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Agreeing to participate in the "Headquarter Hotel 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 Center City Redevelopment Area, in an area generally bounded by South Penn Square on the north, Broad Street on the east, 15th Street on the west, and Chestnut Street on the south; 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 Headquarter Hotel Tax Increment Financing District ("District") be created by City Council to encourage the redevelopment of the area generally bounded by South Penn Square on the north, Broad Street on the east, 15th Street on the west, and Chestnut Street on the south in the Center City 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 South Penn Square on the north, Broad Street on the east, 15th Street on the west, and Chestnut Street on the south; 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 Headquarter Hotel Tax Increment Financing District; and
WHEREAS, S...
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