Title
Approving the adoption of a Fifth Amendment to the Tax Increment Financing Plan for the Ford Site Redevelopment Tax Increment Financing District and authorizing the execution of related amendments to documents, including a redevelopment agreement and minimum assessment agreement. (District 15, Ward 3)
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Ford Site 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 statement of objectives and program of the HRA 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 amend the Tax Increment Financing Plan (the “TIF Plan”) for the Ford Site Redevelopment Tax Increment Financing District (the “TIF District”), which is located in the Project Area and was heretofore created as a redevelopment tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 10, pursuant to and in accordance with the HRA Act and Minnesota Statutes, Sections 469.174 through 469.1794, inclusive, as amended (the “TIF Act”); and
WHEREAS, the HRA has investigated the facts and has caused to be prepared a Fifth Amendment to the Tax Increment Financing Plan (the “5th Amendment to TIF Plan”) in connection with the removal of certain real property from the TIF District, pursuant to Section 469.175, Subdivision 4(b)(1) of the TIF Act; and
WHEREAS, the HRA or the Council has or will have performed all actions required by law to be performed prior to the approval of the 5th Amendment to TI...
Click here for full text