City of Pittsburgh - File #: 2006-0016

• File #: 2006-0016
• Version: 1
• Type: Resolution
• Status: Passed Finally
• File created: 1/10/2006
• In control: Committee on Housing, Economic Development & Promotion
• Final action: 1/24/2006
• Enactment date: 1/24/2006
• Enactment #: 27
• Effective date: 1/26/2006
• Title: Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a tax increment financing proposal for portions of the Market Stanwix/Downtown Triangle Redevelopment Area # 44. (Council District 6).
• Indexes: URA TIFS (TAX INCREMENT FINANCING)

Date	Ver.	Action By	Action	Result
1/27/2006	1	Mayor	Signed by the Mayor
1/24/2006	1	City Council	Passed Finally	Pass
1/18/2006	1	Committee on Housing, Economic Development & Promotion	Affirmatively Recommended	Pass
1/10/2006	1	City Council	Read and referred

Presenter
Presented by Ms. Payne

Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a tax increment financing proposal for portions of the Market Stanwix/Downtown Triangle Redevelopment Area # 44. (Council District 6).

Body
Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. § 6930.01 et seq., as amended) (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 ("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, a preliminary proposal has been presented to the City for the tax increment financing of certain public infrastructure, parking and other improvements in portions of the Market Stanwix / Downtown Triangle Redevelopment Area #44; and

Whereas, the City is expected to benefit from the use of tax increments in portions of the Market Stanwix / Downtown Triangle Redevelopment Area #44 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, the School District of Pittsburgh and the County of Allegheny; and

Whereas, all parcels comprising the proposed Project site are currently located in a district (the "LERTA District") established by the City pursuant to the Local Economic Revitalizati...