Presenter
Presented by Mr. Dowd
Title
Resolution adopting the Lower Strip District Tax Increment Financing Plan presented by the Urban Redevelopment Authority of Pittsburgh and making certain findings. (Council District 6)
Body
WHEREAS, Pennsylvania's Tax Increment Financing Act, 53 P.S.ยง 6930.1 et seq. (the "Act"), provides local taxing bodies legal authority 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, under the Act, the Urban Redevelopment Authority of Pittsburgh (the "Authority") is legally empowered to prepare a Tax Increment Financing ("TIF") proposal to provide financing for the elimination and prevention of the development or spread of blight within specified tax increment districts located in the City of Pittsburgh (the "City") and to present such proposal to the City for its consideration; and
WHEREAS, the City, the County of Allegheny (the "County") and the School District of Pittsburgh (the "School District") have previously adopted resolutions endorsing the concept of a TIF plan for financing of certain improvements in portions of the Strip District Redevelopment Area #47, requesting the Authority to prepare a detailed TIF proposal and designating their respective representatives to work with the Authority toward the development and implementation of such a TIF plan; and
WHEREAS, the Authority, working with the designated representatives of the City, the County and the School District, has adopted and recommended a TIF Plan, in the form of the Lower Strip District Tax Increment Financing Plan, and in accordance with the requirements of the Act; and
WHEREAS, the Act provides for the cooperation of local taxing bodies in the financing of projects within TIF districts (including publicly owned infrastructure outside the boundaries of a TIF District but of direct benefit to a project) and for the issuance of debt to pay for certain of the costs of implementing such plans; and
WHEREAS, the City is expected to benefit from the use of tax increments to pay certain project costs within, or of direct benefit to, the Lower Strip TIF District (the "TIF District") by stimulation of private investment, increases in property values, creation of employment opportunities and improvement of surrounding properties;
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Lower Strip District Tax Increment Financing Plan (the "Project Plan" or "TIF Plan"), which was prepared by the Urban Redevelopment Authority of Pittsburgh and filed with the City Clerk for the financing a portion of the costs of: (1) improvements to the riverfront, storm and sanitary sewer mains, storm and sanitary sewer laterals, water distribution mains and fire hydrants, other utilities, roads, including improvements to Smallman Street, sidewalks, street lighting, traffic signalization, street landscaping and pedestrian areas, and a riverfront park in or about the Lower Strip TIF District; (2) a structured public parking facility in or about the Lower Strip TIF District; (3) funding necessary debt and interest reserves; and (4) issuing bonds or notes (collectively, the "TIF Project"), is hereby adopted substantially in such form.
Section 2. The boundaries of the Lower Strip TIF District shall be as identified in the Project Plan and include only those units of property assessed or assessable for general property tax purposes.
Section 3. The Lower Strip TIF District is created as of the effective date of November 1, 2012, and the Lower Strip TIF District shall continue in existence for a period of twenty years from such date.
Section 4. After due consideration, the City finds as follows:
(a) the Lower Strip TIF District is a contiguous geographic area within existing redevelopment areas;
(b) the improvement of the area by the development of the TIF Project is likely to enhance significantly the value of substantially all of the other real property in the Lower Strip TIF District;
(c) the aggregate value of equalized taxable property of the Lower Strip TIF District, plus all existing tax increment districts, does not exceed 10% of the total value of equalized taxable property within the City;
(d) the area comprising the Lower Strip TIF District as a whole has not been subject to adequate growth and development through investment by private enterprise and would not reasonably be anticipated to be adequately developed by private enterprise without the adoption of the Project Plan;
(e) a feasible method exists for the compensation of individuals, families and small businesses, if any, that may be displaced by the TIF Project and for their relocation to decent, safe and sanitary accommodations within their means, without undue hardship to such individuals and businesses;
(f) the Project Plan conforms to the City's master plan;
(g) the Project Plan will afford maximum opportunity, consistent with the sound needs of the community as a whole, for the rehabilitation or redevelopment of the Lower Strip TIF District by private enterprise; and
(h) the Lower Strip TIF District is a blighted area containing characteristics of blight as described in the Urban Redevelopment Law and the TIF Project to be undertaken is necessary to eliminate such conditions of blight.
Section 5. Tax revenues due, owing, and received by the City from the pledged parcels, to the extent described in the Project Plan, are hereby pledged for the purposes set forth in the Project Plan.
Section 6. 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 implementation of the Project Plan.
Section 7. Any resolution or ordinance or part thereof conflicting with the provisions of this Resolution is hereby repealed so far as the same affects this resolution.