Title
Resolution approving (i) the establishment of the Farwell Yards Tax Increment Financing District (a redevelopment district) in the Riverfront Redevelopment Project area, (ii) the adoption of a Tax Increment Financing Plan therefor, (iii) the execution of a tax increment development agreement and related documents, and (iv) an HRA budget amendment, all for the Farwell Yards Project, District 3, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “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 (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, it has been proposed that within the Project Area, the HRA create the Farwell Yards Tax Increment Financing District as a redevelopment tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 10, clause (a)(1) (the “TIF District”) and adopt a Tax Increment Financing Plan therefor (the “TIF Plan”), all pursuant to Minnesota Statutes, Sections 469.174 through 469.1794 (the “TIF Act”); and
WHEREAS, the TIF District is being established to facilitate the redevelopment of industrial properties containing vacant and substandard buildings and stimulate the construction of approximately 63 units of affordable housing (the “Affordable Housing Development”) and public infrastructure in connection with a proposed mixed-use redevelopment consisting of approximately 221 rental housing units, a...
Click here for full text