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A Resolution of the Council of Allegheny County, Pennsylvania, to amend the Almono Tax Increment Financing Plan.
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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”) proposal 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
Whereas, the City, the County of Allegheny (the “County”), and the School District of Pittsburgh (the “School District” and together with the County and the City, the “Taxing Bodies”) previously adopted the Almono Tax Increment Financing District Tax Increment Financing Plan (the “Almono TIF Plan”), and the City created the Almono Tax Increment Financing District (the “Almono TIF District”) to help fund the development of the Almono site (the “Project”); and
Whereas, in order to maximize the financing generated by the Almono TIF District in support of the Project; and because no financing has yet occurred, the Taxing Bodies desire to amend the Almono TIF Plan to reset the start date for the Almono TIF District; and
Whereas, the Authority, working with the designated representatives of the Taxing Bodies, has adopted and recommended an amendment to the Almono TIF Plan (as amended, the “Project Plan”) attached hereto as Exhibit “A” in accordance with the requirements of the Act, which Project Plan, as prepared by the Authority, resets the start date of the Almono TIF District to January 1, 2017;
Whereas, the Act provides for the cooperation of the local taxing bodies in the...
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