Title
Authorizing an Internal Loan Agreement and 2022 budget for the Ford Site Redevelopment Project
Body
WHEREAS, on December 4, 2019, the City Council of the City of Saint Paul, Minnesota (the “City”) approved RES PH 19-388 approving an amendment to the Capital Improvement Budget; declaring official intent to reimburse expenditures from the proceeds of tax exempt bonds; authorizing interfund loans; providing for the use of Project Labor Agreements in accordance with policy; and authorizing execution of a redevelopment agreement and related documents for the Ford Site Redevelopment Project (District 15, Ward 3) (the “Project”); and
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul (the “HRA”) established the Ford Site Redevelopment Tax Increment Financing District (#322) (the “TIF District”); and
WHEREAS, the HRA established the TIF District, being a tax increment financing district established as a redevelopment district under Minnesota Statutes, Section 469.174 to 469.179, as amended (the “Tax Increment Act”), pursuant to the Tax Increment Act and a resolution duly adopted by the Board of Commissioners of the HRA; and
WHEREAS, the City Council adopted RES PH 19-388 approving a Redevelopment Agreement for the Ford Site (the “RDA”), a Policy on Interfund Loans and Advances for the TIF District and adopted a financing budget that included an advance of City funds to be repaid by tax increments generated by the TIF District (“Pay-Go-TIF”), in addition to City G.O. TIF Bonds and other non-TIF City sources; and
WHEREAS, the City Council adopted RES PH 20-185 that amended the financing budget for the Project (“City Amended Budget”); and
WHEREAS, the HRA Board adopted RES 20-1418 that amended the HRA Budget for the Project (“HRA Budget”) to align with the City Amended Budget; and
WHEREAS, the above identified spending includes installation of infrastructure outlined in the RDA, plus PW construction oversight, City Owner’s Representati...
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