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Resolution adopting the Northfield Site Phase I Tax Increment Financing Plan presented by the Redevelopment Authority of Allegheny County, creating the Northfield Site Phase I Tax Increment Financing District and authorizing related agreements.
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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 Redevelopment Authority of Allegheny County (the “Authority”) is legally empowered to prepare a Tax Increment Financing Plan (the "TIF Plan") to provide financing for the elimination and prevention of the development or spread of blight within specified tax increment districts located in the County of Allegheny (the “County”) and to present such project plan to the County for its consideration; and
Whereas, the Township of Findlay (the “Township”), the West Allegheny School District (the “School District”) and the County have each adopted resolutions on February 22, 2007, January 17, 2007 and March 23, 2007 respectively, agreeing to explore the use of a TIF to fund a portion of the costs of construction of a public infrastructure project necessary to facilitate the development of shovel-ready industrial sites in the vicinity of the Pittsburgh International Airport (the “TIF Project”) and authorizing the Authority to prepare a detailed TIF Plan; and
Whereas, the School District and the Township have each adopted resolutions on May 16, 2007 and May 9, 2007 respectively, agreeing to participate in a TIF Plan for financing a portion of the costs of the TIF Project to be located in the Amended Findlay/Airport Area Redevelopment Area, and identified as the Northfield Site Phase I TIF District (the “TIF District”); and
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