Title
Resolution approving the execution of a development and loan agreement under tax increment financing spending plan authority, for a project located at 421 East 7th Street; authorizing waiver of the 45-day notice period in the Early Notification System (ENS), approving the use of a project labor agreement, and approving an HRA budget amendment, District 4, Ward 2
Body
WHEREAS, Minnesota Statutes, Section 469.176, subdivision 4n (“Subd. 4n”) authorizes the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) to spend available tax increment from any existing tax increment financing district (“Available TIF”), 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 (the “State”), 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) Available TIF under the spending plan is spent by December 31, 2025; and
(5) The City Council (the “Council”) of the City of Saint Paul, Minnesota (the “City”) approves a written spending plan (after a duly noticed public hearing) that specifically authorizes the HRA to take such actions; and
WHEREAS, the HRA and the Council have heretofore adopted a spending plan (the “Spending Plan”) pursuant Subd. 4n, which authorizes the use of Available TIF to provide improvements, loans or assistance for private development that satisfies the criteria listed above and as further described in the Spending Plan (“Qualified Projects,” singularly, a “Qualified Project”); and
WHEREAS, the Spending Plan expressly authorizes Available TIF assistance to Qualified Projects that advance ...
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