Title
Resolution approving Second Amended Spending Plan, Amended Loan Documents for J&J Distributing and West 7th/Fort Road Federation, Inc., and amended budget all relating to the Jobs Bill, Districts 7 and 9, Wards 1 and 2, Citywide
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, various private entities have requested financial assistance from the HRA for various housing and redevelopment projects; and
WHEREAS, in 2010, the Minnesota legislature enacted legislation referenced in MN Statutes 469.176, Subd. 4m which includes several provisions that expand the use of tax increment financing in order to stimulate job creation (the “Jobs Bill”); and
WHEREAS, the Jobs Bill provides for temporary authority to stimulate and create job growth through construction projects; and
WHEREAS, the HRA adopted a spending plan on September 8, 2010, as Resolution #10-9/8-2 (“Spending Plan”) which Spending Plan authorized the use of tax increments in an amount up to $7,700,000 to provid...
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