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File #: RES 21-355    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 3/24/2021
Title: Authorizing the issuance of and awarding the sale of General Obligation Temporary Tax Increment Bonds, Series 2021B, and pledging tax increments for the payment thereof.
Sponsors: Amy Brendmoen
Ward: Bond Sale
Attachments: 1. RES 21-355 Exhibit A_Final, 2. RES 21-355 Exhibit B_Final, 3. RES 21-355 Exhibit C_Final
Related files: RES 21-119, RES PH 21-70
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Authorizing the issuance of and awarding the sale of General Obligation Temporary Tax Increment Bonds, Series 2021B, and pledging tax increments for the payment thereof.
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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 2021B (the “Series 2021B Bonds”), the City’s outstanding 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 2021B Bonds or the Series 2020C Bonds; and
WHEREAS, the City and the HRA previously entered into a tax increment pledge agreement in connection with the City’s issuance of the Series 2020C Bonds and the City and the HRA will enter into an amended and restated tax increment pledge agreement for the Series 2021B Bonds, the Series 2020C Bonds, and other obligat...

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