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File #: RES 19-2066    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 12/4/2019
Title: Resolution (i) approving an amendment to the HRA Budget, (ii) administratively amending the budget set forth in the TIF Plan for the Ford Site Redevelopment Tax Increment Financing District (#322), (iii) authorizing interfund loans, (iv) declaring official intent to reimburse expenditures from the proceeds of tax exempt bonds, and (v) authorizing execution of a redevelopment agreement and related documents (Ford Site Redevelopment Project), District 15, Ward 3.
Sponsors: Chris Tolbert, Dai Thao, Rebecca Noecker, Mitra Jalali, Amy Brendmoen, Kassim Busuri
Attachments: 1. Board Report, 2. First Amendment to TIF Plan, 3. Map of TIF District and Project Area, 4. Financial Analysis, 5. District 15 Profile, 6. Executive Summary of Redevelopment Agreement, 7. Redevelopment Agreement (w/o Exhibits), 8. Redevelopment Agreement Exhibits A through H, 9. Exhibit F of RA - Form of Site Perform. Agrmt., 10. Redevelopment Agreement Exhibits I through S, 11. Redevelopment Agreement Exhibits T through CC, 12. Redevelopment Agreement Exhibits DD through KK
Related files: RES 17-809, Ord 19-54, Ord 17-40, RES PH 17-261, Ord 19-19, RES PH 19-73, RES PH 19-256
Title
Resolution (i) approving an amendment to the HRA Budget, (ii) administratively amending the budget set forth in the TIF Plan for the Ford Site Redevelopment Tax Increment Financing District (#322), (iii) authorizing interfund loans, (iv) declaring official intent to reimburse expenditures from the proceeds of tax exempt bonds, and (v) authorizing execution of a redevelopment agreement and related documents (Ford Site Redevelopment Project), District 15, Ward 3.

Body
WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) has heretofore established the Ford Site Redevelopment Project Area (the “Project Area”) and has adopted a redevelopment plan therefor (the “Redevelopment Plan”) pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended; and

WHEREAS, said Redevelopment Plan contains an identification of need and statement of objectives and program of the HRA for carrying out of 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, pursuant to and in accordance with Minnesota Statutes, Sections 469.174 to 469.1794, as amended by Laws of Minnesota 2017, 1st Spec. Sess. chapter 1, article 6, section 22 (the “Special Law”) and as further amended from time to time, as applicable (the “TIF Act”), which authorizes the HRA to finance certain eligible redevelopment costs of a redevelopment project with tax increment revenues derived from a tax increment financing district established in accordance with the TIF Act, the HRA established the “Ford Site Redevelopment Tax Increment Financing District” (County #322) on March 23, 2016 (as amended, the “Redevelopment TIF District”) pursuant to the Tax Increment Financing Plan for the Redevelopment TIF Distri...

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