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 Summerset at Frick Park Redevelopment Area (pending certification). (Council District 5).
Body
Whereas, Pennsylvania's Tax Increment 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 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 Allegheny County (the "County") and to present such proposal to the City for its consideration; and
Whereas, the URA, with the assistance of Summerset Land Development Associates, L.P. (the "Developer"), desires to pursue Phases 2B, 2C and 3 of a commercial and residential community, known as "Summerset at Frick Park" to be located in the Squirrel Hill South and Swisshelm Park neighborhoods of the City (the "Development"); and
Whereas, the URA is in the process of certifying an area encompassing the proposed Development site as a "Redevelopment Area" pursuant to the Pennsylvania Urban Redevelopment Law, as amended, and to be identified as the "Summerset at Frick Park Redevelopment Area"; and
Whereas, Phase 2B and 2C of the Development are expected to include the construction, lease and sale of approximately 83 single family residential units, 41 townhomes, 132 condominiums or apartments and an approximately 30,000 square foot commercial retail space, and Phase 3 of the Development is expected to include approximately...
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