Title
Dissolving the Penn's Landing Tax Increment Financing District and creating the Penn's Landing II Tax Increment Financing District, being the area generally bounded by Christopher Columbus boulevard on the west, Arch street on the north, Dock street on the south, and the Pierhead Line of the Delaware River on the east and approving the project plan of the Philadelphia Authority for Industrial Development ("PAID") for the redevelopment of the Penn's Landing II Tax Increment Financing District and making certain findings and declarations, all in accordance with the Tax Increment Financing Act, being the Act of July 11, 1990, P.L. 465, No. 113, as amended, and authorizing the Director of Finance and other offices of the City to execute documents and do all things necessary to carry out the intent of this Ordinance.
Body
WHEREAS, By ordinance approved June 25, 1998 (Bill No. 980306), City Council created the Penn's Landing Tax Increment Financing District as of January 1, 1999 for a twenty year term, and approved the project plan submitted by the Philadelphia Authority for Industrial Development ("PAID") for the redevelopment of the District, all pursuant to the provisions of the Tax Increment Financing Act, being the Act of July 11, 1990, P.L. 465, No. 113, as amended ("Act"); and
WHEREAS, By ordinance approved on December 21, 1999 (Bill No. 990681), Council approved an amendment to the term of that District;
WHEREAS, no bonds or notes have been offered or issued in connection with the District and PAID recommends that the Penn's Landing Tax Increment Financing District be dissolved and that a new District, called the Penn's Landing II Tax Increment Financing District be created as of January 1, 2004.
WHEREAS, In accordance with the provisions of the Urban Redevelopment Law, being the Act of May 24, 1945, P.L. 991, as amended and supplemented, and the Tax Increment Financing Act, being the Act of July 11, 1990, P.L. 465, No. 113, as amended,...
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