Title
Resolution Approving Budget Amendment, Loan Agreement and Documents for J&J Distributing
Body
Whereas, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the "Act"); and
Whereas, in 2010 the Minnesota legislature enacted a jobs bill (H.F.2695) ("Jobs Bill") which includes several provisions that expand the use of tax increment financing in order to stimulate job creation; and
Whereas, the HRA Board approved the Spending Plan in compliance to Sec.32 of the Jobs Bill; and
Whereas, J&J Distributing was one of the 17 approved projects in the approved resolution No. 10-9/8; and
Now, Therefore, Be It Resolved by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, that;
1) The HRA hereby approves the J&J loan agreement on the terms set forth in the attached staff report.
2) The HRA Executive Director, staff and legal counsel for the HRA are directed and authorized to take all actions necessary to implement this Resolution and the HRA's Executive Director is authorized to execute the loan agreement and any documents and instruments in connection therewith.
3) The budget amendment in the form of Attachment A is hereby approved.