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A Resolution of the Council of the County of Allegheny amending the tax increment financing plan for the Waterfront Tax Increment Financing District, and authorizing related actions.
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Whereas, Pennsylvania's Tax Incremental Financing Act (53 P.S. §6930.01 et seq., as amended) (the “TIF 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, the County created the Waterfront Tax Increment Financing District (the “TIF District”) in 1998 and, pursuant to The Waterfront Tax Increment Financing District Project Plan, as amended (the “TIF Plan”), the Redevelopment Authority of Allegheny County (the “Authority”) issued Tax Increment Financing Bonds (the “Bonds”) in 2000 to finance certain infrastructure improvements within the TIF District; and
Whereas, the County previously authorized use of the proceeds of one series of the Bonds (the “Series C Bonds”) for payment of costs of engineering and constructing a flyover bridge in the Borough of West Homestead; and
Whereas, in accordance with the TIF Plan, principal of and interest on the Series C Bonds are payable solely from revenues provided by the County; and
Whereas, the Authority, after consulting with the developer, the municipalities and the school district that participated in the TIF Plan, has recommended that the use of the Series C Bonds proceeds be changed from payment of costs of engineering and constructing the flyover bridge to instead payment of costs of engineering and constructing for the improvement of the existing Seventh and Eighth Avenue intersection in West Homestead, and perform associated public infrastructure improvements in the adjacent two-block area of Eighth Avenue. (the “2006 Capital Project”).
The Council of the County of Allegheny hereby resolves as follows:
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