Title
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a Tax Increment Financing Proposal for Smallman Street in the Strip District of the City of Pittsburgh (Council District 7).
Body
Whereas, Pennsylvania's Tax Incremental Financing Act, 53 P.S. ?? 6930.01 et seq. (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;
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;
Whereas, a preliminary proposal has been presented to the City for the tax increment financing of certain infrastructure improvements for Smallman Street between 16th and 21st Streets in the Strip District of the City of Pittsburgh;
Whereas, the City is expected to benefit from the use of tax increments in portions of Certified Redevelopment Area No. 68 by stimulation of private investment, increases in property values, creation of employment opportunities, and improvement of surrounding properties;
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.
Now, therefore, be it resolved by the Council of the City of Pittsburgh, as follows:
Section 1. The TIF concept for financing the cost of certain commercial development and public infrastructure improvements within portions of the Certified Redevelopment Area No. 68 is endorsed and the Urban Redevelopment Authority of P...
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