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Resolution authorizing the Urban Redevelopment Authority of Pittsburgh to pursue a Tax Increment Financing Plan for sections of the North Shore Stadiums Redevelopment Area
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WHEREAS, Pennsylvania's Tax Increment Financing Act (53 P.S. §6930 et seq.) (the "Act") provides local taxing bodies the 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") Plan or Plans to provide financing for the elimination of, 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, a preliminary Plan has been presented to the County by Continental Real Estate for the TIF financing of the design, acquisition and construction of a parking garage and streetscape improvements supporting the parking garage in the North Shore Stadiums Redevelopment Area; and
WHEREAS, the County is expected to benefit from the use of tax increments in portions of the North Shore Stadiums Redevelopment Area to pay certain project costs in the North Shore Stadiums 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 is fully dependent on the cooperation and participation of all local taxing bodies, namely the City, the School District of Pittsburgh (the “School District”) and the County.
The Council of the County of Allegheny hereby resolves as follows:
Section 1. The proposed use of TIF financing for a parking...
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