Presenter
Presented by Ms. Carlisle
Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a Tax Incremental Financing Proposal or Proposals for portions of the Baum-Centre Redevelopment Area designated as the Centre & Negley TIF District. (Council District No. 8).
Body
Whereas, Pennsylvania's Tax Increment Financing Act (Act of July 11, 1990, P.L. 465, No. 113) (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 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 TIF Proposal to the City for its consideration; and
Whereas, a preliminary proposal has been presented to the City for the TIF financing the cost of certain parking and public infrastructure improvements in portions of the Baum-Centre Redevelopment Area designated as the Centre & Negley TIF District; and
Whereas, the City is expected to benefit from the use of tax increments to pay certain project costs of the Baum-Centre Redevelopment Area in the Centre & Negley TIF 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 all local taxing bodies, namely the City of Pittsburgh, the School District of Pittsburgh and the County of Allegheny.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The TIF concept for financing the cost of certain parking and public infrastructure improvements in portions of the Baum-Centre Redevelopment Area designated as the Centre & Negley TIF District is endorsed and the Urban Redevelopment Authority of Pittsburgh is requested to prepare a detailed TIF Proposal or Proposals for portions of the Baum-Centre Redevelopment Area designated as the Centre & Negley TIF District, in the manner required by the Act.
Section 2. The respective governing bodies of the County of Allegheny and the School District of Pittsburgh will be notified of this action and requested to undertake similar favorable consideration and cooperation in implementing a TIF Proposal or Proposals with respect to portions of the Baum-Centre Redevelopment Area designated as the Centre & Negley TIF District.
Section 3. The appropriate public officials of the City are hereby directed to take such actions in cooperation with the Urban Redevelopment Authority of Pittsburgh and any participating taxing bodies in furtherance of the development of an acceptable TIF Proposal or Proposals that will be brought before this Council and to schedule and conduct any and all public hearings required by the Act to permit public comment prior to final approval and implementation of any TIF Proposal or Proposals.
Section 4. The Director of Finance is hereby designated as the City's representative to work with the Urban Redevelopment Authority of Pittsburgh in preparing the TIF Proposal or Proposals.