Title
Resolution approving the execution of a tax increment financing development agreement for a project located at 115 Plato Boulevard West (Farwell Yards Project), District 3, Ward 2
Body
WHEREAS, the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“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; 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, pursuant to the provisions of Minnesota Statutes, Section 469.174 through 469.1794, as amended, (the “TIF Act”), the HRA has created, within the Project Area, the Farwell Yards Tax Increment Financing District as a redevelopment tax increment financing district (the “TIF District”), and adopted a tax increment financing plan therefor approved by the St. Paul City Council on September 14, 2022 and adopted by the HRA on October 26, 2022 (the “TIF Plan”) which provides for the use of tax increment financing in connection with certain development within the Project Area and TIF District; and
WHEREAS, 115 Plato, LP, a Minnesota limited partnership (or another entity to be formed by or affiliated with Buhl Investors, LLC or any of its affiliates, the “Developer”), has proposed to construct and equip an approximately 53,540 square foot building with approximately 63 affordable rental housing units, to be located at 115 Plato Boulevard West in the City (the “Development”); and
WHEREAS, simultaneously, an affiliate of the Develop...
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