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HRA introduces amendment to temporary TIF spending plan; City Council public hearing set for Dec. 3
Summary
Staff presented an amendment to restate and extend the HRA’s temporary TIF spending plan, to authorize use of interest earnings and to extend the spending deadline to Dec. 31, 2026; the amended plan will be heard by the City Council at a public hearing on Dec. 3.
The St. Paul HRA heard a detailed presentation on an amended and restated temporary tax increment financing (TIF) spending plan and scheduled the item for a City Council public hearing and HRA action on Dec. 3.
Jenny Wolf of the Department of Planning and Economic Development reviewed the Temporary TIF Act authority the HRA used in 2022 to move unobligated increments into a single spending account. The HRA transferred $27,549,047 into that spending plan by Dec. 31, 2022 and authorized 10 projects to use the funds, including infrastructure on the West Side Flats, Essex House, Harbor Line, United Village, Xcel Energy Service Center, Little Africa Plaza, Listening House, Habitat for Humanity at The Heights, Landmark Towers conversion, and several housing rehabilitation projects.
Wolf said the proposed amendment would (1) restate the approved expenditures and list the 10 projects explicitly, (2) authorize spending of interest earnings on funds held in the spending plan for the same categories approved previously, and (3) extend the deadline for spending transferred increments and interest to Dec. 31, 2026. Staff estimated the total permitted spending could increase to approximately $29,000,049.47 depending on actual interest earned (roughly a $1.5 million upper bound from interest earnings).
Commissioners asked how much of the transferred amount has been obligated. Wolf said the full $27,549,047 has been contractually obligated to projects, though not all funds have been drawn. Staff emphasized that approvals on Dec. 3 would not obligate interest earnings; any use of interest would require subsequent HRA board action.
What’s next: The item will be the subject of a City Council public hearing on Dec. 3, with HRA action also planned that day. If approved by the City Council and HRA, some interest earnings (up to the amount actually earned) could be spent on approved project categories; any remaining interest at Dec. 31, 2026 would be transferred back to one or more TIF districts.
