CC PACKET 07281992 - Laserfiche WebLink

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L INTRODUCTION The Commissioners of the Housing and Redevelopment Authority of • St. Anthony, Minnesota (the "HRA") and the City Council of the City of St. Anthony, Minnesota (the "City"), have previously approved the Kenzie Terrace Redevelopment Plan (the "Redevelopment Plan") and the Kenzie Terrace Redevelopment Project (the "Redevelopment Project") to be undertaken pursuant thereto in an area located in the City (the "Project Area"), 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 the Redevelopment Project, the HRA and the City have approved the.Kenzie Terrace Tax Increment Financing Plan (the "Financing Plan"), which establishes the Kenzie Terrace Tax Increment Financing District (the "District"). The HRA and the City have also previously approved amendments to the Redevelopment Plan, Redevelopment Project and Financing Plan. The major objectives of the Redevelopment Plan were to: acquire for redevelopment economically or functionally obsolete or underutilized buildings and land; provide a redevelopment site of a character which would encourage future development of the area and improve sources of public revenue; eliminate blighting influences which impeded potential development; provide maximum opportunity for redevelopment by private enterprise consistent with the needs of the City as a whole; and encourage private rehabilitation of structures within the Project Area. • It has been proposed that additional property be included in the area subject to the Redevelopment Plan and that public redevelopment costs incurred by the City and the HRA in connection with the development or redevelopment of such additional property be paid from tax increment derived from the District. The additional property to be included in the Redevelopment Plan is shown on Exhibit A attached hereto and made a part hereof and is hereinafter referred to as the "Additional Property." By these 1992-B Amendments to the Redevelopment Plan and Financing Plan (the "Amendments"), the Commissioners of the HRA amend the Redevelopment Plan, Redevelopment Project and the Financing Plan to include the Additional Property in the area subject to the Redevelopment Plan and authorize the expenditure of tax increment revenues derived from the District for public redevelopment costs incurred by the City or HRA in connection with the .development or redevelopment of the Additional Property. The Amendments do not include the Additional Property in the District. These Amendments are approved by the Commissioners of the HRA and the City pursuant to Minnesota Statutes, Chapter 469.028 and Minnesota Statutes, Section 469.175, subdivision 4.