06-430Council File # /�� - � 3 0
Green Sheet # 3030443
Presented By
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RESOLUTION
4_INT PAUL, MINNESOTA
�
Referred To
Committee: Date
RESOLUTION NO.
2
0
RESOLUTION APPROVING THE
AMENDMENT OF TAX INCREMENT FINANCING PLAN FOR THE RIVERFRONT
RENAISSANCE REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT
BE IT RESOLUED by the City Council of the City of Saint Paul, Minnesota (the "City")
6 as follows:
7 Section 1. Recitals
8 1.01. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
9 (the "Authority") has heretofore, with the approval of the City Council of the City of Saint Paul,
10 Minnesota (the "City"), adopted a Redevelopment Plan (the "Redevelopment Plan") for the
11 Riverfront Renaissance Redevelopment Project Area (the "Redevelopment Project Area"),
12 pursuant to Minnesota Statutes, Sections 469.001 to 469.047, both inciusive; and
13 1.02. The City and the Authority have heretofore approved and created by resolufions
14 of the City and Authority, (collecrively, the "Prior City Resolution" and "Prior Authority
15 Resolution", respecfively), within the Redevelopment Project Area, the Riverfront Renaissance
16 Redevelopment TaY Increment Financing District (the "Tas Increment DistricY') and adopted a
17 Tax Increment Financing Plan therefor (the "Tax Increment Plan"), all pursuant to and in
18 accordance with Minnesota Statutes, Section 469.174 through 469.1799 (the "Tax Increment
19 Act").
20 1.03. The Authority has determined that it is necessary to amend the Tax Increment
21 Plan to reflect, among other things the increased costs of the Redevelopment Project and to
22 authorize certain additional public redevelopment costs in connection with the construction of a
23 116 unit owner occupied housing development (the "West Side Flats Housing Development").
24 The Authority has performed all acfions required by law to be performed prior to the amendment
25 of the Taac Increment Plan, including but not limited to, norification of the Ramsey County
26 Commissioner represenring the area of the County in which the Tax Increment District is
27 located, notification of Ramsey County and Independent School District Nuxnber 625, which
28 have t�ing jurisdicrion over the property included in the Taz Increment District, and has
29 requested that the City approve the Amendment of the Tax Increment Financing Plan following
30 the holding of a public hearing upon published and mailed notice as required by law.
31 1.04. On this date, the City Council conducted a public hearing on the adoption of the
32 Amendment of TaY Increment Financing Plan, after published notice thereof; and
1896543v1
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1.05. At said public hearing the City Council heazd testimony from all interested parties
on the Amendment of Tax Increment Financing Plan.
Secrion 2. Findin�s for the Amendment of the Tax Increment Financin� Plan.
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2.01. The City Council hereby finds that the Amendment of Tazc Increment Financing
Plan for River&ont Renaissance Redevelopment TaY Increment District dated May 10, 2006 (the
"Amendment of Tas Increment Financing Plan") is intended and, in the judgment of the City
Council, its effect will be, to cazry out the objectives of the Redevelopment Plan and to create an
impetus for the redevelopment of blighted azeas and will otherwise promote certain public
purposes and accomplish certaiu objectives as specified in the Redevelopment Plan and T�
Increment Financing Plan, as amended.
11 2.02. The City Council hereby reaffirms the findings heretofore made in the Prior City
12 Resolurion that the Riverfront Renaissance Redevelopment Tax Increment Financing District
13 qualifies as a"redevelopment district" within the meaning of the TaY Increment Act.
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The City Council hereby makes the following findings:
(a) The City Council further finds that the proposed development, in the
opinion of the City Council, would not occur solely through private investment within the
reasonably foreseeable future and, therefore, the use of t� increment financing is deemed
necessary. The specific basis for such finding being:
The property on which housing development will occur would not be
developed in the reasonably foreseeable future because it currently
contains environmental contamination, and lacks the necessary public
infrastructure to be developed and has been vacant for many years. The
Developer has represented that it couid not proceed with the development
without tasc increment assistance.
(b) The City Council further finds that the Taac Increment Financing Plan
conforms to the general plan for the development or redevelopment of the City as a
whole. The specific basis for such finding being:
The Tas Increment Financing Plan will generally compliment and serve to
implement policies adopted in the City's comprehensive plan. The
housing development contemplated is in accordance with the existing
zoning for the property.
(c) The City Council further finds that the Tax Increment Financing Plan will
afford masimum opportunity consistent with the sound needs of the City as a whole for
the development of the Tas Increment District by private enterprise. The specific basis
for such finding being:
The proposed development to occur within the Tax Increment District is
housing. The development will increase the taxable market valuarion of
the City. The available housing in the downtown area of the city will
1896543v1
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1 expand by at least 116 owner occupied units with the wmplerion of the
2 development contemplated by this Tas Increment Financing Plan.
3 (d) For purposes of compliance with Minnesota Statutes, Secfion 469.175,
4 Subdivision 3(2), the City Councii hereby finds that the increased market vatue of the
5 properiy to be developed within the Tazc Increment District that could reasonably be
6 expected to occur without the use of ta�c increment financing is less than $57,282,046,
7 which is the market value estimated to result from the proposed development (i.e.,
8 $62,816,544) after subtracting the present value of the projected taa� increments for the
9 masimum duration of the Tax Increment District (i.e., $5,534,498). In making these
10 findings, the City Council has noted that the property has been undeveloped for many
11 years and would likely remain so for a number of years if taz increment financing is not
12 available. Thus, the use of tax increment financing will be a posirive net gain to the City,
13 the School District, and the County, and the taY increment assistance does not exceed the
14 benefit which will be derived therefrom.
15 2.03. The City Council hereby reaffirms the findings made in the Prior City Resolution.
16 2.04. The provisions of this Section 2 are hereby incorporated by reference into and
17 made a part of the Amendment of the Taic Increment Financing Plan.
18 Section 3. Apnroval of Amendment of the Taac Increment Financing Plan.
19 3.01. The Amendment of Tax Increment Financing Plan for Riverfront Renaissance
20 Redevelopment T� Increment District dated May 10, 2006 is hereby approved.
21 3.02. The staff of the City, the staff of the Authority and the City's and Authority's
22 advisors and legal counsel are authorized and directed to proceed with the implementation of the
23 Amendment of Tax Increment Financing Plan.
1896543v1
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Benanav
Bostrom
Harris
Helgen
Lantry
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Adoption C�ertified by Council Secretar�
BY� —/! G.�� i S �
Approved by : Date: 5 =�—G�
By:
Reques d by De ment of:
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� Green Sheet Green Sheet Green Sheet G,reen Sheet Green Sheet Green Sheet �
i
ueparmrenvOmcelcounc�l:
� PE — Plzming & Economic De�elopment
Contact Person 8 Phone:
Mane Franchet}
266 6702
on Council Agenda by
RE-RESOLUTION
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� I Green Sheet NO: 3030443
1�APR-06
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Assign � I
Number � 2
For i
Routing 3
Order I 4
I 5
6
,FSnancialServices Director
Cou cil ' D e Th '_
avor's OlTice I Mavor or Assistant _
iN Clerk I CiN Clerk �
�plannine & Economic Develoo I Marie Franchett _
Total # of Signature Pages �(Ciip All locatiorts for SignaWre)
Execurion of a Ciry Council resolurion regazding amendment to the Riverfront Renaissance TIF Plan relaring to the Grand St. Paui
project.
Planrnng Commission
CIB Committee
Ci�il Senrice Commission
1. Has this persoNfirtn e�er woiiced Under a confract for this department�
Yes No
2. Has this persoNfirtn e�er been a city employee?
Yes No
3. Dces this persoNfirtn possess a skill not nortnally possessed by any
current city employee?
Yes No
Expiain all yes answers on separate sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
On March 22, 2006 the HRA approved execution of a Second Amended and Restated Development Agreement with the West Side Flats
Development LLC relating to the Grand St. Paul Project. Financing approved under the Development Agreement is contingent upon
approval of an amendment to the TIF plan. , � �
Advantages If Approved:
HRA wIll be able to fulfill its obligarions under the approved Development Agreement
Y�
Disadvantages If Approved:
N/A
RECEIVED
APR 2 5 2006
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DisadvantageslfNotApproved: �����[����
Redevelopment of the West Side Flats Llewel 1 F
w ' ���.� ,�,s'y.:%. � <vs.r
iotal Amount of
Transaction: � 7 7 3 j Cj 7�
Funding Source:
Financial Information:
(Explain)
CosURevenue Budgeted:
Activity Number.
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AMENDMENT OF TAX INCREMENT
FINANCING PLAN
FOR
RIVERFRONT RENAISSANCE REDEVELOPMENT
TAX INCREMENT FINANCING DISTRICT
Dated May 10, 2006
APPROVED BY THE CITY COUNCIL OF THE
CITY OF SAINT PAUL: MAY 3, 2006
APPROVED BY THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF SAINT PAUL: MAY 10, 2006
This document was drafted by:
BRIGGS AND MORGAN (MMD)
Professional Associarion
2200 West First National Bank Building
Saint Paul, Minnesota 55102
1890422y3
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AMENDMENT OF TAX INCREMENT
FINANCING PLAN
FOR THE
RIVERFRONT RENAISSANCE REDEVELOPMENT
TAX INCREMENT FINANCING DISTRICT
SECTION 1. BACKGROUND
The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the
"Authorit�') has heretofore established the River&ont Renaissance Redevelopment Project Area
(the "Redevelopment ProjecY') and adopted a Redevelopment Plan therefor (the "Redevelopment
Plan") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "Housing and
Redevelopment Authority AcY').
Pursuant to Minnesota Statutes, Section 469.174 to 469.1791 (the "Tax Increment AcY'),
the Authority has heretofore established within the Redevelopment Project, the Riverfront
Renaissance Redevelopment Tas Increment Financing District (the "Tu� Increment DistricY').
In order to finance certain public redevelopment costs within the Redevelopment Project, the
Authority has adopted a Tas Increment Financing Plan for the T� Increment Financing District
(the "Tax Increment Financing Plan"). The Authority desires to amend the Tu� Increment
Financing Plan in certain respects as more fully set forth herein in connecrion with a new owner
occupied housing development to be constructed in the Tas Increment Financing District.
SECTION 2. GENERAL DESCRIPTION OF AMENDMENT
The general purposes of this amendment is to increase the es6mated costs of the
Redevelopment Project and to authorize certain additional public redevelopment costs in
connecfion with the construction of a 116 unit owner occupied housing development (the "West
Side Flats Housing DevelopmenY'). In addition, the state legislature, in the 20051egislative
session, passed a special law allowing the Authority to treat the Tas Increment District as 6
separate subdistricts. This amendment primarily relates to the subdistrict containing the West
Side Flats Housing Development.
SECTION 3. AMENDMENTS
Section 3.1 Ciassification of the District
The following new paragraph is added to Secrion III of the Tax Increment Financing Plan
with respect to public redevelopment costs of the West Side Flats Housing Development:
The eligible costs of the West Side Flats Housing Development, which are
estimated to be in excess of $10,000,000, include the cost of acquiring properties
in the TaY Inerement District, site filling, grading and piling, environmental
investigafion and remediation, demolirion, geotechnical invesrigation, soil
correcfion and installation of utiliries, roads, sidewalks and parking facilities.
Allocated administrarive costs and interest payment costs will also be included.
Total eligible public redevelopment costs are more than 100% of the projected
P89092`t�3
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principai amount of the proposed TIF note issues, which are in the aggregate
appro�xnately $3,500,000.
Section 3.2 Descrirotion of the Development Prog�. Section IV of the Taac Increment
Financing Plan is hereby amended to include the description of the West Side Flats Housing
Development to read as follows:
WEST STDE FLATS HOUSING DEVELOPMENT. The development
program for West Side Flats Housing Development consists of at least 116 new
owner occupied housing units, related parking, construction of a new road and
extension of the floodwall improvements to be built on the West Side Flats
Housing site bounded by Wabasha, Fillmare, the center line of old Stazkey Street
and the Mississippi River.
Section 3.3 Sources and Uses. The Projected Sources and Uses for River&ont
Reinassance Tas Increment as set forth in Section N of the Taac Increment Plan is amended as set
forth on E�ibit A attached hereto.
Section 3.4 Descri�tion of Contracts Entered into at the Time of Prenaration of the
Plan. 5ection V of the Taac Increment Financing Plan is hereby amended to include the following:
D. Name: West Side Flats Urban Development LLC
Activity: Second Amended and Restated Master Development Agreement
for West Side Flats Housing Development Project
Estimated Cost: $64,166,562
Estimated Date of Completion: ZO10
Section 3.5 Cost of Project and Description of the Tax Increment District. Section VII
A of the TaY Increment Financing Plan is hereby amended to add the following paragraph:
The total development cost of the West Side Flats Housing Development
aze esrimated to be $64,166,562. Of this, approximately $4,500,000 will be paid
through tax increment. Approximately $60,000,000 will be paid through other
sources. All t� increments collected from the Tas Increment Financing District
are authorized by this Plan to be expended on the West Side Flats Housing
Development, other development projects in the T� Increment District,
administrative expenses or affordable housing projects in the City.
Section 3.6 Bond Indebtedness
Section VTI B of the Tax Increment Financing Plan is hereby amended to add the
following paragraphs in the appropriate places:
It is anticipated that approximately $3,500,000 in principal amount ofpay-
as-you-go tas increment notes will be issued with respect to the West Side Flats
Housing Development. The Authority anticipates issuing taY increment refunding
bonds in amounts sufficient to refund the notes upon completion of construcrion.
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The aggregate principal amount of the tazc increment refunding bonds is estimated
to be approximately $4,500,000.
West Side Flats Housin� Development.
The HRA shall issue up to four series of taic increment pay-as-you-go
notes in an aggregate principal amount approximately $3,500,000, and up
to four series of ta�c increment refunding bonds in the aggregate
appro�mate principal amount of $4,500,000.
West Side Flats Housin� Develoument.
The Developer will obtain private financing of approximately
$58,000,000. The Developer has obtained state, county and local grants or
loans of approximately $2,000,000 for environmental clean up costs.
Section 3.7 Sources of Revenue to Finance or Otherwise Pav Public Costs Associated
with the Project. Section VII C is hereby amended to add the following information to the table:
Comnletion Date
Funding Source Amount
Use of Funds
E.IIZIf
Section 3.8
paragraph:
Local county and state $2,000,000
loans or grants
Environxnental
Testing and
Remediation
Taac Ca�acities. Section VII D is hereby amended to add the following
D. The Most Recent Net Tax Capacity of Taxable Real Property Within
the Tax Increment Financing District
As of January 2, 2005, the total tax capacity of property pazcels in the
West Side Flats Housing Development Subdistrict was approximately $16,190.
The Subdistrict includes currently tas exempt property which will be re-classified
by the County Auditor. Upon reclassificafion, the original taY capacity is
estimated to be $22,528.
Section 39 Canhued Taac Capacitv. Section VII E is hereby amended to add the
following paragraph:
E. The Estimated Captured Net Tax Capacity of the Tax Increment
Financing District at Completion
The West Side Flats Housing Project will have an aggregate assumed
estimated market value of $62,816,544. Applying appropriate taac capaeity rates
results in estimated tax capacity of approximately $642,977 and a captured net tas
capacity of $620,449 as of January 2, 2011, the yeaz following the expected
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complerion of the West Side Flats Housing Project. A cash flow showing the
projected tax increment is attached hereto as E�ibit B.
Section 3.10 Alternate Estimates of the Impact of the TaY Increment Financin on the
Net T� Capacities of All Ta�ine Jurisdictions. Section VIII of the Tax Increment Financing Plan
is hereby amended to show the unpact of the West Side Flats Housing Subdistrict as set forth in
E�ibit C.
On the alternate assumption, that none of the estimated captured tas capacity would be
available to these taicing jurisdicrions without the Subdistrict, there would be no effect on the
other taxing jurisdicrions, but upon the expirafion or earlier termination of this portion of the TaY
Increment District, each tasing jurisdiction's tax capacity would be increased by the captured tas
capacity, as it may be adjusted over that fime period.
The estimated amount of tas increment that will be generated over the life of the TaY
Increment District from the Subdistrict is approximately $13,584,000. The estimated amount of
t� increment attributable to the School District and County levies is estimated to be
approximately $3,989,620 and $5,895,456 respectively. It is not expected that the West Side
Flats Housing Development will have any impact on the need for new or improved public
infrastructure, other than the infrastructure paid for by taY increments or from other local funds
currently appropriated. The impact on City provided services such as police and fire protection
are anticipated to increase slightly as a result of the West Side Housing Development. The City
is exploring funding sources for these costs. The Authority will provide any additional
infrastructure requested by the County or School District.
Section 3.11 Effect of Amendments. Except as herein amended and supplemented, the
Tax Increment Financing Plan remains in full force and effect.
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Prepared by Spnngsted Incorporatetl
April 3, 2006
1890927v3 C-j
City of Saint Paui, Minnesota
Riverfront Renaissance District
RetlevebpmeM TIF D'strict
Ce�tiircatron Date:01/07i2002
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