Title
Resolution Approving the Decertification of the Koch Mobil Redevelopment Tax Increment Financing District and amending the HRA budget therefor, District 9, Ward 2
Body
WHEREAS the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Koch-Mobil Redevelopment Project Area (the “Project Area”) and has adopted a redevelopment plan therefor (the “Redevelopment Plan”) as amended from time to time, 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, on February 11, 2004, the HRA approved the creation of the Koch Mobil Tax Increment Financing District (a redevelopment district) (the “TIF District”) and adopted a tax increment financing plan therefor and on December 9, 2015, the HRA, approved an amendment to the TIF Plan (as amended, the “TIF Plan”); and
WHEREAS, it has been proposed that the HRA decertify the TIF District as of December 31, 2024; and
WHEREAS, the City of Saint Paul, Minnesota (the “City”), issued $2,670,000 in General Obligation Tax Increment Refunding Bonds (Koch/Mobil Project), Series 2010A on February 25, 2010 (the “District Obligations”); and
WHEREAS, the HRA has collected sufficient tax increments to fully redeem the outstanding District Obligations; and
WHEREAS, the HRA shall provide tax increments to the City to fully redeem and pay the outstanding District Obligations in full immediately upon adoption of this resolution; and
WHEREAS, in order for the HRA to provide the tax increments to the City to redeem the District Obligations, the HRA's debt se...
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