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A Resolution of the Council of the County of Allegheny adopting and authorizing participation in the Smallman Street Tax Increment Financing Plan, as presented by the Urban Redevelopment Authority of Pittsburgh, and authorizing related agreements.
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Whereas, Pennsylvania's Tax Increment Financing Act, 53 P.S. § 6930.1 et seq., as amended (the "TIF 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 TIF Act, the Urban Redevelopment Authority of Pittsburgh (the "Authority") is legally empowered to prepare a Tax Increment Financing ("TIF") proposal to provide 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 County of Allegheny (the "County"), the City, and the School District of Pittsburgh (the "School District") have each adopted resolutions endorsing the concept of a TIF plan for financing public space and street related right-of-way improvements such as lighting, roadway and walkway improvements (the "TIF Project") in connection with private mixed use office and retail redevelopment projects located at 1600 and 2100 Smallman Street known as the Smallman Street Tax Increment Financing District (the "TIF District"), requesting the Authority to prepare a detailed TIF proposal and designating the County's representative to work with the Authority, the City, the County, and the School District toward implementation of a TIF plan with respect to the TIF District; and
Whereas, the Authority, working with the designated representatives of the City, the County, and the School District, has adopted and recommended a Tax Increment Financing Plan (the "TIF Plan") in accordance with the requirements of the TIF Act, which TIF Plan, as prepared by the Authority, provides for financing or otherwise providing funds to pay a portion of the costs of the TIF Project; and
Whereas, the TIF Act provides for the cooperation of the local taxing bodies in the financing or funding of projects within the TIF districts and for the issuance of debt to pay for certain costs of implementing such plans; and
Whereas, the County is expected to benefit from the use of tax increments to pay certain project costs within the TIF District by stimulation of private investment, increases in property values, creation of employment opportunities, and improvement of surrounding properties.
The Council of the County of Allegheny hereby resolves as follows:
Section 1. Incorporation of the Preamble.
The provisions set forth in the preamble to this Resolution are incorporated by reference in their entirety herein.
Section 2. Terms Defined.
Terms used in the Recitals to these Resolutions are herein used as therein defined.
SECTION 3. Adoption of TIF Plan.
The TIF Plan prepared by the Urban Redevelopment Authority of Pittsburgh and attached hereto as Exhibit A and incorporated herein providing for financing or funding a portion of the costs of the TIF Project is hereby adopted substantially in such form, and the County, in accordance with the TIF Act, hereby agrees to participate in the TIF District to the extent and as provided for in the TIF Plan.
SECTION 4. Real Estate Tax Revenues.
A portion of the tax revenues due or owed to, or received by the County from the TIF District to the extent described in the TIF Plan are hereby pledged; and a security interest therein is hereby granted, to secure the repayment of any TIF obligations issued by the Authority for the purpose of financing the TIF Project and/or to be applied directly to pay certain costs of the TIF Project.
SECTION 5. Notification of Actions.
The Chief Clerk or the County Manager is directed to deliver a copy of this resolution to the Mayor and the Council of the City of Pittsburgh, as provided in the TIF Act.
SECTION 6. Cooperative Actions.
The appropriate public officials of the County are hereby directed to take such additional actions in cooperation with the Authority, the City, and the School District in furtherance of the implementation of the TIF Plan, including without limitation, the execution and delivery of a Cooperation Agreement by and among the Authority, the County, the City, and the School District.
Section 7. Severability. If any provision of this Resolution shall be determined to be unlawful, invalid, void or unenforceable, then that provision shall be considered severable from the remaining provisions of this Resolution which shall be in full force and effect.
SECTION 8. Repealer. Any Resolution or Ordinance or part thereof conflicting with the provisions of this Resolution is hereby repealed so far as the same affects this Resolution.