Title
Dissolving the West Philadelphia Retail Tax Increment Financing District and creating the Park West Tax Increment Financing District, being the area generally bounded by Columbia Avenue on the north, North 50th Street on the east, Merion Avenue on the south, and North 52nd 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 February 3, 1999 (Bill No. 980799-A), City Council created the West Philadelphia Retail Tax Increment Financing District as of January 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 West Philadelphia Retail Tax Increment Financing District be dissolved and that a new District, called the Park West Tax Increment Financing District, be created as of July 1, 2006; 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 Parkside Lancaster Redevelopment Area as a redevelopment area, and the Commission has completed a detailed redevelopment area plan for the Parkside Lancaster Redevelopment Area; and
WHEREAS, In conformity with this redevelopment area plan, the Philadelphia Authority fo...
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