Title
Approving the establishment of the Schmidt Keg House Redevelopment Tax Increment Financing District and approving a tax increment financing plan therefor. (District 9, Ward 2)
Body
WHEREAS, the City Council of the City of Saint Paul (the “Council”) has the statutory responsibility under Minnesota Statutes, Section 469.028, to approve redevelopment plans and projects of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”), after a public hearing thereon; and
WHEREAS, the HRA heretofore established and expanded the Koch-Mobil Redevelopment Project area (as modified, the “Project Area”) and has adopted a redevelopment plan therefor and a first amendment thereto (as amended, the “Redevelopment Plan”) pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended (the “HRA Act”); and
WHEREAS, said Redevelopment Plan contains an identification of need and statement of objectives and program of the HRA 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 469.175 requires that before a county auditor may certify a tax increment financing district created under Minnesota Statutes, Section 469.174 to 469.1794 (the “TIF Act”) the governing body of the municipality must approve the tax increment financing plan after a public hearing thereon; and
WHEREAS, the HRA has asked the Council to approve the creation, within the Project Area, of the Schmidt Keg House 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 TIF Act; and
WHEREAS, the TIF District is being establish...
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