TITLE
Resolution of the Council of the County of Allegheny adopting the North Side Stadium Area Tax Increment Financing Plan presented by the Urban Redevelopment Authority of Pittsburgh, and making certain findings.
BODY
Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S.§ 6930.1 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 (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 County and to present such Proposal to the County for its consideration; and
Whereas, the County has previously adopted Resolution No. 22-03-RE, Bill No. 1110-0303 endorsing the concept of a TIF plan for financing of certain improvements in portions of the North Shore Stadiums Redevelopment Area, requesting the Authority to prepare a detailed TIF proposal and designating the County's representative to work with the Authority, the City of Pittsburgh (the “City”) and the School District of Pittsburgh (the “School District”) toward the development and implementation of such a TIF plan; and
Whereas, the City and the School District have also adopted resolutions indicating their respective commitments to participate in a TIF financing plan for the North Shore Stadiums Redevelopment Area; and
Whereas, the Authority, working with the designated representatives of the City, the County and the School District, has adopted and recommended a TIF Plan, in the form of the North Side Stadiums Area TIF Plan, and in accordance with the requirements of the Act; and
Whereas, the Act provides for the cooperation of local taxing bodies in the financing of projects within TIF districts and for 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 North Side Stadiums Area TIF District (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. The North Side Stadiums Area Tax Increment Financing Plan (the "Project Plan" or “TIF Plan”) attached hereto as Exhibit “A”, prepared by the Urban Redevelopment Authority of Pittsburgh and filed with the Chief Clerk of Council for financing of certain costs: (1) of constructing (a) a parking garage, and (b) related streetscape improvements; (2) funding necessary debt and interest reserves; and (3) issuance of bonds or notes (collectively, the "TIF Project") in portions of the North Shore Stadiums Redevelopment Area is hereby adopted substantially in such form.
Section 2. The boundaries of the North Side Stadiums Area TIF District shall be as identified in the Project Plan and include only those units of property assessed or assessable for general property tax purposes.
Section 3. The North Side Stadiums Area TIF District is created as of the effective date of the final resolution of the City, and the North Side Stadiums Area TIF District shall continue in existence for a period of twenty years from such date.
Section 4. Tax revenues due, owing, and received by the County from the pledged parcels, to the extent described in the Project Plan, are hereby pledged for the purposes set forth in the Project Plan.
Section 5. 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, subject to the County Manager and Solicitor approving the form and content of the TIF Cooperation Agreement and Project Plan.
SECTION 6 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 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.