Title
Resolution Approving the Adoption of an Amendment to the Tax Increment Financing Plan for the Riverfront Renaissance Redevelopment Tax Increment Financing District; Districts 3 and 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Saint Paul Riverfront 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, the HRA has previously created the Riverfront Renaissance Redevelopment Tax Increment Financing District, which is located in the Project Area, (the “TIF District”) and adopted a tax increment financing plan for the TIF District (as previously amended, and as further amended hereby, the “TIF Plan”), 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, Laws of Minnesota 2005, Chapter 152, Article 2, Section 28 (the “Special Law”) authorized the HRA to establish up to six subdistricts in the TIF District and provided that “each subdistrict shall be treated as a separate tax increment district”; and pursuant to the terms of the Special Law, Ramsey County TIF District numbers 225, 261, 262, 263, 264, and 265 have each been designated as separate subdistricts, each to be treated as a separate tax increment district;
WHEREAS, the TIF District is comprised of multiple tax parcels, with 38 tax parcels identified as Ramsey County TIF District ...
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