CC PACKET 06271995 - Laserfiche WebLink

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I. INTRODUCTION • The Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA") and the City of St. Anthony, Minnesota (the "City"), have previously approved five Redevelopment Plans designated as Kenzie Terrace Redevelopment Plan, Chandler Place Redevelopment Plan, Highway Eight Redevelopment Plan, Redevelopment Plan for Redevelopment Project No..2 (Ramsey County) and Redevelopment Plan for Redevelopment Project No. 3 (Ramsey County), together with certain amendments thereto (as so amended, the "Redevelopment Plans"), and have approved redevelopment projects (the "Redevelopment Projects") to be undertaken pursuant thereto, and in order to finance the public redevelopment costs to be incurred by the City and the HRA in connection with certain of,the Redevelopment Plans and the Redevelopment Projects, the HRA and the City have approved tax increment financing plans (the. "Financing Plans") which establish two tax increment financing districts designated by the HRA as follows: Kenzie Terrace Tax Increment District (Hennepin County No. 1950) and Chandler Place Tax Increment District (Ramsey County No. 58) (the "Districts"). It has been proposed that in order to authorize the City and HRA to undertake certain activities designed to remove, prevent and reduce blight, blighting factors and the causes of blight in the City and provide facilities intended to serve all residents of the City, that the HRA approve amendments to the Redevelopment Plans, the Redevelopment Projects and the Financing Plans which combine the areas subject to the Redevelopment Plans and include additional property in the area subject to the Redevelopment Plans and authorize tax increment revenue derived from any of the Districts to be utilized, in any area subject to the Redevelopment Plans. The HRA has identified certain property in the City not presently included in any of the areas subject to the Redevelopment Plans which the HRA believes either presently contains blight or blighting factors or which because of age, obsolescence, market conditions and other factors is suspectable to blighting conditions. Such property is identified on Exhibit A hereto (the "Additional Property"). By this Master Modification the Commissioners of the HRA amend the Redevelopment Plans to combine the areas subject to the Redevelopment Plans.and include the Additional Property in the area subject to the Redevelopment Plans and amend the Financing Plans to authorize the expenditure of tax increment revenues derived from either of the Districts for public redevelopment costs incurred by the City or HRA in connection with the development and redevelopment of any property in the area subject to the Redevelopment Plans and to pay costs of a Community Center. The authorization on the expenditure of tax increment revenue from a District is subject to any limitations on such expenditures with respect to such District contained in the Minnesota Tax Increment Financing Act (Minnesota Statutes, Section 469.174 to 469.179). This Master Modification does not include the Additional Property in any of the Districts. This Master Modification is