Title
Resolution Authorizing Approval of a 2015 Budget Amendment Related to the Jackson Street Reconstruction Project, and Authorizing and Approving an Interfund Loan Within the Block 4 Redevelopment Tax Increment Financing District (Minnesota Life) District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, on December 17, 2014 the Saint Paul City Council adopted RES PH 14-343 approving a budget for the 8 to 80 Vitality Fund (“Vitality Fund”) which provided $8,000,000.00 for the Jackson Street Reconstruction Project (“Jackson Street Project”); and
WHEREAS, the City of Saint Paul will consider a resolution on December 16, 2015, to remove $1,250,000.00 of this $8,000,000.00 Vitality Fund budget for the Jackson Street Project to provide this amount to another Vitality Fund economic development project, provided that the HRA transfer to the Jackson Street Project an equal amount of funds from another source, and by this Resolution the HRA Board of Commissioners is ...
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