title
Authorizing issuance of and awarding the sale of General Obligation Temporary Tax Increment Bonds, Series 2020C; and pledging tax increments for the payment thereof.
body
WHEREAS, the City Council of the City of Saint Paul, Minnesota, a home rule charter city and political subdivision of the State of Minnesota (the “City”) has heretofore determined that it is necessary and expedient to provide money to finance the expense of certain of the public costs of redevelopment within the land that is subject to the Ford Site Redevelopment Tax Increment Financing District (#322) (the “TIF District”) established by the Housing and Redevelopment Authority of the City of Saint Paul (the “HRA”) (the “Project”); and
WHEREAS, the HRA established the TIF District, being a tax increment financing district established as a redevelopment district under Minnesota Statutes, Section 469.174 to 469.179, as amended (the “Tax Increment Act”), pursuant to the Tax Increment Act and a resolution duly adopted by the Board of Commissioners of the HRA; and
WHEREAS, the TIF District being a redevelopment district as defined in Section 469.174, subdivision 10, of the Tax Increment Act, and a resolution adopted by the HRA and approved by the City, certain tax increment revenues (the “Tax Increments”) are to be pledged to the payment of the City’s General Obligation Temporary Tax Increment Bonds, Series 2020C (the “Series 2020C Bonds”) and any additional temporary bonds or definitive bonds issued to refinance the Series 2020C Bonds; and
WHEREAS, the HRA will enter into a tax increment pledge agreement for the Series 2020C Bonds and other obligations and interfund loans to be incurred by the HRA and or the City which will pay for costs eligible to be financed by Tax Increments under the provisions of the Tax Increment Act, pledging certain Tax Increments from the TIF District to the Series 2020C Bonds and the other obligations set forth to be paid from Tax Increments under the terms of tha...
Click here for full text