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Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a Tax Increment Financing Plan for portions of the Baum Boulevard/Centre Avenue Redevelopment Area. (KRASTA PROPERTIES)
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WHEREAS, Pennsylvania's Tax Incremental Financing Act (53 P.S. §6930.01 et seq.) (the "Act") provides local taxing bodies 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 is legally empowered to prepare a Tax Increment Financing ("TIF") Plan or Plans 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 (the “City”) and to present such TIF Plan or Plans to the County of Allegheny (the “County”) for its consideration; and
WHEREAS, Kratsa Properties is working with the City, the County and the Commonwealth of Pennsylvania to develop a commercial and residential development which is expected to include up to six buildings containing approximately 60,000 square feet of retail space, 160,000 square feet of office space, 230 hotel rooms, 50 condominium apartments, 18 loft apartments, a six screen art cinema and parking facilities at the intersection of Baum Boulevard and Woodworth Street in the Bloomfield area of Pittsburgh (the "Project") within the Baum Boulevard/Centre Avenue Redevelopment Area; and
WHEREAS, the County is expected to benefit from the use of tax increments in portions of the Baum Boulevard/Centre Avenue Redevelopment Area 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 Plan or Plans is fully dependent on the cooperation and participation of a...
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