TITLE
Resolution of the Council of the County of Allegheny authorizing, adopting and authorizing participation in a Tax Increment Financing Plan presented by the Urban Redevelopment Authority of Pittsburgh, and Authorizing Related Agreements. (LUNA SQUARE)
BODY
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. § 6930 et seq. (the "Act"), provides local taxing bodies the 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 (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"); and
Whereas, the County of Allegheny (the "County") by Resolution No. 21-03-RE , Bill No 1108-03 has adopted, and the City and the School District of Pittsburgh (the "School District") have each adopted resolutions endorsing the concept of, and agreeing to participate in, a TIF plan for financing a portion of the costs of constructing certain public infrastructure improvements and a parking garage expected to contain approximately 1,500 parking spaces in connection with a mixed use development (the "TIF Project") to be located in a portion of the Baum Boulevard/Centre Avenue Redevelopment Area called the Baum/Millvale TIF District (the "TIF District"), requesting the Authority to prepare a detailed TIF Proposal and designating the County's representative to work with the Authority, the County, the City and the School District toward development and implementation of a TIF plan with respect to the TIF District; and
Whereas, the Authority, working with the designated representatives of the City, the County and the School District, has adopted and recommended a Tax Increment Financing Plan (the "Project Plan") in accordance with the requirements of the Act, which Project Plan, as prepared by the Authority, provides for the financing of a portion of the costs of constructing certain public infrastructure improvements and a parking garage expected to contain approximately 1,500 parking spaces in connection with a mixed use development to be located in a portion the TIF District;
Whereas, the Act provides for the cooperation of the local taxing bodies in the financing of projects within the TIF districts and for the issuance of debt to pay for certain of the costs of implementing such plans; and
Whereas, the County is expected to benefit from the use of tax increments to pay certain project costs within the TIF District by stimulation of private investment, increases in property values, creation of employment opportunities and improvement of surrounding properties.
The Council of the County of Allegheny hereby resolves as follows:
Section 1. The Project Plan prepared by the Urban Redevelopment Authority of Pittsburgh and attached hereto as Exhibit A and incorporated herein providing for financing a portion of the costs of the TIF Project within the TIF District is hereby adopted substantially in such form, and the County, in accordance with the Act, hereby agrees to participate in whole in the TIF District to the extent and as provided for in the Project Plan.
Section 2. The tax revenues due or owing to, or received by the County from the TIF District to the extent described in the Project Plan are hereby pledged, and a security interest therein is hereby granted, to secure the repayment of any debt incurred by the Authority for the purpose of financing the TIF Project.
Section 3. The Chief Clerk or the County Manager is directed to deliver a copy of this resolution to the Mayor of the City of Pittsburgh, as provided in the Act.
Section 4. The appropriate public officials of the County are hereby directed to take such additional actions in cooperation with the Authority, the City, and the School District in furtherance of the implementation of the Project Plan, including the execution and delivery of a Cooperation Agreement by and among the Authority, the County, the City and the School District, subject to the County Manager and Solicitor approving the form and content of the TIF Cooperation Agreement and Project Plan.
Section 5. Any resolution or ordinance or part thereof conflicting with the provisions of this Resolution is hereby repealed so far as the same affects this Resolution.