Title
Resolution Approving (i) The Establishment of the West Side Flats Tax Increment Financing District and the Adoption of a Tax Increment Financing Plan; (ii) A Development Agreement and TBRA, LCDA and DEED Subgrants with West Side Flats Apartments LLC; (iii) Acceptance of Land from the City of Saint Paul and Conveyance of Land to West Side Flats Urban Development LLC; (iv) Agreement with West Side Flats Urban Development LLC Regarding Land Note and Loan Agreement; (v) $198,906 HRA Loan to West Side Flats Urban Development LLC; (vi.)Phase II Development Agreement with West Side Flats Redevelopment LLC; (vii) Phase III Development Agreement with WSF Phase III LLC; and (viii) Related Budget Amendment and (ix) Parcel 4 Agreement with Sherman Associates, Ward 2, District 3
Body
WHEREAS, there has heretofore been submitted to and considered by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota ("Authority") a Redevelopment Plan (as amended from time to time, the "Redevelopment Plan") for the Riverfront Redevelopment Project Area (the "Redevelopment Project Area");
WHEREAS, said Redevelopment Plan contains an identification of need and statement of objectives and program of the Authority for carrying out of 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;
WHEREAS, it has been proposed that, within the Redevelopment Project Area, the Authority create the West Side Flats Tax Increment Financing District (the "Tax Increment District"), as a housing tax increment financing district, and adopt a Tax Increment Financing Plan therefor, all pursuant to Minnesota Statutes, Sections 469.174 through 469.1799 (the "Tax Increment Act");
WHEREAS, the Authority has investigated the facts and has caused to be prepared a Tax Increment Financing Plan for the Tax Inc...
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