title
Resolution authorizing the adoption of the Downtown Pittsburgh Transit Revitalization Investment District Implementation Plan and related agreements (Council District 1).
Body
WHEREAS, the Transit Revitalization Investment District Act, Act of Dec. 8, 2004, P.L. 1801, No. 238 (the "Act"), as amended, provides local taxing bodies with authority to cooperate in establishing transit-oriented development and value capture areas, as defined in the Act, within their respective jurisdictions to increase the tax base and improve the general economy of their communities; and
WHEREAS, pursuant to the Act, the Urban Redevelopment Authority of Pittsburgh ("Authority") is legally empowered to prepare Transit Revitalization Investment District ("TRID") Implementation Plans to provide financing for local, county and regional economic development and revitalization activities through private sector investment, reinvestment and joint development activities in conjunction with public transportation improvements within TRIDs located in the City of Pittsburgh ("City") and to present such TRID Implementation Plans to the City, the School District of Pittsburgh ("School District"), and Allegheny County ("County") for consideration; and
WHEREAS, the County, the School District and the City each, respectively, plan to adopt resolutions endorsing the concept of the Downtown Pittsburgh TRID ("Downtown TRID") Implementation Plan to fund a part of the costs necessary to implement public and private improvements to facilitate the redevelopment of portions of Downtown (the "TRID Project") by leveraging the increased value of the proposed subprojects (the "Subprojects") and authorizing the Authority to prepare a detailed Downtown TRID Implementation Plan in connection with the same; and
WHEREAS, the Authority, working with the designated representatives of the City, the County and the School District, adopted a Downtown TRID Plan, including in its exhibits among other things a TRI...
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