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File #: RES PH 15-301    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 11/18/2015
Title: Approving the establishment of a tax increment financing district and approving a tax increment plan for the Wabasha and Sixth Street redevelopment project.
Sponsors: Dave Thune
Attachments: 1. Financial Analysis - Wabasha and Sixth TIF District.pdf, 2. Port Authority TIF Plan Board Memo.pdf, 3. Port Authority Board Resolution - TIF Plan.pdf, 4. Exhibit A to Port Authority Board Resolution - TIF Plan.pdf, 5. Exhibit B to Port Authority Board Resolution - TIF Eligibility Assessment.pdf, 6. Exhibit C to Port Authority Board Resolution - Legal Counsel Opinion re TIF.pdf, 7. Christopher Hilger, Securian Financial Group, letter, 8. Victory Capital Corporation Letter, 9. BOMA Email, 10. Unilev Wells Fargo Place support for Macys Redevelpment, 11. McNally Smith - Letter of Support SPPA TIF 11-18-15, 12. MN Wild Ltr of Support, 13. AGC Support for Redevelopment of the former Macy's Building, 14. Chamber of Commerce Letter of Support
Title

Approving the establishment of a tax increment financing district and approving a tax increment plan for the Wabasha and Sixth Street redevelopment project.

Body

WHEREAS,the City Council of the City of Saint Paul (the “City Council”) has the statutory responsibility under Minnesota Statutes, Section 469.175, Subdivision 3, to approve tax increment plans of the Port Authority of the city of Saint Paul, Minnesota (the “Port Authority”) after a public hearing thereon; and

WHEREAS, the Port Authority established the Downtown Industrial Development District which includes this parcel (the “Project Area”) and has adopted a redevelopment plan therefor (the “Redevelopment Plan”) pursuant to Minnesota Statutes; and

WHEREAS, said Redevelopment Plan contains an identification of need and statement of objectives and program of the Port Authority for carrying out a redevelopment project, including property to be acquired, public improvements to be provided, development and redevelopment to occur, and sources of revenue to pay redevelopment costs within the Project Area; and

WHEREAS, Minnesota Statutes, Section 469.174 requires that before a county auditor may certify a tax increment financing district created under Minnesota Statutes, Section 469.174 to 469.1794 (the “Tax Increment Act”) the governing body of the municipality must approve the tax increment financing plan after a public hearing thereon; and

WHEREAS, the Port Authority has asked the City Council to approve, within the Project Area, the creation of the Wabasha and Sixth Street Redevelopment Tax Increment Financing District as a redevelopment tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 10 (the “TIF District”), and the adoption of a Tax Increment Financing Plan therefor (the “TIF Plan”), all pursuant to and in accordance with the Tax Increment Act; and

WHEREAS, the TIF District is being established to facilitate the redevelopment of a substandard b...

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