Title
Resolution authorizing the issuance of Tax Increment Revenue Bonds (Upper Landing and U.S. Bank Operations Center Subdistricts), Series 2019 and authorizing the execution of related documents; Districts 3 and 9, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the “Issuer”), is authorized by Minnesota Statutes, Sections 469.001-469.047, as amended (the “Redevelopment Act”), and Minnesota Statutes, Sections 469.174-469.1794, as amended (the “TIF Act”), to undertake redevelopment projects, to create tax increment financing districts, and to authorize, sell, and issue revenue bonds payable, in whole or in part, from tax increment revenues derived from tax increment financing districts; and
WHEREAS, pursuant to the provisions of Sections 469.178 and 469.174, subdivision 3, of the TIF Act, the Issuer is authorized to issue refunding bonds to redeem and prepay tax increment revenue bonds issued under the provisions of the TIF Act; and
WHEREAS, the Issuer created the Riverfront Renaissance Redevelopment Tax Increment Financing District (the “TIF District”) within the Riverfront Redevelopment Project (as amended, the “Project Area”), located on both sides of the Mississippi River near the downtown area of the City of Saint Paul, Minnesota (the “City”), in order to redevelop previously improved land which had become blighted and contaminated; and
WHEREAS, Laws of Minnesota 2005, Chapter 152, Article 2, Section 28 (the “Special Law”) authorized the Issuer to establish up to 6 subdistricts in the TIF District and provided that “each subdistrict shall be treated as a separate tax increment district”; and, pursuant to the terms of the Special Law, Subdistrict No. 225 (“Upper Landing Subdistrict”) and Subdistrict No. 261 (“U.S. Bank Operations Center Subdistrict”) have each been designated as separate subdistricts ...
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