Presenter
Presented by Mr. Dowd
Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a tax increment financing proposal for portions of the Lower Strip District Redevelopment Area (pending certification). (Council District 6).
Body
Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. § 6930.01 et seq., as amended) (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 “URA”) is legally empowered to prepare a tax increment financing (“TIF”) proposal (“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 of Pittsburgh (the “City”) and to present such proposal to the City for its consideration; and
Whereas, a preliminary proposal has been presented to the City for the tax increment financing of certain residential and commercial development and public infrastructure improvements in an area located generally between the Allegheny River to the North, Smallman Street to the South, 11th Street to the West, and 21st Street to the East, as such boundaries may be expanded or contracted by the TIF Proposal (the “Lower Strip District”); and
Whereas, the URA is in the process of certifying an area encompassing the Lower Strip District as a “Redevelopment Area” pursuant to the Act; and
Whereas, the City is expected to benefit from the use of tax increments in the Lower Strip District by stimulation of private investment, increases in property values, creation of employment opportunities and improvement of surrounding properties; and
Whereas, the implementation of any TIF Proposal is fully dependent on the cooperation and participation of...
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