38:06One focus of the meeting was the proposed amendments to the Highland Bridge development, which include adjustments to minimum assessed property values and the implications of these changes on tax increment collections. The aim is to temporarily lower the minimum assessed values for 15 parcels to alleviate the tax burden on developers, with the values set to rise by 20% above original agreements by the TIF district’s end. This strategic adjustment is intended to encourage development while maintaining tax revenue stability, although it has sparked concerns about the impact on development timelines and financial obligations.

59:02The meeting also underscored the connection between these amendments and the pending rent stabilization amendment. A commissioner highlighted concerns that agreements were crafted with the expectation of the amendment’s approval, potentially pressuring council members. Another commissioner criticized this approach as premature, emphasizing the need for transparency and sound policymaking. The possible influence of rent stabilization measures on project financing and development viability was a recurring theme, with discussions on how different amendments could alter the agreements and financing structures.

05:18In tandem with Highland Bridge discussions, the meeting delved into updates on TIF districts, with a presentation detailing the financial and developmental impact of these districts across St. Paul. The presentation highlighted that 58 TIF districts, including port districts, capture 7% of the city’s tax base, generating $37 million in tax increments. The session provided insights into the accomplishments achieved within these districts, such as the creation of 7,250 housing units and significant commercial space, alongside specific examples like the Custom House TIF district.

21:27The meeting also explored adjustments to the Minneapolis Saint Paul housing finance program, particularly for the 2026-2027 low-income housing tax credit cycle. Amendments to the program were discussed, reflecting feedback from the governing body and emphasizing transparency in housing financing strategies. The criteria for awarding points to projects based on proximity to transit services were debated, with calls for aligning incentive structures with accessibility to public transit.

01:13:35Another agenda item was the Community Asset Transition Fund (CAT Fund) amendment, aimed at expanding eligibility to mission-aligned for-profit developers and extending loan terms. This fund, established with $500,000 from civil unrest funding, supports redevelopment projects with favorable capital terms. The proposed changes seek to better meet development needs in St. Paul.

01:17:55The acquisition of properties on Payne Avenue for a new headquarters for Black Press was also discussed, emphasizing the community and economic benefits of supporting local journalism and nonprofit endeavors. The financial structure of the project, including a loan from the CAT Fund and borrower equity, was reviewed to ensure feasibility and community impact.