Presenter
Presented by Mr. Ferlo
Title
Resolution dissolving the Gimbels Landmark Tax Increment Financing District. (Council District No. 6).
Body
Whereas, the Pennsylvania Tax Increment Financing Act (53 P.S. § 6930.1 et seq.) (the "TIF Act") provides local taxing bodies with the legal authority to cooperate in providing financing for public facilities and residential, commercial and industrial development and revitalization in order to eliminate or prevent the development or spread of blight within their respective jurisdictions; and
Whereas, the Urban Redevelopment Authority of Pittsburgh (the "Authority") is authorized under the TIF Act to participate in "project plans," as defined in the TIF Act, upon such terms and conditions and in such manner as it may determine to be reasonable; and
Whereas, the Gimbels Landmark Tax Increment Financing Plan (the "Gimbels TIF Plan") was approved and adopted by the School District of Pittsburgh (the "School District") on March 22, 2000 and by the County of Allegheny, Pennsylvania (the "County") on December 16, 1999; and
Whereas, pursuant to resolution of June 14, 2000, the City of Pittsburgh (the "City") approved and adopted the Gimbels TIF Plan and created the Gimbels Landmark Tax Increment Financing District (the "Gimbels TIF District") within the Inner Triangle Redevelopment Area, all as described therein; and
Whereas, the Gimbels TIF Plan provided for certain revenues to assist in the funding of (i) the restoration and renovation of the Gimbels Landmark Building (the "Project"), and (ii) for certain costs of the transaction; and
Whereas, the developer of the Project decided to undertake the Project without TIF Plan financing; and
Whereas, as a result of the developer's decision, no bonds or notes were issued and there are no debt obligations outstanding; and
Whereas, the Authority has requested that the City take action to dissolve the Gimbels TIF District.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Gimbels TIF District is hereby dissolved as of the effective date of this Resolution.
Section 2. Any tax revenues due, owing, and received from the pledged parcels will be distributed to the taxing bodies on a prorated basis after the Authority applies funds to costs that have been incurred.
Section 3. The appropriate officials of the City are hereby directed to take such additional actions in cooperation with the Authority, the County, and the School District in furtherance of the dissolution of the Gimbels TIF District, including without limitation the termination of any agreements entered into in furtherance of the transactions contemplated by the Gimbels TIF Plan.