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Resolution creating the Smallman Street Tax Increment Financing District, adopting and agreeing to participate in the Smallman Street Tax Increment Financing Plan and authorizing related agreements. (Council District 7)
(Public Hearing held 11/14/18)
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Whereas, the Tax Increment Financing Act, 53 P.S. ?? 6930.1 et. seq. (the "Act"), provides local taxing bodies with authority to cooperate in providing financing for development of blighted areas, as defined in the Act, within their respective jurisdictions to increase the tax base and improve the general economy;
Whereas, pursuant to the Act, the Urban Redevelopment Authority of Pittsburgh ("Authority") is legally empowered to prepare tax increment financing ("TIF") plans to provide financing for the elimination and prevention of blight within specified tax increment districts located in the City of Pittsburgh ("City") and to present TIF plans to the City, the School District of Pittsburgh ("School District"), and Allegheny County ("County") for consideration;
Whereas, the County, the School District and the City each adopted resolutions on July 11, 2017, June 21, 2017, and May 8, 2017 respectively, endorsing the concept of a TIF plan for financing a portion of the costs of public improvements and infrastructure on Smallman Street between 16th and 21st Streets in the Strip District neighborhood of the City of Pittsburgh in connection with the private redevelopment of the Terminal Building as a mixed-use development including office and retail space in Redevelopment Area No. 68, known as the Smallman Street Tax Increment Financing District (the "TIF District"), requesting the Authority to prepare a detailed TIF Proposal, and designating the City's representatives to work with the Authority, County, and School District toward development and implementation of a TIF plan with respect to the TIF District;
Whereas, the Authority, working with the designated representatives of the City, the County and th...
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