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A Resolution of the County of Allegheny agreeing to participate in a Transit Revitalization Investment District Plan for Phase 1 of the Manchester-Chateau Project and authorizing related agreements.
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WHEREAS, the Transit Revitalization Investment District Act, Act of Dec. 8, 2004, P.L. 1801, No. 238 (the “Act”), as amended, provides local taxing bodies with authority to cooperate in establishing transit-oriented development and value capture areas, as defined in the Act, within their respective jurisdictions to increase the tax base and improve the general economy of their communities; and
WHEREAS, pursuant to the Act, the Urban Redevelopment Authority of Pittsburgh (“Authority”) is legally empowered to prepare Transit Revitalization Investment District Plans (“TRID Plans”) to provide financing for local, county and regional economic development and revitalization activities through private sector investment, reinvestment and joint development activities in conjunction with public transportation improvements in TRID districts located in the City of Pittsburgh (“City”) and to present such TRID plans to the City, the School District of Pittsburgh (“School District”), Allegheny County (“County”), and the Port Authority of Allegheny County doing business as Pittsburgh Regional Transit (“PRT”) for consideration; and
WHEREAS, the Authority, working with the designated representatives of the City, the County, the School District, and PRT, undertook a TRID Planning Study, as required by the Act, to explore the creation of a TRID in the City’s Manchester and Chateau neighborhoods and the TRID Planning Study provided, among other things, the rationale for creating a TRID within the Manchester and Chateau neighborhoods (the “MC TRID”) and articulated the types of improvements that could be eligible for TRID funding (“Phase 1 TRID Funding Eligible Projects”); and
WHEREAS, the Authority, working with the designated representatives of the City, the County, the School District, and PRT, adopted the Manchester-Chateau Transit Revitalization Investment District Phase 1 Implementation Plan (“MC TRID Phase 1 Plan”) in accordance with the requirements of the Act, providing for, among other things, the creation of the MC TRID, the identification of Pledged Projects which are economic development projects that will generate economic activity and tax revenues which can be used to finance a portion of the costs of the TRID-funded eligible projects articulated in said plan; and
WHEREAS, the Authority submitted the MC TRID Phase 1 Plan to the City, School District, and County for review and consideration; and
WHEREAS, the Authority recommends the adoption of the MC TRID Phase 1 Plan and the creation of the MC TRID Boundary as articulated in said plan; and
WHEREAS, the Act provides for the cooperation of local taxing bodies in the financing of projects within TRID Districts and authorizes the Authority to issue obligations for the purpose of paying certain costs of implementing TRID Plans; and
WHEREAS, the implementation of the MC TRID Phase 1 Plan is fully dependent on the cooperation and participation of all local taxing bodies, namely the City, the School District and the County; and
WHEREAS, the Council of the City will hold a public hearing on the creation of the TRID District as required by the Act; and
WHEREAS, the County is expected to benefit from the implementation of the MC TRID 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. Incorporation of the Preamble.
The provisions set forth in the preamble to this Resolution are incorporated by reference as set forth in their entirety herein.
Section 2. Adoption of TRID Plan
The Council hereby agrees on behalf of the County to participate in the MC TRID in accordance with the MC TRID Phase 1 Plan attached hereto as Exhibit A and contribute the real estate tax increments set forth in said plan for a period of twenty (20) years, commencing on the date of the initial tax reassessment of each Pledged Project. Furthermore, the County will allocate seventy-five percent (75%) of its real estate tax increments, the School District will allocate seventy-five percent (75%) of its tax increments, and the City will allocate seventy-five (75%) of its amusement, parking, and real estate tax increments to the Authority to finance a portion of the TRID Funding Eligible Projects articulated in the MC TRID Phase 1 Plan.
Section 3. Real Estate Tax Revenues.
The tax revenues due or owed to, or received by the County from the MC TRID, subject to the percentage limitation and time requirement set forth in Section 2 of this Resolution, and as set forth in the MC TRID Phase 1 Plan , are hereby pledged, and a security interest is hereby granted, to the extent of those specific revenues to secure the repayment of any debt incurred by the Authority for the purpose of financing TRID Project improvements.
Section 4. Notification of Actions.
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 5. Cooperative Actions.
The appropriate public officials of the County are hereby directed to take such additional action in cooperation with the Authority, the City and the School District in furtherance of the implementation of the MC TRID Phase 1 Plan, including, without limitation, the execution and delivery of a TRID Cooperation Agreement by and among the County, the Authority, the City, the School District and PRT.
Section 6. Severability.
If any provision of this Resolution shall be determined to be unlawful, invalid, void, or unenforceable, then that provision shall be considered severable from the remaining provisions of this Resolution, which shall be in full force and effect.
SECTION 7. Repealer.
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.