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Agreeing to participate in the "1600 North Broad Tax Increment Financing District," if it should be created by the Council of the City of Philadelphia in accordance with the Tax Increment Financing Act of July 11, 1990, (P.L. 465, No. 113), as amended, in the North Philadelphia Redevelopment Area, in an area generally bounded by Fifteenth street on the west, Cecil B. Moore avenue on the north, Broad street on the east, and Oxford street on the south; and designating the Mayor or his designee as the City's representative for purposes of meeting with the Philadelphia Authority for Industrial Development, pursuant to Section 5(a)(2) of the Tax Increment Financing Act.
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WHEREAS, The Philadelphia Authority for Industrial Development ("PAID") proposes that the 1600 North Broad Tax Increment Financing District ("District") be created by City Council to encourage the development of a mixed-use residential and/or entertainment and retail facility in the North Philadelphia Redevelopment Area; and
WHEREAS, PAID has submitted to Council a tentative project plan for the proposed District and has proposed to Council that the boundaries of the proposed District be generally Fifteenth street on the west, Cecil B. Moore avenue on the north, Broad street on the east, and Oxford street on the south; and
WHEREAS, Section 5 (a)(7) of the Tax Increment Financing Act of July 11, 1990 (P.L. 465, No. 113), as amended, requires the governing body of a municipality within the boundaries of a proposed tax increment financing district to agree, by ordinance or resolution, to participate in whole or in part in the tax increment district and to adopt such resolution before adopting the ordinance which will create the tax increment district; and
WHEREAS, The Council of the City of Philadelphia desires to agree to participate in whole in the proposed 1600 North Broad Tax Increment Financing District; and
WHEREAS, Section 5(a)(2) of the Tax Increment Financing Act r...
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