Title
Agreeing to participate in the "Silver City 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 South Central Redevelopment Area, in an area generally bounded by Broad Street on the west, Carpenter Street on the north, Washington Avenue on the south, and Thirteenth Street on the east; 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.
Body
WHEREAS, The Philadelphia Authority for Industrial Development ("PAID") proposes that the Silver City Tax Increment Financing District ("District") be created by City Council to encourage the development of a state-of-the-art media office complex in the South Central 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 Broad Street on the west, Carpenter Street on the north, Washington Avenue on the south, and Thirteenth Street on the east; 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 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 Silver City Tax Increment Financing District; and
WHEREAS, Section 5(a)(2) of the Tax Increment Financing Act requires each affected municipality to designate a representa...
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