Title
Resolution approving and authorizing (i) the establishment of the Snelling Midway Redevelopment Tax Increment Financing District (a Redevelopment district) in the Saint Paul Neighborhood Redevelopment Project Area, (ii) a Tax Increment Financing Plan therefor, (iii) the decertification of the Snelling Midway Renewal and Renovation TIF District, No. 344, (iv) an HRA budget amendment, and (v) the execution of a tax increment Development Agreement and related documents, consistent with the Term Sheet, including the issuance of a TIF Note and tax increment financing spending plan authority, District 13, Ward 1
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Saint Paul Neighborhood Redevelopment Project Area (as expanded, the “Project Area”) and has adopted a redevelopment plan therefor (as recently amended, 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 Snelling Midway Redevelopment Tax Increment Financing District, as a redevelopment tax increment financing district under Minnesota Statutes section 469.174, subdivision 10 (the “TIF District”), and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”), all pursuant to Minnesota Statutes sections 469.174 to 469.1794 (the “TIF Act”); and
WHEREAS, the TIF District is being established to facilitate the redevelopment of the area in Saint Paul, Minnesota bordered by Snelling Avenue on...
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