Title
Resolution approving and authorizing the execution of a Second Amended and Restated Compliance Agreement, certain TIF Note Assignments, and related documents for the North Quadrant TIF District, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore created the North Quadrant Redevelopment Project Area (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 established, within the Project Area, the North Quadrant 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”) and the Laws of Minnesota 2000, Chapter 490, Article 11, Section 40 (the “Special Law”);
WHEREAS, under the Special Law the applicable income restrictions for the housing developments in the TIF District are measured across the TIF District rather than within each building or development so that at least 20% of the housing units in the TIF District must be occupied by individuals whose family income is equal to or less than 50% of area median gross income (“AMI”) and an additional 60% of the housing units in the TIF District must be occupied by individuals whose family income is equal to or less than 115% of AMI (collectively, the “Income Restrictions”) while 20% of the housing units in the TIF District are not subject to any income limitations;
WHEREAS, the HRA, Sibley Park Limited Partnership (“Sibley Park”), Sibley Court Limited Partnership (“Sibley Court”) and Lyons Court Limited Partnership (“Lyons Court” and, together with Sibley Park and Sibley ...
Click here for full text