title
A Resolution of the Council of the County of Allegheny adopting and authorizing participation in a tax increment financing plan presented by the Urban Redevelopment Authority of Pittsburgh, and authorizing related agreements for financing a portion of the costs of public infrastructure and other necessary public improvements for a new mixed-use development to be located within a portion of Redevelopment Area No. 44 - Market Stanwix / Downtown Triangle known as the Fifth and Market TIF District.
body
Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. §6930.01 et seq., as amended) (the “TIF Act”) provides local taxing bodies with 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 TIF 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”), the City and the School District of Pittsburgh (the “School District”), have each adopted resolutions on January 17, 2006, January 24, 2006 and January 25, 2006, respectively, endorsing the concept of and agreeing to participate in a TIF plan for financing a portion of the costs of public infrastructure and other necessary public improvements to support a new mixed-use development that will provide additional office space, a hotel and residences in the City's central business district (the “TIF Project”); and
Whereas, the Authority, working with the designated representatives of the County, the City and the School District, has adopted and recommended a Tax Increment Financing Plan (the “Project Plan”) in accordance with the requirements of the TIF Act, providing for creation of the Fifth and Market Tax Increment Financing District (the “TIF District”) and the financing of a portion of the costs of the TIF Project by allocation of certain incremental tax revenues; and
Whereas, the TIF Act permits local taxing bodies to cooperate in the financing of projects within TIF districts and it authorizes the Authority to issue obligations for the purpose of paying certain costs of implementing TIF 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, improvement of surrounding properties and elimination of blight in the City's central business district; and
Whereas, the parcels comprising the proposed TIF District are located within the Redevelopment Area No. 44 - Market Stanwix / Downtown Triangle; and the County has previously adopted legislation exempting such parcels from full taxation pursuant to Pennsylvania's Local Economic Revitalization Tax Assistance Act (“LERTA”); and
Whereas, the TIF Act prohibits granting exemptions pursuant to LERTA to any property located within a TIF district.
The Council of the County of Allegheny hereby resolves as follows:
Section 1. Project Plan.
The Project Plan prepared by the Urban Redevelopment Authority of Pittsburgh dated this ________day of _________, 2006, and attached hereto as Exhibit A, which is presented to the County by the Authority and which provides for financing certain costs of the TIF Project is hereby adopted, and the County, in accordance with the TIF Act, hereby agrees to participate in the TIF District to the extent and as described in the Project Plan.
Section 2. Real Estate Tax Revenues.
A portion of the real estate tax revenues due or owing to, or received by the County with respect to certain parcels within the TIF District, to the extent described in the Project Plan, are hereby pledged, and a security interest therein is hereby granted to the Authority or its assignee, for the purpose of paying costs of the TIF Project and securing the repayment of any TIF obligations to be issued by the Authority, in accordance with the Project Plan.
Section 3. LERTA Repeal.
Any exemptions from real estate taxes payable to the County that were granted pursuant to LERTA with respect to the real estate parcels identified on Exhibit A to this Resolution are hereby and hereafter rescinded and repealed.
Section 4. Resolution Delivery to the Mayor.
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. Cooperation Agreement.
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 without limitation, the execution and delivery of a Cooperation Agreement by and among the Authority, the County, the City and the School District.
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 in so far as the same affects this Resolution.