Title
Resolution Approving Amended and Restated Tax Increment Financing Plan for East 7th & Bates Senior Housing Project Tax Increment Financing District
Body
A. WHEREAS, on September 10, 2014, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA") adopted a resolution approving the establishment of the Tax Increment Financing District (East 7th & Bates Senior Housing Project) (the "TIF District") and adopted a Tax Increment Financing Plan therefor (the "TIF Plan") in connection with construction of approximately 113 affordable senior rental units with underground parking (the "Housing Development") to be constructed by St. Paul Leased Housing Associates VI, LLLP (the "Developer").
B. WHEREAS, a separate building will be constructed in the TIF District to be used as a grocery store with surface parking (the "Commercial Development"). The Commercial Development will not receive assistance from the tax increments.
C. WHEREAS, to accommodate the needs of the Commercial Development and the Housing Development, the parcels comprising the TIF District have been subdivided and reconfigured (the "Reconfiguration").
D. WHEREAS, as a result of the Reconfiguration, the HRA and the Developer have determined that it is necessary to amend the TIF Plan and have caused to be prepared an Amended and Restated Tax Increment Financing Plan for the TIF District (the "Amended and Restated TIF Plan") to, among other things, re-describe the property located in the TIF District as set forth in Section 2.5 and Exhibit A-2 of the Amended and Restated TIF Plan.
E. WHEREAS, the TIF Plan has not yet been filed with Ramsey County to certify the original net tax capacity of the TIF District and therefore, the removal of property from the description of the TIF District will not cause a reduction in the original net tax capacity of the TIF District; consequently, this amendment to the TIF Plan may be accomplished without ...
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