Title
Resolution approving (i) the establishment of the Landmark Towers Tax Increment Financing District (a redevelopment district) in the Seventh Place Redevelopment Project Area and adopting a Tax Increment Financing Plan therefor, (ii) an amendment to the Tax Increment Financing Plan for the Minnesota Event Tax Increment Financing District, and (iii) an HRA budget amendment, all for the Landmark Towers Project, District 17, Ward 2
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) has heretofore established the Seventh Place 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 Landmark Towers 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 a portion of the building commonly known as Landmark Towers, a substandard residential and commercial office building with parking, by converting the vacant commercial office floors into approximately 187 market rate rental housing units, and related parking improvements and exterior a...
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