TITLE
A Resolution of the County of Allegheny adopting the Potato Garden Run Tax Increment Financing Plan presented by the Redevelopment Authority of Allegheny County, creating the Potato Garden Run Tax Increment Financing District and authorizing related agreements.
BODY
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 Redevelopment Authority of Allegheny County (the “Authority”) is legally empowered to prepare a Tax Increment Financing Plan (the "TIF Plan") to provide financing for the elimination and prevention of the development or spread of blight within specified tax increment districts located in the County of Allegheny (the “County”) and to present such project plan to the County for its consideration; and
Whereas, the Township of Findlay (the “Township”), the West Allegheny School District (the “School District”) and the County have each adopted resolutions on February 2, 2006, February 15, 2006 and March 17, 2006 respectively, agreeing to explore the use of a TIF to fund a portion of the costs of construction of a public sewer and water infrastructure project (the “TIF Project”) and authorizing the Authority to prepare a detailed TIF Plan; and
Whereas, the School District and the Township have each adopted resolutions on September 20, 2006 and October 11, 2006 respectively, agreeing to participate in a TIF Plan for financing a portion of the costs the TIF Project to be located in the Findlay/Airport Area Redevelopment Area, and identified as the Potato Garden Run TIF District (the “TIF District”); and
Whereas, the Authority, working with the designated representatives of the County, the Township and the School District, has adopted a TIF Plan in accordance with the requirements of the Act, providing for the creation TIF District and financing a portion of the costs of the TIF Project; and
Whereas, the Act provides for the cooperation of local taxing bodies in the financing of projects within TIF Districts and authorizes the Authority to issue obligations for the purpose of paying certain costs of implementing TIF Plans; and
Whereas, on October 18, 2006 the County heard a public hearing on the proposal to create the TIF District and the proposed adoption of the TIF Plan; 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. 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 TIF Plan and Creation of TIF District
The Potato Garden Run TIF Plan prepared by the Authority, attached hereto as Exhibit “A”, which is presented to the County by the Authority and which provides for financing certain of the costs of the TIF Project is hereby adopted, and the County, in accordance with the Act, agrees to participate in whole in the TIF District to the extent and as provided for in the TIF Plan.
Section 3. Identification of Boundaries
The boundaries of the TIF District shall be as identified in the TIF Plan and shall include only those whole units of property assessed or assessable for general property tax purposes.
Section 4. Creation of TIF District
The TIF District is created as of November 21, 2006 and shall continue in existence for a period of twenty years from the date of its creation.
Section 5. Name of TIF District
The name of the TIF District shall be the “Potato Garden Run Tax Increment Financing District”.
Section 6. Findings
After due consideration, the County finds as follows:
(a) The TIF District is a contiguous geographic area within a redevelopment area; and
(b) The improvement of the area is likely to enhance significantly the value of substantially all of the other real property in the TIF District; and
(c) The aggregate value of equalized taxable property of the TIF District, plus all existing tax increment districts, does not exceed 10% of the total value of equalized taxable property within the County; and
(d) The area comprising the TIF District as a whole has not been subject to adequate growth and development through investment by private enterprise and would not reasonably be anticipated to be adequately developed without the adoption of the TIF Plan; and
(e) A feasible method exists for the compensation of individuals, families and small businesses, if any, that may be displaced by the TIF Project and for their relocation to decent, safe and sanitary dwelling accommodations within their means, without undue hardship to such individuals, families and businesses; and
(f) The TIF Plan conforms to the County's master plan; and
(g) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the community as a whole, for the rehabilitation or redevelopment of the TIF District by private enterprise; and
(h) The TIF District is a blighted area containing characteristics of blight as described in the Urban Redevelopment Law and the TIF Project to be undertaken is necessary to eliminate such conditions of blight.
Section 7. Repayment Security
Seventy-five percent (75%) of all real estate tax revenues in excess of the base taxes on the date of creation of the TIF District that are due, owing, and received by the County from the parcels within the TIF District are hereby pledged, and a security interest is hereby granted, to secure the repayment of any debt incurred by the Authority for the purpose of financing public infrastructure improvements included in the TIF Project.
Section 8. Directions
The appropriate public officials of the County are hereby directed to take such additional action in cooperation with the Authority, the Township and the School District in furtherance of the implementation of the TIF Plan, including, without limitation, the execution and delivery of a Cooperation Agreement by and among the County, the Authority, the Township and the School District.
Section 9. 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 10. 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.