Presenter
Presented by Mr. Dowd
Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a tax increment financing proposal for portions of the Inner Triangle and Market Stanwix Certified Redevelopment Areas - Central Business District (Council District No. 6).
Body
Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. ยง 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 commercial development, infrastructure improvements in portions of the Certified Inner Triangle Redevelopment Area (#54) and Certified Market Stanwix Redevelopment Area (#44) -- Central Business District; and
Whereas, the City is expected to benefit from the use of tax increments in portions of Certified Redevelopment Areas 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.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The TIF concept for financing the cost of c...
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