Presenter
Presented by Ms. Carlisle
Title
Resolution adopting the Bakery Square Tax Increment Financing Plan presented by the Urban Redevelopment Authority of Pittsburgh, and making certain findings. (Council District 9).
Body
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S.§ 6930.1 et seq. (the "Act"), provides local taxing bodies legal authority to cooperate in providing financing for development of blighted areas within their respective jurisdictions in order to increase the tax base and improve the general economy; and
Whereas, under the Act, the Urban Redevelopment Authority of Pittsburgh (the "Authority") is legally empowered to prepare a Tax Increment Financing ("TIF") proposal to provide financing for the elimination and prevention of the development or spread of blight within specified tax increment districts located in the City and to present such Proposal to the City for its consideration; and
Whereas, the City has previously adopted a resolution endorsing the concept of a TIF plan for financing of certain improvements in portions of the Fifth & Penn Redevelopment Area #65, requesting the Authority to prepare a detailed TIF proposal and designating the City's representative to work with the Authority, the County of Allegheny (the “County”) and the School District of Pittsburgh (the “School District”) toward the development and implementation of such a TIF plan; and
Whereas, the County and the School District have also adopted resolutions indicating their respective commitments to participate in a TIF financing plan for the Fifth & Penn Redevelopment Area #65; and
Whereas, the Authority, working with the designated representatives of the City, the County and the School District, has adopted and recommended a TIF Plan, in the form of the Bakery Square TIF Plan, and in accordance with the requirements of the Act; and
Whereas, the Act provides for the cooperation of local taxing bodies in the financing of projects within TIF distr...
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