Presenter
Presented by Mr. Udin
AS AMENDED
Title
Resolution amending the Tax Increment Financing Plan for the South Side Works Tax Increment Financing District and directing other actions of officers as shall be necessary, proper and consistent therewith. (Council District No. 3).
Body
WHEREAS, Pennsylvania's Tax Increment Financing Act (53 P.S. § 6930.1 et seq.) (the "Act") authorizes local taxing bodies, including municipalities such as the City of Pittsburgh, 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, pursuant to 53 P.S. § 6930.5(a)(8), the governing body of a municipality may, at any time, adopt an amendment to a project plan; and
WHEREAS, to that end, the School District of Pittsburgh (the "School District"), by its Resolution adopted December 16, 1998 (the "School District Resolution"), the County of Allegheny (the "County"), by its Resolution adopted December 30, 1998 (the "County Resolution"), and the City of Pittsburgh (the "City"), by Resolution No. 78, effective March 3, 1999, following public hearing and as approved by the Mayor of the City of Pittsburgh on February 26, 1999 (the "City Resolution"), have, each for themselves, previously: (a) made findings regarding the elimination of, and the prevention of the development of, blight and the benefits to be had from stimulation of private investment, the increases in property values and creation of employment opportunities to be achieved from the creation of the South Side Works Tax Increment Financing District; and furthermore (b) approved and adopted the Tax Increment Financing Plan (as revised February 8, 1999, the "TIF Plan") and authorized and directed the execution and delivery of a Cooperation Agreement dated November 1, 1999 by and among the School District, the County, the City and the Urban Redevelopment Authority of Pittsburgh (the "URA"), in order to effectuate the TIF Plan; and
WHEREAS, the Council of the City of Pittsburgh has determined that the TIF Plan contains an inconsistency and potential error in its description of the amount of incremental taxes to be made available thereby and, accordingly, requires clarification by amendment, in order to achieve the fullest and most beneficial intent and purposes of the development described in the TIF Plan;
WHEREAS, following presentation by, and at the request of, the URA, the Council of the City of Pittsburgh has determined that the South Side Works Tax Increment Financing District is processing toward it stated goals of eliminating blight, stimulating private investment and creating employment opportunities and that the TIF Plan must be amended to provide the URA with additional incremental taxes in order to pursue additional projects and achieve the fullest and most beneficial intent and purposes of the development described in the TIF Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PITTSBURGH AS FOLLOWS:
SECTION 1. The last paragraph contained at Section VIII(A) of the TIF Plan, which currently reads as follows:
"The amount of incremental taxes and payments in lieu of taxes applied directly toward public improvement, public infrastructure, and/or parking facilities, as well and applied to service any financings will not exceed $25,000,000."
shall be stricken in its entirety and the following sentence shall be inserted in its place and stead:
"The amount of incremental taxes and payments in lieu of taxes shall be applied either: (a) directly toward the Capital Costs (as defined in the Act) of public improvements, public infrastructure and/or parking facilities; or (b) indirectly, to the support and service of debt incurred to finance said public improvements, together with necessary financing costs, in either event so long as and until the cumulative and aggregate amount of such taxes, applied directly or indirectly, as before, has produced the funds necessary to pay for, or otherwise acquire, such public improvements whose total Capital Costs may equal, but shall not exceed, $25,000,000."
SECTION 2. The proper officers of the City of Pittsburgh are further authorized and directed to execute such documents, in form approved by the City Solicitor, and take such other actions as may be necessary to effectuate the described amendments to the TIF Plan and otherwise to enable the intent and purpose of this Resolution.
SECTION 3. Except as stated above, the City Resolution, especially its findings regarding blight and the use of incremental taxes, and the TIF Plan, are expressly restated and readopted.