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A Resolution of the County Council of Allegheny County dissolving the Clinton Commerce Park Phase II 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 June 2, 2015 creating the “Clinton Commerce Park Phase II Tax Increment Financing District” (the “TIF District”); and
Whereas, pursuant to a Cooperation Agreement dated as of December 1, 2015 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 as of December 15, 2015 (the “Trust Indenture”) between the Redevelopment Authority and U.S. Bank Trust Company, National Association (the “Trustee”), the Redevelopment Authority issued its Tax Increment Financing Funding Note, Series of 2015 (Clinton Commerce Park Phase II Tax Increment Financing District Project), in the maximum principal amount of $5,700,000.00 (the “2015 Note”) for the purpose of paying certain costs of implementing the TIF Plan; and
Whereas, on December 1, 2025, the 2015 Note was paid in full; and
Whereas, the...
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