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Agreeing to participate in the "Schmidts Plaza 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 North Philadelphia Redevelopment Area, in an area generally bounded by Second street on the west, Girard avenue on the north, Laurel street on the south, and Hope 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.
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WHEREAS, The Philadelphia Authority for Industrial Development ("PAID") proposes that the Schmidts Plaza Tax Increment Financing District ("District") be created by City Council to encourage the development of a new retail center in the North Philadelphia 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 Second street on the west, Girard avenue on the north, Laurel street on the south, and Hope 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 Schmidts Plaza Tax Increment Financing District; and
WHEREAS, Section 5(a)(2) of the Tax Increment Financing Act requires each affected municipality to designate a representative to meet with the ...
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