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Resolution Approving and Authorizing (i) the Establishment of the Galtier Plaza Tax Increment Financing District (a Redevelopment District) in the Seventh Place Redevelopment Project Area and Adopting a Tax Increment Financing Plan therefor, (ii) an Amendment to the Tax Increment Financing Plan for the Minnesota Event Tax Increment Financing District, (iii) an HRA Budget Amendment, and (iv) the Execution of a Tax Increment Development Agreement and Related Documents, Including the Issuance of a TIF Note and Forgivable Spending Plan TIF Loan for the Project, District 17, Ward 2
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WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Seventh Place 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 (the “HRA Act”); and
WHEREAS, the Redevelopment Plan contains an identification of need and a statement of purpose and objectives, land uses and standards for development 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 the HRA establish within the Project Area the Galtier Plaza Tax Increment Financing District (a redevelopment district) (the “TIF District”), as a redevelopment tax increment financing district, and adopt a Tax Increment Financing Plan (the “TIF Plan”) therefor, all pursuant to Minnesota Statutes sections 469.174 through 469.1794 (the “TIF Act”); and
WHEREAS, the HRA has investigated the facts and has caused to be prepared the TIF Plan for the TIF District; and
WHEREAS, the TIF District is being established primarily to facilitate the redevelopment of the building commonly known as Galtier Plaza, a substandard commerc...
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