CC PACKET 06271995 - Laserfiche WebLink

Home Browse Search

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 Redevelopment Plan for Redevelopment Project No. 2 (Ramsey County) (the "Redevelopment Plan") and the Redevelopment Project (the "Redevelopment Project") 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 the Redevelopment Plan and Redevelopment Project, the HRA and the City have approved Tax Increment Financing Plan for Tax Increment Financing District No. 2 (Ramsey County) (the "Financing Plan"), which establishes Tax Increment Financing District No. 2 (Ramsey County) (the "District"). It has been proposed that additional property in the District be redeveloped by a private developer as twelve twinhomes (the "Townhome Development") and that public redevelopment costs incurred by the private redeveloper in connection with the Townhome Development be paid from tax increment derived from the District. By this Amendment the Commissioners of the HRA amend the Redevelopment Plan. and Financing Plan to authorize the expenditure of tax increment revenues derived from the District for public redevelopment costs in connection, with the Townhome Development. This Amendment is approved by the Commissioners of the HRA and the City pursuant to Minnesota Statutes, Chapter 469.029, subdivision 6, and Minnesota Statutes, Section 469.175, subdivision 4. IL STATEMENT OF NEED AND OBJECTIVES The financial assistance authorized hereby will aid in the redevelopment of property in accordance with the Redevelopment Project and in a manner beneficial to the residents of the City and consistent with the objectives of the HRA as stated in the Redevelopment Plan all of which will meet the needs specified in the Redevelopment Plan. IIL ADDITIONAL EXPENDITURE OF TAX INCREMENT The District is a soils condition district, as defined in Minnesota Statutes, Section 469.174, subdivision 19. Revenue derived from tax increment from the District may only be used for.the purposes set forth in Minnesota Statutes, Section 469.176, subdivision 4b� The HRA,hereby authorizes an additional expenditure of $150,000 to pay soil corrections work to be undertaken by the private redeveloper in connection with the Townhome Development. Such costs may be paid directly from tax increment derived from the District, or may be paid indirectly from tax increment derived from the District, by the payment of debt service on a loan or loans made by the City or HRA to the District from other funds to finance such cost: Any such loan will be repaid, with interest, from the tax increment derived from the District. Other than the loan or loans from the City or HRA to the District, it is not expected that any obligations will be issued by the City or HRA to finance such costs.