Title
Resolution Authorizing and Approving an Interfund Loan under the TIF Act for the Riverfront 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, on July 18, 2012, the City Council adopted RES PH 12-213 approving a budget for developing and constructing a regional ballpark (the “Ballpark”) in the Lowertown neighborhood in Downtown Saint Paul; and
WHEREAS, a source in the approved budget included $1,500,000 as a transfer from Capital Project Fund - TIF; and
WHEREAS, on October 23, 2013, the HRA adopted RES 13-1656 approving a budget amendment to transfer the TIF funds from the Riverfront TIF district to the City’s Capital Projects budget; and
WHEREAS, the budget amendment covers a multi-year funding source and a portion of the tax increments from the Riverfront TIF district will not be received until July of 2014; and
WHEREAS, under MN Statutes, Section 469.178, Subd. 7, the HRA is authorized to advance or loan money from the HRA’s gene...
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