Title
Approving the creation of the Gerdau Steel Mill Economic Development Tax Increment District and the adoption of the Tax Increment Financing Plan for the District.
Body
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. On May 22, 2012 the Port Authority of the City of Saint Paul (the "Port Authority") approved the Tax Increment Financing Plan establishing the Gerdau Steel Mill Economic Development Tax Increment Financing District (the "District"), and authorized the issuance of a "pay-as-you-go" note to Gerdau Ameristeel US Inc. in the principal amount of approximately $398,000 in connection therewith (the "Note"). In addition, it is proposed that the Port Authority provide an additional subsidy to Gerdau Ameristeel US Inc. through the granting of a forgivable JOBs Bill loan in the principal amount of $500,000 (the "Loan"). It has been proposed that the City approve the District and the related Plan, the Note, and the Loan; all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174 through 469.179, all inclusive, as amended, all as reflected in the Plan, and presented for the Council's consideration.
1.02. The Council has investigated the facts relating to the Plan.
1.03. The Port Authority has performed all actions required by law to be performed prior to the adoption and approval of the proposed Plan, including, but not limited to, notification of Ramsey County and School District #625 having taxing jurisdiction over the property to be included in the District.
1.04. Certain written reports (the "Reports") relating to the Plan and to the activities contemplated therein have heretofore been prepared by Port Authority staff and submitted to the council and/or made a part of the City files and proceedings on the Plan, and on the ...
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