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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 structured parking facilities and other necessary public improvements and infrastructure in a new development to be located within a portion of Redevelopment Area #50 - J & L Second Avenue (West Oakland) known as the Pittsburgh Technology Center TIF District .
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Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. §6930.01 et seq., as amended) (the "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 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 respectively adopted resolutions on November 1, 2005, October 4, 2005 and October 26, 2005 endorsing the concept of, and agreeing to participate in, a TIF plan for financing a portion of the costs of structured parking facilities and other necessary public improvements and infrastructure to support up to an additional 1.1 million square feet of new development to be located within a portion of Redevelopment Area #50 - J & L Second Avenue (West Oakland) known as the Pittsburgh Technology Center TIF District (the “PTC TIF District”), requesting the Authority to prepare a detailed TIF Proposal and designating the County's representatives to work with the Authority, 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 County, the City and the School District, has adopted and recommended a Tax Increment Financing Plan (the “Project Plan”) for the proposed PTC TIF District 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 the TIF Project in connection with a mixed-use development to be located in a portion of the PTC TIF District; and
Whereas, the Act provides for the cooperation of the local taxing bodies in the financing of projects within a TIF district and for the issuance of debt to pay for certain 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 PTC 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 by reference in its entirety herein which provides for financing a portion of the costs of the TIF Project within the PTC TIF District is hereby adopted substantially in such form, and the County, in accordance with the Act, hereby agrees to participate in the PTC TIF District to the extent and as provided for in the Project Plan.
Section 2.
A portion of the tax revenues due or owing to, or received by the County from the PTC 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 one or more TIF obligations issued by the Authority for the purpose of financing the TIF Project.
Section 3.
The Chief Clerk of County Council or his designee 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 without limitation, the execution and delivery of a Cooperation Agreement by and among the Authority, the County, the City and the School District.
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 in so far as the same affects this Resolution.