City of Saint Paul - File #: Ord 26-11

• File #: Ord 26-11
• Version: 1
• Type: Ordinance
• Status: Second Reading
• In control: City Council
• Title: Granting authority to the Port Authority to issue and sell bonds in the principal amount of approximately $6,000,000, and any bonds to refund such bonds, to secure such bonds with a pledge of the full faith, credit and resources of the City (the “City”) and to use the proceeds derived from the sale of such bonds to pay the cost and expense necessarily to be incurred by said Port Authority for a portion of the cost of the redevelopment of part of the St. Joseph’s hospital site.
• Sponsors: Rebecca Noecker

Date	Ver.	Action By	Action	Result
2/18/2026	1	City Council	Laid Over to Second Reading	Pass

Title

Granting authority to the Port Authority to issue and sell bonds in the principal amount of approximately $6,000,000, and any bonds to refund such bonds, to secure such bonds with a pledge of the full faith, credit and resources of the City (the “City”) and to use the proceeds derived from the sale of such bonds to pay the cost and expense necessarily to be incurred by said Port Authority for a portion of the cost of the redevelopment of part of the St. Joseph’s hospital site.

Body

 WHEREAS, on December 16, 2025 the Port Authority of the City of Saint Paul (the “Port Authority”) adopted a resolution (the “Port Authority Resolution”), approving a Tax Increment Financing Plan finding that the land commonly known as the St. Joseph’s Hospital Site (the “Redevelopment Property”) is blighted and marginal properties within the meaning of Minnesota Statutes, Sections 469.048 et seq., and proposing to establish and create the Fairview / St. Joe’s Tax Increment Financing District (the “TIF District”) within the boundaries of the Downtown Industrial Development District (the “Downtown IDD”) previously established by the Port Authority and the City; and

WHEREAS, the City has authority under Minnesota Statutes, Section 469.178, Subd. 2, to issue general obligation bonds payable from tax increments of a tax increment district created by the Port Authority, and the Port Authority has authority under Minnesota Statutes, Section 469.060, to issue bonds for its purposes in anticipation of income from any source which are secured by the full faith, credit and resources of the City, and pursuant to this Ordinance, the Port Authority will issue bonds to which are pledged both tax increments derived from the TIF District and the full faith, credit and resources of the City; and

WHEREAS, under the terms of the Port Authority Resolution, the Port Authority requested the authorization of the City Council of the City (the “Council”), pursuant to Minnesota Statutes, Secti...