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A Resolution of the Council of the County of Allegheny authorizing pursuit of a Tax Increment Financing plan in Castle Shannon Borough, Allegheny County, Pennsylvania.
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Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. §6930.1 et seq., (the “Act”) provides local taxing bodies authority to cooperate in providing financing for development of blighted areas within their respective jurisdictions in order to increase the tax base, provide new employment opportunities and improve the general economy; and
Whereas, under the Act the Redevelopment Authority of Allegheny County (“RAAC”) may prepare a Tax Increment Financing (“TIF”) Plan to provide financing for the elimination and prevention of the development or spread of blight within designated tax increment districts located in Allegheny County (the “County”) and to present such Plan to the Allegheny County Council (the “Council”) for consideration; and
Whereas, the Castle Shannon Station Partners, LP (the “Developer”) is working to construct a mixed-use transit orientated development (the “Project”) situated within the jurisdiction of Castle Shannon Borough (the “Borough”); and
Whereas, the County is expected to benefit from the use of tax increments to pay certain project costs as defined by the Act, 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 County, the Borough, and the Keystone Oaks School District (the “School District”); and
Whereas, the respective governing bodies of the School District and the Borough passed resolutions designating representatives to work on the TIF Committee and cooperate in implementing a TIF Plan with respect to the Project.
The Council of the County of Allegheny hereby resolves as follows:
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