Title
Dissolving the Schmidts Plaza Tax Increment Financing District and creating the Schmidts Plaza II Tax Increment Financing District, being the area generally bounded by Girard Avenue on the north, Germantown Avenue and Second Street on the west, Wildey Street on the south, and Hancock Street on the east, and approving the project plan of the Philadelphia Authority for Industrial Development ("PAID")for the redevelopment of the Schmidts Plaza 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 16, 2000 (Bill No. 000222), City Council created the Schmidts Plaza Tax Increment Financing District as of July 1, 2000 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 Schmidts Plaza Tax Increment Financing District be dissolved and that a new District, called the Schmidts Plaza II Tax Increment Financing District be created as of July 1, 2002.
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, an...
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