TITLE
Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to develop a tax increment financing plan for a proposed TIF District to include portions of the Fifth and Penn Redevelopment Area (pending certification) and designating a representative from the County to participate in the development of a tax increment plan for this proposed TIF District.
BODY
Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. ยง6930.01 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 (hereinafter the "TIF Project Plan") and to present such TIF Project Plan 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, commercial, residential, and hotel space and a parking facility to be located at Fifth Avenue and Penn Avenue in the Fifth and Penn Redevelopment Area (pending certification) of the Larimer Neighborhood of Pittsburgh (the "Project"); and
Whereas, the County of Allegheny is expected to benefit from the use of tax increment financing for portions of the Fifth and Penn Redevelopment Area (pending certification) 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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