City of Saint Paul - File #: RES 23-1668

• File #: RES 23-1668
• Version: 1
• Type: Resolution
• Status: Archived
• In control: Housing & Redevelopment Authority
• Final action: 10/25/2023
• Title: Resolution approving and authorizing (i) the execution of a tax increment financing development agreement, including the issuance of a TIF Note, a contingent supplemental TIF note, and tax increment financing spending plan authority, and (ii) approving an HRA budget amendment, all for the Landmark Towers project located at 345 St. Peter Street, District 17, Ward 2
• Sponsors: Rebecca Noecker

Date	Ver.	Action By	Action	Result
10/25/2023	1	Housing & Redevelopment Authority	Adopted	Pass

Title

Resolution approving and authorizing (i) the execution of a tax increment financing development agreement, including the issuance of a TIF Note, a contingent supplemental TIF note, and tax increment financing spending plan authority, and (ii) approving an HRA budget amendment, all for the Landmark Towers project located at 345 St. Peter Street, District 17, 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 on June 22, 2022 and adopted a Supplement to the Spending Plan on February 23, 2023 (collectively the “Spending Plan”) pursuant to Subd. 4n, which authorizes the use of Available TIF to provide impr...