Title
Dissolving the 1600 North Broad Tax Increment Financing District and creating the Avenue North Tax Increment Financing District, being the approximately three-acre site at 1600-36 North Broad Street generally bounded by Cecil B. Moore Avenue on the north, Broad Street on the east, Oxford Street on the south, and Carlisle Street on the west, 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 26, 2002 (Bill No. 020231), City Council created the 1600 North Broad Tax Increment Financing District as of July 1, 2002 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, no bonds or notes have been offered or issued in connection with the District and PAID recommends that the 1600 North Broad Tax Increment Financing District be dissolved and that a new District, called the Avenue North Tax Increment Financing District, be created as of July 1, 2005; and
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, the City Planning Commission of the City of Philadelphia ("Commission") has certified the North Philadelphia Redevelopment Area as a redevelopment area, and the Commission has completed a detailed redevelopment area plan for the North Philadelphia Redevelopment Area; and
WHEREAS, In conformity with this redevelopment area plan, th...
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