Title
Resolution Authorizing and Approving an Interfund Loan under the Koch Mobil Tax Increment Financing District
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn Stat Section 469.002, Subd. 14; and
WHEREAS, the HRA Board established the Koch Mobil Tax Increment Financing District and TIF Financing Plan (the “Plan”) on February 11, 2004; and
WHEREAS, the HRA desires to spend tax increments from the Koch Mobil Tax Increment Financing District on eligible public improvements as permitted in the adopted Plan; and
WHEREAS, the improvements will include, but not be limited to, a new street on HRA owned property within the TIF District to be dedicated as public right of way, as called for in the Victoria Park Master Plan, adopted in April 2005, and amended in April 2007 and August 2011; and
WHEREAS, under MN Statutes, Section 469.178, Subd. 7, the HRA is authorized to advance or loan money from the HRA’s general fund or any other fund from which such advances may be legally authorized, in order to pay costs that are oth...
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