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Approving the issuance of Taxable Tax Increment Revenue Refunding Bonds by the Port Authority of the City of Saint Paul for the Treasure Island Center Project.
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WHEREAS, the Port 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 “Port Authority”), is authorized by Minnesota Statutes, Sections 469.048-469.068, as amended, and Section 469.084, as amended (collectively, the “Port Authority Act”), and Minnesota Statutes, Sections 469.174-469.1794, as amended, 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, the Port Authority, with the consent and approval of the City of Saint Paul (the “City”) (pursuant to RES PH15-301), created the Wabasha and Sixth Street Redevelopment Tax Increment Financing District (the “TIF District”) within the Downtown Industrial Development District, located on a 2.25 acre site located adjacent to Wabasha Street North, East Sixth Street, Cedar Street North and the Wells Fargo Center complex in the City, in order to redevelop previously improved land which had become blighted and contaminated; and
WHEREAS, to obtain funds to refinance certain redevelopment costs associated with the redevelopment of the TIF District, on June 8, 2017, the Port Authority issued its Taxable Tax Increment Revenue Note (Treasure Island Project), Series 2017 (the “Prior Note”), in the original principal amount of up to $11,077,000; and
WHEREAS, the Port Authority is proposing to issue one or more series of Taxable Tax Increment Revenue Refunding Bonds (Wabasha and Sixth Street Redevelopment Tax Increment Financing District - Treasure Island Center Project), Series 2020 (the “Series 2020 Bonds”), in the original aggregate principal amount not to e...
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