Title
Resolution approving and authorizing (i) the expansion of the Saint Paul Neighborhood Redevelopment Project Area, (ii) an amendment to the Redevelopment Plan therefor, (iii) the establishment of the 520 Payne Avenue Housing Tax Increment Financing District (The Hollows) in the Project Area, as expanded, (iv) a Tax Increment Financing Plan therefor, (v) the conveyance of land, (vi) the execution of a tax increment development agreement, including a Pooled TIF Loan, and related documents, and (vii) an HRA budget amendment, District 5, Ward 7
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 (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 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, the HRA has determined that it is necessary to amend the Redevelopment Plan to expand the Project Area; and
WHEREAS, the HRA has investigated the facts and has caused to be prepared a Seventh Amendment to Redevelopment Plan for the Saint Paul Neighborhood Redevelopment Project Area (the “7th Amendment to Redevelopment Plan”); and
WHEREAS, the Saint Paul Planning Commission, on October 29, 2021, reviewed the 7th Amendment to Redevelopment Plan, and adopted resolution #21-50 approving the same as being in conformity with the Saint Paul Comprehensive Plan and the general plan for the development and redevelopment of the City as a whole; and
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