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
BODY
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. § 6930 et seq. (the "Act"), provides local taxing bodies the 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 City, the County of Allegheny (the "County") and the School District of Pittsburgh (the "School District") (the County, the City, and the School District collectively are referred to as the "Taxing Bodies") previously adopted the Penn Liberty Plaza Tax Increment Financing District Tax Increment Financing Plan (the "Penn-Liberty TIF Plan"), and the City created the Penn Liberty Plaza Tax Increment Financing District (the "Penn-Liberty TIF District") located in the Strip District Redevelopment Area to help fund the construction of a parking facility (the "Original Project") to support Penn Liberty Plaza I, a development adjacent to an existing Greyhound bus terminal site located between Penn and Liberty Avenues in the Convention Center Redevelopment Area of downtown Pittsburgh; and
Whereas, the tax increment financing contemplated by the Penn-Liberty TIF Plan did not occur and the Original Project has not been constructed; and
Whereas, the Public Parking Authority of Pittsburgh (the "PPA") desires to develop an intermodal transportation facility, including a parking facility expected to contain approximately 1,000 parking spaces on five above-grade levels (the "Revised Project"), to be located on the existing Greyhound bus terminal site located between Penn and Liberty Avenues in the Convention Center Redevelopment Area of downtown Pittsburgh; and
Whereas, the Taxing Bodies constitute all of the taxing authorities that levy property taxes within the area of the Revised Project; and
Whereas, in order to undertake a TIF on behalf of the Revised Project it will be necessary to expand the boundaries of the Penn-Liberty TIF District to include the Revised Project site (the "Expanded TIF District") and to amend, or amend and restate, the Penn-Liberty TIF Plan; and
Whereas, the County has agreed to participate in a TIF plan for financing a portion of the costs of the Revised Project, which constitutes public infrastructure, and related costs, and has designated a representative to work with the Authority and the other Taxing Bodies toward development and implementation of a TIF plan with respect to the Expanded TIF District; and
Whereas, the Authority, working with the designated representatives of the Taxing Bodies, has adopted and recommended an amendment to the Penn-Liberty TIF Plan (the "Project Plan") in accordance with the requirements of the Act, which Project Plan, as prepared by the Authority, provides for the pledge of a portion of certain tax increments in connection with the financing of a portion of the costs of the Revised Project to be located in a portion the Expanded TIF District;
Whereas, the Act provides for the cooperation of the local taxing bodies in the financing of projects within TIF districts and for the pledge of tax increments in connection with the issuance of debt to pay for certain of the 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 Expanded 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 Preamble.
The provisions set forth in the preamble to this Resolution are incorporated by reference in their entity herein.
Section 2. Adoption of Project Plan
The Project Plan prepared by the Urban Redevelopment Authority of Pittsburgh and
attached hereto as Exhibit A and incorporated herein providing for the pledge of a portion of certain tax increments in connection with the financing of a portion of the costs of the Revised Project within the Expanded TIF District is hereby adopted substantially in such form, and the County, in accordance with the Act, hereby agrees to participate in the Expanded TIF District to the extent and as provided for in the Project Plan.
Section 3. Pledge of Portion of Tax Revenues.
A portion of the tax revenues due or owing to, or received by the County from the Expanded 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 any obligations of PPA or the Authority for the purpose of financing the Revised Project.
Section 4. Delivery of Resolution.
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. Additional Actions.
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 so far as the same affects this Resolution.