Title
Resolution approving and authorizing the execution of a Tax Increment Financing Development Agreement for the Minnesota Museum of American Art Pioneer Endicott Project, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore created the Saint Paul Neighborhood Redevelopment Project (as amended, the “Project Area”) and adopted a Redevelopment Plan therefor pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the “HRA Act”) to provide for, among other things, the acquisition and redevelopment of blighted areas within the City of Saint Paul (the “City”);
WHEREAS, the HRA has heretofore received a proposal from Minnesota Museum of American Art, a Minnesota nonprofit corporation (the “Developer”) that the HRA assist the Developer with certain public costs of a redevelopment project to renovate approximately 30,000 square feet of space in the historic Pioneer and Endicott buildings located within the Project Area (the “Project”);
WHEREAS, the HRA has established, within the Project Area, the Pioneer Endicott Tax Increment Financing District (the “TIF District”), as a redevelopment tax increment financing district, and adopted a Tax Increment Financing Plan therefor (the “TIF Plan”); all pursuant to Minnesota Statutes, Sections 469.174 through 469.1794 (the “TIF Act”);
WHEREAS, the Developer has been unable to identify a feasible financing plan with necessary sources of funds for the successful development of the Project and the Developer has requested that the HRA consider issuing a tax increment revenue note to finance a portion of the public costs of the Project;
WHEREAS, the HRA has caused to be prepared a Development Agreement (the “Development Agreement”) between the HRA and the Developer setting forth the terms and conditions under which the HRA, will provide tax increment financing assistance for the Project, a copy of which is on file with the Executive Dir...
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