Title
Approving the Southport Recycling Economic Development Tax Increment Financing (TIF) Plan.
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 April 23, 2013, the Port Authority of the City of Saint Paul (the "Port Authority") approved the Tax Increment Financing Plan establishing the Southport Recycling 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 approximate principal amount of $150,000 in connection therewith (the "Note"). It has been proposed that the City approve the District and the related Plan; 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 information relating to the Plan and to the activities contemplated therein have heretofore been submitted to the council and/or made a part of the City files and proceedings on the Plan, and on the basis of this information, the City hereby confirms that the requirements of Minn. Stat. Section 469.174 are met in connection with the proposed District. The information includes data, other information and/or substantiation constituting or relating to (1) why the new District meets the so-called "but for" test and (2) the bases for the other findings and determinations made in this resolution.
1.05. A ...
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