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Approving the adoption of a Saint Paul Port Authority Spending Plan Minnesota Statutes, Section 469.176, Subd 4n.
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WHEREAS, the Saint Paul Port Authority (the “Port”) and the City of Saint Paul, Minnesota (the “City”) have previously established the following tax increment financing districts located in the City (collectively, the “SPPA TIF Districts”), and adopted tax increment financing plans therefor, pursuant to Minnesota Statutes, Sections 469.048 through 469.068, as amended, Minnesota Statutes, Section 469.084, as amended, and Minnesota Statutes, Sections 469.174 through 469.1794, as amended (collectively, the “TIF Act”): (1) Great Northern Business Center South; (2) Griffin; (3) Westminster; (4) Williams Hill; and
WHEREAS, Section 469.176, subdivision 4n of the TIF Act (“Subd. 4n”) authorizes the Port to spend available tax increment from any existing tax increment financing district, notwithstanding any other law to the contrary, to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of construction or substantial rehabilitation of buildings and ancillary facilities, if the following conditions exist:
(1) Such assistance will create or retain jobs in the State of Minnesota, including construction jobs;
(2) Construction commences before December 31, 2025;
(3) The construction would not have commenced before December 31, 2025 without the assistance;
(4) Tax increments under the spending plan are spent by December 31, 2025; and
(5) The City Council of the City (the “Council”) approves a written spending plan (after a duly noticed public hearing) that specifically authorizes the Port to take such actions; and
WHEREAS, pursuant to Subd. 4n, the Port proposes to adopt that certain Spending Plan for Various Tax Increment Financing Districts Adopted Pursuant to Minnesota Statutes, Section ...
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