Presenter
Presented by Mr. Ferlo
Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a Tax Incremental Financing Proposal or Proposals for portions of the Panther Hollow Redevelopment Area. (Council District No. 8).
Body
Whereas, Pennsylvania's Tax Increment Financing Act (Act of July 11, 1990, P.L. 465, No. 113) (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 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 and to present such TIF Proposal to the City for its consideration; and
Whereas, a preliminary proposal has been presented to the City for the TIF financing the cost of certain public infrastructure, site preparation, parking and other improvements in portions of the Panther Hollow Redevelopment Area; and
Whereas, the City is expected to benefit from the use of tax increments to pay certain project costs of the Panther Hollow Redevelopment Area by stimulation of private investment, increases in property values, creation of employment opportunities and improvement of surrounding properties; and
Whereas, the implementation of any TIF Proposal is fully dependent on the cooperation and participation of all local taxing bodies, namely the City of Pittsburgh, the School District of Pittsburgh and the County of Allegheny.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The TIF concept for financing the cost of certain public infrastructure, site preparation parking and other improvements in portions of the Panther Hollow Redevelopment Are...
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