title
Resolution authorizing the adoption of the Downtown Pittsburgh Transit Revitalization Investment District Implementation Plan and related agreements (Council District 1).
Body
WHEREAS, the Transit Revitalization Investment District Act, Act of Dec. 8, 2004, P.L. 1801, No. 238 (the “Act”), as amended, provides local taxing bodies with authority to cooperate in establishing transit-oriented development and value capture areas, as defined in the Act, within their respective jurisdictions to increase the tax base and improve the general economy of their communities; and
WHEREAS, pursuant to the Act, the Urban Redevelopment Authority of Pittsburgh (“Authority”) is legally empowered to prepare Transit Revitalization Investment District (“TRID”) Implementation Plans to provide financing for local, county and regional economic development and revitalization activities through private sector investment, reinvestment and joint development activities in conjunction with public transportation improvements within TRIDs located in the City of Pittsburgh (“City”) and to present such TRID Implementation Plans to the City, the School District of Pittsburgh (“School District”), and Allegheny County (“County”) for consideration; and
WHEREAS, the County, the School District and the City each, respectively, plan to adopt resolutions endorsing the concept of the Downtown Pittsburgh TRID (“Downtown TRID”) Implementation Plan to fund a part of the costs necessary to implement public and private improvements to facilitate the redevelopment of portions of Downtown (the “TRID Project”) by leveraging the increased value of the proposed subprojects (the “Subprojects”) and authorizing the Authority to prepare a detailed Downtown TRID Implementation Plan in connection with the same; and
WHEREAS, the Authority, working with the designated representatives of the City, the County and the School District, adopted a Downtown TRID Plan, including in its exhibits among other things a TRID boundary map and a TRID planning study (the “TRID Study”), in accordance with the requirements of the Act, providing for the creation of the Downtown TRID District (the “TRID District”) and the financing of a portion of the costs of the TRID Project; and
WHEREAS, the Authority has further involved the Port Authority of Allegheny County d/b/a Pittsburgh Regional Transit (“PRT”) in discussions and review of the TRID Plan as it supports investments in transit-supportive infrastructure, including improved pedestrian connections to transit stations, enhanced streetscapes along key corridors, station-area improvements, and public realm upgrades that increase safety and accessibility for transit riders; and
WHEREAS, creation of the TRID District is necessary to revitalize economic development and transit-oriented development within the TRID District; and
WHEREAS, the Act provides for the involvement of local taxing bodies in the financing of projects within the TRID District and for the issuance of debt to pay for certain costs of implementing such plans; and
WHEREAS, the City, along with the County and the School District, through a three taxing body committee, will be provided with the opportunity to participate in discussions regarding expenditures for public improvements and TRID District Projects, and the use of TRID proceeds; and
WHEREAS, the City is expected to benefit from the creation of the TRID District, the proposed TRID Plan, the use of tax increments to pay certain TRID District project costs by stimulation of private investment, increases in property values, creation of employment opportunities and improvement of surrounding properties; and
WHEREAS, the Authority anticipates issuing debt, including, without limitation, tax-exempt and taxable bonds, to finance TRID District Project costs, with proceeds of said bonds to be used pursuant to the TRID Plan and with debt service on the bonds paid from the tax increment; and
WHEREAS, the City anticipates providing the necessary guarantees and appropriations pledges related to the bond issuances for the TRID District, including a guarantee for an anticipated tax-exempt bond issuance and a pledge, subject to annual appropriation, to pay debt service on an anticipated taxable bond issuance in the event the tax increment is insufficient; and
WHEREAS, the Council of the City (“Council”) believes that adoption of and participation in the TRID Plan and designation of the TRID District will benefit the health, safety and welfare of the citizens of the City of Pittsburgh.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The TRID Plan prepared by the Authority for financing certain costs of construction of the TRID District is hereby adopted, and the TRID District specifically described in the TRID Plan is hereby created.
Section 2. The boundaries of the TRID District shall be as identified in the TRID Plan and shall include only those whole units of property assessed or to be assessable for general property tax purposes.
Section 3. The Council hereby agrees on behalf of the City to participate in the TRID District in accordance with the TRID Plan attached hereto as Exhibit A and based upon the tax increments set forth in the TRID Plan for a period of twenty (20) years for each individual designated parcel within the TRID, commencing on the date of the initial tax reassessment of each such parcel by the County, and up to a total of forty (40) years, corresponding to the term of the TRID District, and will allocate seventy-five percent (75%) of the real estate tax increment for designated parcels to the Authority for the purpose of financing TRID Project improvements.
Section 4. The name of the TRID District shall be the “Downtown Pittsburgh TRID District”.
Section 5. After due consideration, the City finds as follows:
(a) The TRID District is a geographic area that satisfies the requirements of the Act;
(b) The improvement of parcels within the TRID District is likely to enhance significantly the value of substantially all of the other real property in the TRID District;
(c) The area comprising the TRID District as a whole has not been subject to adequate growth and development through investment by private enterprise and would not reasonably be anticipated to be adequately developed or further developed without the adoption of the TRID Plan;
(d) No individuals or families will be displaced by the TRID Plan;
(e) The TRID Plan will afford maximum opportunity, consistent with the sound needs of the community as a whole, for the rehabilitation or the redevelopment of the TRID District by private enterprise; and
Section 6. The City shall not, in the implementation of the TRID Plan and within the TRID District, as described herein, exercise its authority or power of eminent domain.
Section 7. The real estate tax revenue due or owed to, or received by the City from the TRID District designated parcels, subject to the percentage limitation and time requirement set forth in Section 3 of this Resolution, and as set forth in the TRID Plan, is hereby pledged, and a security interest is hereby granted, to the extent of those specific revenues secure the repayment of any debt incurred by the Authority for the purpose of financing TRID District Project costs and to finance the tax increment fund as referenced in Section 13 of Exhibit A of the TRID Plan.
Section 8. The appropriate public officials of the City are hereby authorized and empowered to execute and deliver in the name of and on behalf of the City all documents required or recommended in connection with the creation of the TRID District and administration of the TRID Plan, including, without limitation, a TRID cooperation agreement by and among the Authority, the City, the School District, the County, and PRT, an agreement approving the TRID Study and addressing the other matters as specified by Section 302(b) of the Act, and the City's obligations under such documents are hereby, in all respects, approved.
Section 9. The service of the Authority as the management entity as provided by the Act and as otherwise taken with respect to the matters contemplated hereby are ratified, confirmed, and authorized for all applicable purposes of the Act and other law related to the City.
Section 10. All acts and actions taken by City officials and/or by City staff prior to the date hereof with respect to the TRID District and the TRID Plan are hereby in all respects confirmed, approved and ratified.