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Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a Tax Increment Financing Plan for portions of the Baum Boulevard/Centre Avenue Redevelopment Area. (KRASTA PROPERTIES)
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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; and
WHEREAS, under the Act, the Urban Redevelopment Authority of Pittsburgh is legally empowered to prepare a Tax Increment Financing ("TIF") Plan or Plans 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 TIF Plan or Plans to the County of Allegheny (the “County”) for its consideration; and
WHEREAS, Kratsa Properties is working with the City, the County and the Commonwealth of Pennsylvania to develop a commercial and residential development which is expected to include up to six buildings containing approximately 60,000 square feet of retail space, 160,000 square feet of office space, 230 hotel rooms, 50 condominium apartments, 18 loft apartments, a six screen art cinema and parking facilities at the intersection of Baum Boulevard and Woodworth Street in the Bloomfield area of Pittsburgh (the "Project") within the Baum Boulevard/Centre Avenue Redevelopment Area; and
WHEREAS, the County is expected to benefit from the use of tax increments in portions of the Baum Boulevard/Centre Avenue Redevelopment Area by stimulation of private investment, increases in property values, creation of employment opportunities and improvement of surrounding properties; and
WHEREAS, the implementation of any TIF Plan or Plans is fully dependent on the cooperation and participation of all local taxing bodies, namely the City, the School District of Pittsburgh (the “School District”) and the County .
The Council of the County of Allegheny hereby resolves as follows:
Section 1. The use of TIF financing to fund a portion of the cost of the Project located in the Baum Boulevard/Centre Avenue Redevelopment Area is endorsed and the Urban Redevelopment Authority of Pittsburgh is requested to prepare a detailed TIF Plan or Plans for portions of the Baum Boulevard/Centre Avenue Redevelopment Area, as required by the Act.
Section 2. The respective governing bodies of the City and School District will be notified of this action and requested to undertake similar favorable consideration and cooperation in implementing a TIF Plan or Plans with respect to portions of the Baum Boulevard/Centre Avenue Redevelopment Area.
Section 3. The appropriate public officials of the County are hereby directed to take such actions in cooperation with the Urban Redevelopment Authority of Pittsburgh and any participating taxing bodies in furtherance of the development of an acceptable TIF Plan or Plans that will be brought before the Council of the County of Allegheny and to schedule and conduct any and all public hearings required by the Act to permit public comment prior to final approval and implementation of any TIF Plan or Plans.
Section 4. The Director of Economic Development or his designee is hereby designated as the County's representative to work with the Urban Redevelopment Authority of Pittsburgh in preparing the TIF Plan or Plans.
Section 5. 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 6. 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.