Presenter
Presented by Ms. Carlisle
Title
Resolution revising the boundaries of the North Shore Tax Increment Financing District. (Council District 1).
Body
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. ยง 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 North Shore Tax Increment Financing Plan (the "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 5, 1995 and by the School District of Pittsburgh (the "School District") by resolution of September 25, 1995; and
Whereas, as of November 13, 1995, the City of Pittsburgh (the "City" and, together with the County and the School District, the "Taxing Bodies") approved and adopted the TIF Plan and created the North Shore Tax Increment Financing District (the "TIF District"); and
Whereas, pursuant to the TIF Plan, the Taxing Bodies and the Authority entered into a Cooperation Agreement Regarding North Shore Tax Increment Financing District dated as of March 1, 1996 (the "Cooperation Agreement"); and
Whereas, the Cooperation Agreement contemplates that the Authority may propose such amendments to the TIF Plan, the TIF District and the Cooperation Agreement 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 Plan, 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 Plan 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"); 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 the TIF Plan 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 Plan 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 and the County), the amendment of the TIF Plan to revise the boundaries of the TIF District by removing the Excluded Property from the TIF District is hereby adopted and approved.
Section 2. 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 Agreement 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 Plan and/or TIF District shall be deemed to refer to such TIF Plan and/or TIF District, as amended hereby.
SEE ATTACHMENT
Attachment
EXHIBIT A
Properties to be Removed from Northshore TIF District ("Excluded Properties")
2007 Fair 2007 FMV
Market of Taxable
L&B# Owner Exempt Pledged Value Parcels
8-G-129 BOGGS BUILDING LP N N $1,432,700 $1,432,700
8-G-136 PIA BUILDING LLC N N $1,339,400 $1,339,400
8-G-137 PIA BUILDING LLC N N $34,400 $34,400
8-G-138 PIA BUILDING LLC N N $34,400 $34,400
8-G-139 RTA PROPERTIES LLC N N $278,200 $278,200
8-G-140 PRO PITT LLC N N $700,000 $700,000
8-G-141 BUFALO PITT LLC N N $476,100 $476,100
8-G-144 SPORTS & EXHIBITION AUTHORITY Y N $47,000 exempt
8-G-145 SPORTS & EXHIBITION AUTHORITY Y N $36,000 exempt
8-G-146 Reese Gerald N N $126,700 $126,700
8-G-147 DOT - Roadway only $0
8-G-133 SEA Y N $36,600 exempt
8-G-134 SEA Y N $36,600 exempt
8-H-180 SEA Y N $38,300 exempt
8-H-185 SEA Y N $13,496,100 exempt
8-H-199 SEA Y N $4,100 exempt
8-H-200 SEA Y N $22,700 exempt
8-H-201 SEA Y N $22,900 exempt
8-H-202 SEA Y N $22,900 exempt
8-H-204 SEA Y N $49,200 exempt
8-H-205 SEA Y N $22,900 exempt
8-H-207 SEA Y N $22,900 exempt
8-H-208 SEA Y N $22,900 exempt
8-H-223 Warhol -- Carnegie Institute Y N $5,025,400 exempt
8-H-240 FOUR NORTHSHORE ASSOCIATES N N $5,781,300 $5,781,300
8-H-172 Pannier @ 8/2000 N N $18,000 $18,000
8-H-175 Pannier @ 8/2000 N N $32,500 $32,500
8-H-191 PANIER BROS STAMPING CO N N $880,000 $880,000
8-H-193 CARNEGIE INSTITUTE N N $403,700 $403,700
8-H-194 CARNEGIE INSTITUTE N N $32,500 $32,500
8-H-195 CARNEGIE INSTITUTE N N $25,100 $25,100
8-H-197 CARNEGIE INSTITUTE N N $40,300 $40,300
8-H-211 JACKSON'S ROW HOLDINGS N N $23,000,000 $25,007,900
8-H-229 JACKSON'S ROW HOLDINGS N N $21,800 $0
8-H-231 JACKSON'S ROW HOLDINGS N N $21,800 $0
8-H-232 JACKSON'S ROW HOLDINGS N N $21,800 $0
8-H-233 JACKSON'S ROW HOLDINGS N N $31,000 $0
8-H-233-1 JACKSON'S ROW HOLDINGS N N $12,000 $0
8-H-233-2 JACKSON'S ROW HOLDINGS N N $11,100 $0
8-H-238 JACKSON'S ROW HOLDINGS N N $10,600 $0
8-L-77 NORTHSIDE BANK N N $809,700 $809,700
8-M-1 JACKSON'S ROW HODLINGS N N $186,100 $186,100
Total Fair Market Value of Taxable Parcels to be Removed from North Shore TIF District: $37,639,000