Presenter
Presented by Mr. Shields
Title
Resolution dissolving the Baum/Millvale Tax Increment Financing District. (Council District 8).
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 Baum/Millvale Tax Increment Financing Plan (the "Baum/Millvale TIF Plan") was approved and adopted by the County of Allegheny, Pennsylvania (the "County") on July 15, 2003, and by the School District of Pittsburgh (the "School District") on September 24, 2003; and
Whereas, pursuant to Resolution No. 805, effective as of November 7, 2003, the City of Pittsburgh (the "City") approved and adopted the Baum/Millvale TIF Plan and created the Baum/Millvale Tax Increment Financing District (the "Baum/Millvale TIF District") within the Baum Boulevard/Centre Avenue Redevelopment Area, all as described therein; and
Whereas, the Baum/Millvale TIF Plan provided for certain revenues to assist in the funding of (i) a portion of the costs of constructing certain public infrastructure improvements and a parking garage expected to contain approximately 1,500 parking spaces in connection with a mixed use development within the Baum/Millvale TIF District (the "Project"), and (ii) for certain costs of the transaction; and
Whereas, the developer of the Project decided not to proceed with the Project; 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 Baum/Millvale TIF District.
Be it hereby resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Baum/Millvale 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 Baum/Millvale TIF District, including without limitation the termination of any agreements entered into in furtherance of the transactions contemplated by the Baum/Millvale TIF Plan.