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Resolution amending the Hazelwood-Almono Tax Increment Financing Plan (Council District 5).
(Public Hearing Held, November 1, 2016)
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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, under the Act, the Urban Redevelopment Authority of Pittsburgh (the "Authority") 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 of Pittsburgh (the "City");
WHEREAS, the City, by Resolution No. 685 of 2013 effective October 23, 2013, the County of Allegheny (the "County") and the School District of Pittsburgh (the "School District" and, together with the County and the City, the "Taxing Bodies") previously adopted the Hazelwood-Almono Tax Increment Financing District Tax Increment Financing Plan (the "Almono TIF Plan"), and the City created the Hazelwood-Almono Tax Increment Financing District (the "Almono TIF District") to help fund the development of the Almono site (the "Project")and authorizing and directing execution and delivery of a Cooperation Agreement dated November 14, 2014 by and among the School District, the County, in order to maximize the financing generated by the Almono TIF District in support of the Project, and because no financing has yet occurred, the Taxing Bodies desire to amend the Almono TIF Plan to reset the start date for the Almono TIF District to January 1, 2017; and
WHEREAS, the Authority, working with the designated representatives of the Taxing Bodies, has adopted and recommended an amendment to the Hazelwood-Almono TIF Plan (as amended, the "Project Plan") in accordance with the re...
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