On August 8, 2007, the Saint Paul Housing and Redevelopment Authority
(HRA) board approved the Invest Saint Paul (ISP) Planning and Economic
Development (PED) work plan and budget. The City earmarked $25 million
of Sales Tax Revitalization (STAR) ‘jumpstart’ funds for strategic
projects aligned with the overall Invest Saint Paul goals, of which $17
million was designated for ISP activities managed by PED. These STAR
bonds were allocated to rebuild neighborhoods hardest hit by the
decline of the housing market and foreclosure crisis.
The total budget for the ISP work plan proposed to the HRA board was
over $66 million. To meet the goals outlined in the work plan,
additional sources of funding are needed to supplement the original $17
million from STAR. Additional funding has come from grants, low
interest loans, and other non-profit organizations.