Title
Resolution approving an administrative amendment to budget for Tax Increment Financing Plan for Economic Development Tax Increment Financing District for the Cossetta Project and approving an HRA Budget Amendment, District 9, Ward 2
Body
WHEREAS the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”) has heretofore established the Riverfront 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; and
WHEREAS, said Redevelopment Plan contains an identification of need and statement of objectives and program of the HRA for carrying out of 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, on May 18, 2011, the City Council of the City of Saint Paul, Minnesota (the “City”), and on May 25, 2011, the HRA approved the creation of the Tax Increment Financing District (an economic development district) for the Cossetta Project (the “TIF District”) and adopted a tax increment financing plan therefor for the TIF District (the “TIF Plan”); and
WHEREAS, it has been proposed that the HRA amend the budget for the TIF District set forth in the TIF Plan to adjust expenditures to provide for administrative changes to the budget as set forth therein to authorize increased interest expenditures in connection with the redevelopment within the Project Area and make related changes to the HRA budget; and
WHEREAS, the HRA has investigated the facts and has caused to be prepared the First Amendment to Tax Increment Financing Plan for the TIF District (the “Plan Amendment”); and
WHEREAS, the Plan Amendment does not increase the total estimated tax increment expenditures, the amount of bonded indebtedness, capitali...
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