Title
Authorizing the Issuance of Tax Increment Revenue Refunding Bonds (Upper Landing Project), Series 2012, under Minnesota Statutes, Sections 469.001 - 469.047, as Amended, and Minnesota Statutes, Section 469.174 - 469.1799, as Amended, and Approving Related Documents, District 9, Ward 2.
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the "Issuer"), is authorized by Minnesota Statutes, Sections 469.001-469.047, as amended (the "Redevelopment Act"), and Minnesota Statutes, Sections 469.174-469.1799, as amended (the "Tax Increment Act"), to undertake redevelopment projects, to create tax increment financing districts, and to authorize, sell, and issue revenue bonds payable, in whole or in part, from tax increment revenues derived from tax increment financing districts; and
WHEREAS, pursuant to the provisions of Section 469.174, subdivision 3, of the Tax Increment Act, the Issuer is authorized to issue refunding bonds to redeem and prepay tax increment revenue bonds issued under the provisions of the Tax Increment Act; and
WHEREAS, the Issuer created the Riverfront Renaissance Redevelopment Tax Increment Financing District (the "District"), located on both sides of the Mississippi River near the downtown area of the City of Saint Paul (the "City"), in order to redevelop previously improved land which had become blighted and contaminated; and
WHEREAS, the portion of the District located on the "east bank" of the Mississippi River adjacent to Shepard Road and the downtown area of the City was designated as the "Upper Landing District" and was designated to be developed primarily as owner-occupied or residential rental housing; and
WHEREAS, Laws of Minnesota 2005, Chapter 152, Article 2, Section 28 (the "Special Law") authorized the Issuer to establish up to six (6) subdistricts in the ...
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