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File #: RES 22-1688    Version: 1
Type: Resolution Status: Archived
In control: Housing & Redevelopment Authority
Final action: 10/26/2022
Title: Resolution approving financing under Temporary Tax Increment Financing Spending Plan authority to provide infrastructure improvements necessary to advance private development in the area bounded by the Mississippi River on the north, Wabasha Street on the east, Smith Avenue on the west and the bluff on the south, and approving an HRA budget amendment, District 3, Ward 2
Sponsors: Rebecca Noecker
Attachments: 1. Board Report, 2. Temporary TIF Spending Plan, 3. Map, 4. Financial Analysis
Title

Resolution approving financing under Temporary Tax Increment Financing Spending Plan authority to provide infrastructure improvements necessary to advance private development in the area bounded by the Mississippi River on the north, Wabasha Street on the east, Smith Avenue on the west and the bluff on the south, and approving an HRA budget amendment, District 3, 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 abov...

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