CC PACKET 11121996 - 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 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"). 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 on June 27, 1995 approved amendments to the Redevelopment Plans, the Redevelopment Projects and the Financing Plans designated as the Master • Modification to the Redevelopment Plans and Tax Increment Financing Plans (the "Master Modification") which combined the areas subject to the Redevelopment Plans and included additional property in the area subject to the Redevelopment Plans and authorized 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 1996 Amendment to the Master Modification the Commissioners of the HRA amend the Redevelopment Plans to include the Additional Property in the area subject to the Redevelopment Plans and amend the Financing Plans to authorize the additional expenditure of tax increment revenues derived from either of the Districts. 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 1996 Amendment to the Master Modification does not include the Additional Property in any of the Districts. • This 1996 Amendment to the Master Modification is approved by the