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Approving the amended spending plan proposed by the St. Paul Port Authority relating to Tax Increment Balances in Energy Lane and Great Northern South Redevelopment Tax Increment Districts.
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BE IT RESOLVED by the City Council (the "Council") of the City of Saint Paul, Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. Minnesota Statutes, Section 469.176 was amended by the 2010 Legislative Session to add a subdivision 4m (the "2010 Legislation") providing temporary authority to use tax increment balances on hand in any tax increment district to provide for improvements, loans, interest rate subsidies or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, if doing so will create or retain jobs in the state, including construction jobs.
1.02. Under the provisions of the 2010 Legislation, tax increments were required to be spent by December 31, 2011, for projects on which construction would commence before July 1, 2011.
1.03. 2012 Legislation has extended the deadlines, originally requiring 2011 deadlines, to allow tax increments to be spent by December 31, 2012, for projects on which construction will commence before July 1, 2012.
1.04. By Resolution No. 10-1179 adopted October 20, 2010, the Council has previously approved a spending plan proposed by the Port Authority of the City of Saint Paul ("Port Authority") for tax increment balances totaling approximately $1,800,000 ("Original TIF Balances"). The Port Authority has now advised the Council that it has $500,000 of additional tax increment balances in the Energy Lane Redevelopment Tax Increment District and the Great Northern South Redevelopment Tax Increment District (the "Additional TIF Balances") which are eligible for use under 2012 Legislation, as amended, and the Port Authority, by its Resolution No. 4413 adopted Februar...
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