Title
Approving the establishment of the Ford Site Housing Tax Increment Financing District #1 in the Ford Site Redevelopment Project Area and approving a Tax Increment Financing Plan therefor (District 15, Ward 3).
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Ford Site Redevelopment Project Area, as expanded (the “Project Area”) and has adopted a redevelopment plan therefor (as amended, 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 statement of objectives and program of the HRA for carrying out a housing and redevelopment project, including property to be acquired, public improvements to be provided, development and redevelopment to occur, and sources of revenue to pay costs of the Project Area; and
WHEREAS, the HRA has also heretofore established the Ford Site Redevelopment Tax Increment Financing District (“Existing TIF District”) within the Project Area; and
WHEREAS, Minnesota Statutes, Section 469.175 requires that before a county auditor may certify a tax increment financing district created under Minnesota Statutes, Section 469.174 to 469.1794 (the “TIF Act”) the governing body of the municipality must approve the tax increment financing plan after a public hearing thereon; and
WHEREAS, the HRA has asked the City Council of the City of Saint Paul, Minnesota (the “Council”) to approve the creation, within the Project Area, of the Ford Site Housing Tax Increment Financing District #1 as a housing tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 11 (the “TIF District”) and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”), all pursuant to and in accordance with the TIF Act; and
WHEREAS, the parcels of land that will be within the TIF District are all currently located within t...
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