title
An Ordinance of the County of Allegheny establishing a Tax Increment Financing Policy for Allegheny County.
body
WHEREAS, the June 25, 1998 Tax Increment Financing Guidelines of the Department of Economic Development have not been updated or amended since the adoption of the Home Rule Charter and the establishment of the new form of government in Allegheny County;
Whereas, the Pennsylvania Tax Increment Financing Act has been broadly interpreted to allow the use of tax increment financing for any project or development in any area designated "blighted" by local governmental bodies;
WHEREAS, Council wishes to provide developers and the Allegheny County Department of Economic Development with more specific guidelines than are provided by state law for the appropriate use of tax increment financing within Allegheny County;
The Council of the County of Allegheny hereby enacts as follows:
Section 1
In accordance with the Tax Increment Financing Act, 53 P.S. § 6930.5, and the Administrative Code of Allegheny County, § 915.01, the Allegheny County Council hereby adopts the following policy and procedural guidelines.
Purpose:
The purpose of a tax increment financing is to prevent, arrest and alleviate blighted, decayed, and substandard areas in municipalities; to provide additional and alternative means to finance public facilities and residential, commercial, and industrial revitalization; to provide new employment opportunities; and to increase the tax base and to improve the general economy of the County.
Program Description:
Tax Increment Financing is authorized by the Commonwealth of Pennsylvania under the Tax Increment Financing Act 1990, July 11, P.L. 465, No. 113 (the "Act"). TIFs are a mechanism whereby all or a portion of the new taxes generated by a development over a limited term can be used to finance improvements related to that development. The Act provides for the creation of tax increment districts in whic...
Click here for full text