Title
Approving the amendment of the Energy Lane Business Center Redevelopment and Great Northern Business Center Phase II Redevelopment Tax Increment Financing Plans, amending the City’s 2017 Operating Budget, and authorizing an Interfund Loan.
Body
WHEREAS, on March 2, 2016, the City Council (“Council”) of the City of Saint Paul (the “City”) adopted Resolution PH 16-64 (the “2016 Resolution”) approving a Development Agreement by and between the City and MUSC Holdings, LLC (the “Development Agreement”) and a Funding Agreement (See Attachment A - the “Funding Agreement”) with the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) to finance infrastructure and remediation work (the “Project”) in connection with the redevelopment of the area bounded by Snelling Avenue, St. Anthony Avenue, University Avenue and Pascal Street North in the City (the “Snelling-Midway Site”); and
WHEREAS, the Funding Agreement anticipated the award and receipt of grants to finance portions of the Project costs at the Snelling-Midway Site; and
WHEREAS, some of the grantors have determined that the portion of the Snelling-Midway Site anticipated to utilize the City funds for Project costs is not an eligible use of the grants, making it necessary to utilize a different additional source of funds for some elements of the Project; and
WHEREAS, on September 25, 2002, the Council approved the creation by the Port Authority of the City of Saint Paul (the “Port Authority”) of the Energy Lane Business Center Redevelopment Tax Increment Financing District, and on November 23, 2004, approved the Port Authority’s creation of the Great Northern Business Center Phase II Redevelopment Tax Increment Financing District (collectively, the “TIF Districts”), both created as redevelopment tax increment financing districts under Minnesota Statutes, Section 469.174, Subdivision 10, all pursuant to and in accordance with Minnesota Statutes, Sections 469.174 through 469...
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