financing District and approving an amended and Restated Tax Increment Plan (Penfield Redevelopment Project).
Body
WHEREAS, the City Council of the City of Saint Paul (the “Council”) has the statutory responsibility under Minnesota Statutes, Section 469.028, to approve redevelopment plans and projects of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), after a public hearing thereon; and
WHEREAS, the HRA 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, Minnesota Statutes, Section 469.175 requires that before a county auditor may certify a tax increment financing district created under Minnesota Statutes, Section 469.174 to 469.1799 (the “Tax Increment Act”) the governing body of the municipality must approve the tax increment financing plan after a public hearing thereon; and
WHEREAS, the Council, 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, the HRA has asked the Council to approve, within the Project area, the creation of a Tax In...
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