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A Resolution of the Council of the County of Allegheny authorizing the Urban Redevelopment Authority of Pittsburgh to develop a tax increment financing project plan for a proposed TIF District to include portions of the Market Stanwix / Downtown Triangle Redevelopment Area #44 and designating a representative from the County to participate in the development of a tax increment project plan for this proposed 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") project plan 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 and to present such proposal to the County of Allegheny for its consideration; and
Whereas, a developer (the “Developer”) is working on a mixed-use development expected to include office space, a hotel and residential condominiums to be located along Fifth Avenue between Wood Street and Market Street in the Market Stanwix/Downtown Triangle Redevelopment Area #44 of downtown Pittsburgh (the "Project"); and
Whereas, the County of Allegheny is expected to benefit from the use of tax increment financing for portions of the Market Stanwix / Downtown Triangle Redevelopment Area #44 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 Project Plan is fully dependent on the cooperation and participation of all local taxing bo...
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