City of Pittsburgh - File #: 2006-0175

• File #: 2006-0175
• Version: 1
• Type: Resolution
• Status: Passed Finally
• File created: 3/7/2006
• In control: Committee on Housing, Economic Development & Promotion
• Final action: 5/9/2006
• Enactment date: 5/9/2006
• Enactment #: 290
• Effective date: 5/16/2006
• Title: Resolution adopting the Fifth and Market Tax Increment Financing Plan presented by the Urban Redevelopment Authority of Pittsburgh, repealing LERTA exemptions and making certain findings. (Council District 6).
• Indexes: URA TIFS (TAX INCREMENT FINANCING)

Date	Ver.	Action By	Action	Result
5/17/2006	1	Mayor	Signed by the Mayor
5/9/2006	1	City Council	Passed Finally	Pass
5/3/2006	1	Committee on Housing, Economic Development & Promotion	Affirmatively Recommended	Pass
4/17/2006	1	Committee on Hearings	Public Hearing Held
3/16/2006	1	Committee on Housing, Economic Development & Promotion	Public Hearing Scheduled
3/15/2006	1	Committee on Housing, Economic Development & Promotion	Held for Cablecast Public Hearing	Pass
3/7/2006	1	City Council	Read and referred

Presenter
Presented by Ms. Payne

Title
Resolution adopting the Fifth and Market Tax Increment Financing Plan presented by the Urban Redevelopment Authority of Pittsburgh, repealing LERTA exemptions and making certain findings. (Council District 6).

Body
Whereas, Pennsylvania's Tax Increment Financing Act, 53. P.S. § 6930.1 et seq., as amended (the “TIF 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 TIF 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

Whereas, the City, the School District of Pittsburgh (the “School District”) and the County of Allegheny (the “County”) have each adopted resolutions endorsing the concept of a TIF plan for financing a portion of the costs of development and construction of a new building that will provide additional office space, a hotel and residences in the City's central business district (the “TIF Project”); and

Whereas, the Authority, working with the designated representatives of the City, the County and the School District, has adopted and recommended a Tax Increment Financing Plan (the “Project Plan”) in accordance with the requirements of the TIF Act, providing for creation of the Fifth and Market Tax Increment Financing District (the “TIF District”) and the financing of a portion of the costs of the TIF Project by allocation of certain incremental tax revenues; and

Whereas, the TIF Act permits local taxing bodies to cooperate in the financing of projects within TIF districts and it authorizes the Authority to issue obli...