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A Resolution of the Council of Allegheny County, Pennsylvania, approving the first amendment to the Shannon Transit Village 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 Redevelopment Authority of Allegheny County (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 County of Allegheny (the “County”); and
Whereas, the County, the Borough of Castle Shannon (the “Borough”) and the Keystone Oaks School District (the “School District”),collectively referred to as the “Taxing Bodies”, previously adopted the Shannon Transit Village Tax Increment Financing District Tax Increment Financing Plan (the “Shannon Transit Village TIF Plan”), and the County created the Shannon Transit Village Tax Increment Financing District (the “Shannon Transit Village TIF District”) to help fund the development of the Shannon Transit Village site (the “Project”); and
Whereas, in order to maximize the financing generated by the Shannon Transit Village TIF District in support of the Project, and because no financing has yet occurred, the Taxing Bodies desire to amend the Shannon Transit Village TIF Plan to reset the start date for the Shannon Transit Village TIF District; and
Whereas, the Authority, working with the designated representatives of the Taxing Bodies, has recommended an amendment to the Shannon Transit Village TIF Plan (as amended, the “Project Plan”) attached hereto as Exhibit “A” in accordance with the requirements of the Act, which Project Plan,...
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