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A Resolution of the Council of the County of Allegheny regarding the Tax Increment Financing Plan presented by the Wilkins Area Industrial Development Authority, authorizing participation in the Waterfront Apartments Tax Increment Financing District and authorizing related agreements.
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WHEREAS, the Tax Increment Financing (“TIF”) Act, 53 P.S. §6930.1 et seq., as amended (the “Act”), provides local taxing bodies with authority to cooperate in providing financing for development of blighted areas, as defined in the Act, within their respective jurisdictions to increase the tax base and improve the general economy; and
WHEREAS, the County of Allegheny, Pennsylvania (the “County”) is a home rule county and political subdivision existing under the laws of the Commonwealth of Pennsylvania (the “Commonwealth”); and
WHEREAS, the Boroughs of Homestead, Allegheny County (“Homestead”) and West Homestead, Allegheny County, (“West Homestead” and, together with Homestead, the “Boroughs”), together with Continental Real Estate Companies, as developer (the “Developer”), are initiating the process to create, in accordance with the Act, two essentially identical TIF Districts within the Boroughs, one district in each of the Boroughs, to be designated generally as the “Waterfront Apartments Tax Increment Financing District” (together, the “TIF District”); and
WHEREAS, the proposed TIF District is intended to support a project (the “TIF Project”) consisting of financing a portion of the costs to redevelop approximately 4 acres of land located at 185 W. Waterfront Drive, Homestead, and 201 W. Waterfront Drive, West Homestead (the “Project Site”), which property is located in the proposed TIF District and a coterminous Neighborhood Improvement District (the “NID”) that is being proposed to support the TIF District, into an approximately 266-unit multi-family apartment development constructed above an approximately 350-space parking garage (the “Capital Project”), together ...
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