Presenter
Presented by Ms. Carlisle
Title
Resolution revising the boundaries of the Center Triangle TIF District. (Council District 6).
Body
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. § 6930.1 et seq. (the "Act"), provides local taxing bodies the legal authority to cooperate in providing financing for the development of blighted areas within their respective jurisdictions in order to increase the tax base and improve the general economy; and
Whereas, the "Tax Increment Financing Plan - New Lazarus Department Store and Penn Avenue Place" (the "1995 TIF Plan") prepared by the Urban Redevelopment Authority of Pittsburgh (the "Authority") was approved by the County of Allegheny (the "County") by resolution of October 19, 1995 and by the School District of Pittsburgh (the "School District") by resolution of October 25, 1995; and
Whereas, as of December 1, 1995, the City of Pittsburgh (the "City" and, together with the County and the School District, the "Taxing Bodies") approved and adopted the 1995 TIF Plan and created the Center Triangle Tax Increment Financing District (the "Original District"); and
Whereas, the Original District was expanded by Amendment No. 1 and Amendment No. 2 in connection with the 1998 Center Triangle Tax Increment Financing Plan and the 1999 Center Triangle Tax Increment Financing Plan (together with the 1995 TIF Plan, and as any same have been heretofore amended, the "TIF Plans"), and certain parcels were subsequently removed by resolution of the City effective December 4, 2003, as approved by the School District, the Authority and the County by resolutions dated September 24, 2003, October 9, 2003 and October 21, 2003, respectively (as heretofore amended, the "TIF District"); and
Whereas, pursuant to the TIF Plans, the Taxing Bodies and the Authority entered into a Cooperation Agreement Regarding Center Triangle Tax Increment Financing District dated as of December 1, 1995, which was amended by the Cooperation Agreement Regarding Center Triangle Tax Increment Financing District, as Amended by Amendment No. 1, dated as of December 15, 1999, and by the Cooperation Agreement Regarding Center Triangle Tax Increment Financing District, as Amended by Amendment No. 2, dated as of October 15, 1999 (collectively, the "Cooperation Agreements"); and
Whereas, the Cooperation Agreements contemplate that the Authority may propose such amendments to the TIF Plans, the TIF District and the Cooperation Agreements as it deems advisable but no such amendment shall be effected until approved by each of the Taxing Bodies and the Authority; and
Whereas, upon review of the boundaries of the TIF District and the status of the projects contemplated by the TIF Plans, the Authority has determined that there are a number of parcels included in the TIF District for which no portion of the tax revenues generated by or attributable to such parcels has been pledged to secure the payment of debt service on any outstanding tax increment obligations or to otherwise fund project costs pursuant to the Act; and
Whereas, Section 6930.8 of the Act permits a tax increment district to be terminated when positive tax increments are no longer allocable to a district under Section 6930.7(a) thereof; and
Whereas, the Authority, in consultation with the designated representatives of the Taxing Bodies, has determined that the release of such parcels from the TIF District will further the purposes of the Act by making them available for LERTA or other potential development programs and by creating additional capacity for the future use of tax increment financing by the City as a means of funding development and redevelopment in distressed areas; and
Whereas, the Authority has recommended that the TIF Plans be amended to revise the boundaries of the TIF District by removing from the TIF District the parcels identified on Exhibit A hereto (collectively, the "Excluded Property"), thereby creating subdistricts or residual districts; and
Whereas, the City held a public hearing at which interested parties were afforded a reasonable opportunity to express their views on the proposed amendment described herein; and
Whereas, because the developments contemplated by existing TIF Plans have been completed or are underway, and because no further use of tax increment financing is contemplated in connection therewith, there is no further need to amend the TIF Plans other than as described herein.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. Upon the recommendation of the Authority (and subject to the approval of the School District, the County and PNC Bank, N.A., as issuer of the letter of credit securing the bonds issued in connection with the 1995 TIF Plan), the amendment of the TIF Plans to revise the boundaries of the TIF District by removing the Excluded Property from the TIF District is hereby adopted and approved.
Section 2. For reference purposes only, the name of each subdistrict or residual district in the TIF District, as amended pursuant to Section 1 above, and the parcels located therein, shall be as set forth on Exhibit B.
Section 3. The Mayor and the Director of the Department of Finance are hereby directed to take such actions in cooperation with the Authority, the School District and the County as are necessary or appropriate to accomplish the foregoing, including, but not limited to, amending the Cooperation Agreements and any other appropriate documents to reflect such amendments; provided, however, that in the absence of such action, any reference in such documents to the TIF Plans and/or TIF District shall be deemed to refer to such TIF Plans and/or TIF District, as amended hereby.
SEE ATTACHMENT
Attachment
EXHIBIT A
Properties to be Removed from Center Triangle TIF District ("Excluded Properties")
2007 Fair 2007 FMV
Market of Taxable
L&B# Owner Exempt Pledged Value Parcels
1-C-224 CITRON CARL D & JANE P N N $775,000 $775,000
1-D-1 CEC REAL ESTATE HOLDING INC N N $6,475,000 $6,475,000
1-D-3 ANSONIA CORP N N $741,500 $741,500
1-D-5 JDM PROPERTIES INC N N $500,000 $500,000
1-D-7 GLENMORE AVENUE ASSOCIATES LLC N N $366,911 $366,911
1-D-9 FORLANO JOHN & MARY N N $185,200 $185,200
1-D-10 RIDC N N $614,500 $1,856,600
1-D-12 PGH NATIONAL BANK TRUSTEE N N $62,791,600 $62,791,600
1-D-23 STERATORE PROPERTIES INC N N $2,700,000 $2,700,000
1-D-24 STABILE & ASSOCIATES N N $1,400,000 $1,400,000
1-D-98 STABILE & ASSOCIATES N N $7,950,000 $7,950,000
1-D-99 LITMAN CHARLES L N N $308,500 $308,500
1-D-100 MAY BLDG ASSOCIATES N N $450,000 $450,000
1-D-101 MAY BLDG ASSOCIATES N N $700,000 $700,000
1-D-181 URA Y N $437,300 exempt
1-D-182 ZOTIS WILLIAM N N $129,900 $129,900
1-D-182-A PNC BANK CORP N N $2,000 $2,000
1-D-183 URA Y N $138,000 exempt
1-D-183-A-1 PNC BANK CORP N N $1,300 $1,300
1-D-184 606 LIBERTY ASSOCIATES N N $2,000,000 $2,000,000
1-D-190 PITTSBURGH NATIONAL BANK N N $47,000,000 $47,000,000
1-D-221 ONE OLIVER ASSOCIATES LIMITED PARTNERSHIP N N $40,000,000 $40,000,000
1-D-257 PGH NATL BANK N N $57,422,500 $57,422,500
*1-D-259 (part) Piatt Place Downtown Pittsburgh Residential, LP. N N $0 $0
1-D-286 KASHI DAVID & ALIZA N N $143,300 $143,300
1-D-285 IFRAH JOSHUA & SCOTT MANIN N N $250,000 $250,000
1-D-287 KASHI DAVID & ALIZA N N $1,025,000 $1,025,000
1-H-30 Lot C1 & Building #2)(see file not split on website) N N $23,500,000 $23,500,000
1-H-30 Lot C2(see file not split on website) N N $372,000 $372,000
1-H-30 Lot F2 & Bldg. #3) (see file not split on website) N N $2,516,000 $2,516,000
1-H-234 DUFFY ROAD CORPORATION N N $26,400 $26,400
1-H-244 MARX LEONARD N N $250,000 $250,000
1-H-245 KASHI DAVID N N $285,000 $285,000
1-H-249 URA Y N $626,600 exempt
1-H-250 URA Y N $299,000 exempt
1-H-251 URA Y N $712,000 exempt
1-H-235 DUFFY ROAD CORPORATION N N $327,500 $327,500
1-H-237 RAHIMZADEH BEHROOZ & SANDRA N N $280,000 $280,000
1-H-238 NISSANI URI & NECHAMNA N N $324,900 $324,900
1-H-240 SOLOMON OREN N N $338,400 $338,400
1-H-242 443 WOOD STREET ASSOCIATES N N $145,400 $145,400
1-H-252 SCHILLER GERALD S N N $565,700 $565,700
1-H-256 COHEN NANCY LIBERMAN N N $800,000 $800,000
1-H-259 RITE AID OF PENNSYLVANIA INC N N $780,000 $780,000
1-H-260 MERCHANTS NATL PROPERTIES INC N N $786,000 $786,000
1-H-264 WARNER GROUP LLC N N $3,100,000 $3,100,000
2-A-125 RUDOLPH LEONARD H N N $514,000 $514,000
2-A-127 LEVITT FAMILY OLIVER SMITHFIELD IRREVOCABLE TRUST N N $6,100,000
2-E-7 FORBES STREET ASSOCIATES N N $172,800 $172,800
2-E-12 FORBES STREET ASSOCIATES N N $11,166,300 $11,166,300
2-E-1 PARK BUILDING N N $5,100,000 $5,100,000
2-E-4 B & J CORPORATION N N $500,000 $500,000
2-E-8 FORBES STREET ASSOCIATES N N $129,600 $129,600
2-E-9 FORBES STREET ASSOCIATES N N $384,000 $384,000
2-E-77-1 URA Y N $1,720,400 exempt
2-E-77-2 URA Y N $14,072,800 exempt
2-E-284 COUNTY OF ALLEGHENY Y N $23,005,400 exempt
2-E-140 URBAN GROWTH PROPERTY N N $5,043,100 $5,043,100
2-E-152 TEITELBAUM BRUCE J N N $2,165,000 $2,165,000
2-F-259 COUNTY OF ALLEGHENY Y N $23,982,100 exempt
* That portion of 1-D-259 which lies above (but not below) a horizontal plane having an elevation of 850 feet above sea level as based on City of Pittsburgh Planning Commission datum.
Exhibit A (continued)
2007 Fair 2007 FMV
Market of Taxable
L&B# Owner Exempt Pledged Value Parcels
8-R-1 PGH ALLEGHENY COUNTY THERMAN LTD N N $393,900 $393,900
8-R-7-1 PGH ALLEGHENY COUNTY THERMAN LTD N N $801,800 $801,800
8-R-7-2 PGH ALLEGHENY COUNTY THERMAN LTD N N $179,300 $179,300
8-S-10-1 PUBLIC AUTHORITY OF PGH N N $122,900 $122,900
8-S-10-2 PUBLIC PARKING AUTHORITY OF PGH Y N $5,422,900 exempt
8-S-29 EXECUTIVE REAL ESTATE ASSET MGMT LP N N $343,300 $343,300
2-E-30 PENN SMITHFIELD PARTNERS N N $12,800,000 $2,500,000
2-J-2 CITY OF PITTSBURGH Y N $22,237,100 exempt
2-J-20 COUNTY OF ALLEGHENY Y N $19,137,700 exempt
2-J-48 ALLEGHENY CO BAR ASSN (THE) N N $316,900 $316,900
2-J-49 BEAU C & ASSOCIATES N N $530,000 $530,000
2-J-56 MITCHELL FAMILY LIMITED PARTNERSHIP N N $868,200 $868,200
2-J-164-1 URA Y N $1,297,600 exempt
2-J-164-2 URA Y N $5,550,800 exempt
2-J-239 DRESSEL ASSOCIATES INC N N $130,800 $130,800
2-J-231 MARTIN MEDIA N N $14,300 $14,300
2-J-232 BOTULA JON C & RITA CINDRICH (W) N N $18,000 $18,000
2-J-233 BOTULA JON C & RITA CINDRICH (W) N N $18,000 $18,000
2-J-234 SCHURKO JOHN C & GREGOR SCHURKO N N $484,000 $484,000
2-J-244 EWING J DAVID N N $2,641,300 $2,641,300
2-N-296 PPA Y N $104,100 exempt
2-N-297 URA Y N $798,900 exempt
2-N-298 PPA Y N $767,400 exempt
2-N-301 PPA Y N $600,700 exempt
Total Fair Market Value of Taxable Parcels to be Removed from Center Triangle TIF District: $310,209,111
EXHIBIT B
Center Triangle TIF Plans and Residual Districts
Center Triangle TIF Plans Residual District
2007 Fair 2007 FMV
Original Center Triangle Market of Taxable
L&B# Owner Exempt Pledged Value Parcels
1-C-58 PENN AVENUE PLACE Penn Avenue Place N Y $35,835,900 $35,835,900
1-D-259 PIATT DOWNTOWN Lazarus/Oliver Garage N Y $22,823,800 $22,823,800
1-D-259-A PUBLIC PARKING AUTHORITY OF PITTSBURGH Lazarus/Oliver Garage Y N exempt exempt
Totals 58,659,700 58,659,700
Amendment #1
2-E-216 MELLON BANK NA Mellon Client Service Center N Y $120,000 $120,000
2-E-220 MELLON BANK NA Mellon Client Service Center N Y $4,465,300 $4,465,300
2-E-235 MELLON BANK NA Mellon Client Service Center N Y $69,400 $69,400
2-F-230 MELLON BANK N A Mellon Client Service Center N Y $104,309,700 $104,309,700
2-F-230-1 MELLON BANK N A Mellon Client Service Center N N $261,800 $261,800
2-F-240-1 MELLON BANK N A Mellon Client Service Center N N $57,700 $57,700
2-F-240-2 URA Mellon Client Service Center Y N $61,000 exempt
2-F-250 MELLON BANK NA Mellon Client Service Center N Y $3,593,000 $3,593,000
Totals $112,937,900 $112,876,900
Amendment #2
2-J-300-A BUNCHER COMPANY (THE) PNC Firstside Center N Y $88,249,200 $74,590,000
2-J-300-C-1 BUNCHER COMPANY (THE) PNC Firstside Center N Y $2,026,700 $4,130,000
2-J-300-E BUNCHER COMPANY (THE) PNC Firstside Center N Y $627,600 $1,280,000
2-N-5 PORT AUTHORITY OF ALLEGHENY COUNTY PNC Firstside Center Y Y $3,000 exempt
Totals $90,906,500 $80,000,000