Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to dissolve the South Side Works tax increment financing district (Council District 3).
Body
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. ? 6930.1 et seq. (the "Act"), provides local taxing bodies the legal authority to cooperate in providing financing for the development of blighted areas within their respective jurisdictions in order to increase the tax base and improve the general economy;
Whereas, the South Side Works Tax Increment Financing Plan (as amended, the "South Side Works TIF Plan") was prepared by the Urban Redevelopment Authority of Pittsburgh (the "Authority") and was approved by the School District of Pittsburgh (the "School District") by resolution of December 16, 1998 and by the County of Allegheny (the "County") by resolution of December 30,1998;
Whereas, by resolution of February 16, 1999, the City of Pittsburgh (the "City" and, together with the County and the School District, the "Taxing Bodies") approved and adopted the South Side Works TIF Plan and created the South Side Works Tax Increment Financing District (the "South Side Works TIF District");
Whereas, the South Side Works TIF Plan provided for certain pledged tax revenues (the "Pledged Revenues") to fund a portion of the costs of certain public improvements on the former LTV Steel site, including extending the street grid from East Carson Street, the riverfront park, and five parking garages for the South Side Works project (the "Project");
Whereas, the South Side Works TIF District has produced the maximum amount of Pledged Revenues allowed under the South Side Works TIF Plan and the notes that were secured by the Pledged Revenues have been paid in full; and
Whereas, the Board of Directors of the Authority, by Resolution No. 336, dated November 12, 2015, recommended that the City dissolve the South Side Works TIF District.
Now, therefore, be it resolved by the Coun...
Click here for full text