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File #: RES 20-1503    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 10/28/2020
Title: Resolution approving and authorizing the establishment of the Snelling Midway Renewal and Renovation Tax Increment Financing District (a Renewal and Renovation district) in the Saint Paul Neighborhood  Redevelopment Project area and adopting Tax Increment Financing Plan therefor and approving an HRA budget amendment, District 13, Ward 1
Sponsors: Dai Thao
Attachments: 1. Board Report, 2. Map, 3. District 13 Profile, 4. Financial Analysis, 5. Snelling Midway TIF Plan
Related files: RES 16-1407
Title

Resolution approving and authorizing the establishment of the Snelling Midway Renewal and Renovation Tax Increment Financing District (a Renewal and Renovation district) in the Saint Paul Neighborhood  Redevelopment Project area and adopting Tax Increment Financing Plan therefor and approving an HRA budget amendment, District 13, Ward 1

Body

WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Saint Paul Neighborhood 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 (the “HRA Act”); and

WHEREAS, the Redevelopment Plan contains an identification of need and a statement of purpose and objectives, land uses and standards for development for carrying out 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, it has been proposed that, within the Project Area, the HRA create the Snelling Midway Renewal and Renovation Tax Increment Financing District, as a renewal and renovation tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 10a (the “TIF District”), and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”) therefor, all pursuant to Minnesota Statutes, Sections 469.174 through 469.1794 (the “TIF Act”); and

WHEREAS, the TIF District is being established to facilitate the redevelopment of the area bordered by Snelling Avenue on the West, University Avenue on the North, Pascal Street North on the East, and St. Anthony Avenue on the South into a mix of residential rental, office, retail, hotel and structured parking uses with related public infrastructure (collectively, the “Development”) based on the adopted Snelling Midway...

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