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A Resolution of the County Council of Allegheny County dissolving the Potato Garden Run Tax Increment Financing District and authorizing related actions.
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Whereas, pursuant to the Tax Increment Financing Act, 53 PA. Cons. Stat. Ann. §6930.1 et. seq. (“Act”), and in cooperation with the Township of Findlay (the “Township”), the West Allegheny School District (the “School District”) and the Redevelopment Authority of Allegheny County (the “Redevelopment Authority”), the County of Allegheny, Pennsylvania (the “County” and together with the Township and the School District, the “Taxing Bodies”) adopted legislation on November 21, 2006 creating the “Potato Garden Run Tax Increment Financing District” (the “TIF District”); and
Whereas, pursuant to a Cooperation Agreement dated as of September 21, 2007 and amended by the First Amendment to Cooperation Agreement dated as of April 1, 2014 by and among the Redevelopment Authority, the County, the Township and the School District (as amended, the “Cooperation Agreement”), the Taxing Bodies pledged certain portions of the incremental real estate tax revenue resulting from increases in property values as a result of redevelopment within the TIF District to pay debt service on and costs related to execution of the TIF Plan (as defined herein); and
Whereas, development within the TIF District occurred substantially in accordance with the tax increment financing plan (as amended, the “TIF Plan”); and
Whereas, pursuant to a Trust Indenture dated September 21, 2007 between the Redevelopment Authority and Wells Fargo Bank, N.A. (the “Trustee”) (as amended, the “Trust Indenture”), the Redevelopment Authority issued obligations for the purpose of paying certain costs of implementing the TIF Plan; and
Whereas, as of February 1, 2020, the obligations issued pursuant to the Trust Indenture have been paid in full; and
Whereas, the County has benefitted from the TIF District and the TIF Plan by stimulation of private...
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