Title
Resolution authorizing tax increment financing spending plan authority and approving issuance of a tax increment financing loan from unobligated increment in the amount of $440,000 to TMREIT, LLC or another entity that is affiliated with and controlled by TMREIT, LLC (“Developer”) for a project at 576 Front Ave; District 6, Ward 5
Body
WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the “HRA”) is a public body corporate and politic established pursuant to the provisions of Minnesota Statutes, Section 469.001, et seq. (the “Act”); and
WHEREAS, the HRA has the power to engage in development or redevelopment activities under Minnesota law and the HRA is authorized to engage in activities relating to (a) housing projects and development, (b) removal and prevention of the spread of conditions of blight or deterioration, (c) bringing substandard buildings and improvements into compliance with public standards, (d) disposition of land for private redevelopment, and (e) improving the tax base and the financial stability of the community, and to engage in the aforementioned activities when these needs cannot be met through reliance solely upon private initiative and which can also be undertaken in targeted neighborhoods; and is authorized to create redevelopment projects as defined in Minn. Stat Section 469.002, Subd. 14; and
WHEREAS, Developer proposes to complete a project consisting of the purchase and substantial rehabilitation of a building located at 576 Front Ave that is currently used for storage and turning it into a gym and an affordable rent business incubator (“Project”); and
WHEREAS, Minnesota Statutes, Section 469.176, subdivision 4n (“Subd. 4n”) authorizes 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 devel...
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