[HISTORY: Adopted by the Borough Council
of the Borough of Wilson 11-27-2006 by Ord. No. 733, approved 11-27-2006. Amendments
noted where applicable.]
As used in this chapter, in addition to the
terms defined in the preamble hereto,[1] the following words and phrases shall have the meanings
set forth below:
The cooperation agreement for the Wilson Park Tax Increment
District by and among the County, the school district, the Borough
and the Authority.
The tax increment district created pursuant to this chapter
in accordance with the provisions of the TIF Act.
The legally authorized agent for each of the taxing districts
responsible by law for receipt and disbursement of the revenues for
the taxing districts.
Such costs include any and all eligible costs undertaken
within or for the benefit of the District in accordance with the express
language defining project costs as contained in the TIF Act.
Shall mean, collectively, the County, the Township, and the
school district.
The fund maintained by the Authority into which are paid
all tax increments and into which are deposited all other revenues
related to the District and the plan and from which money is disbursed
to pay project costs related to the District.
The meaning ascribed to the term "tax increment" in the TIF
Act.
[1]
Editor's Note: The preamble is on file in
the Borough offices.
The District created pursuant to this chapter
shall contain those units of property assessed for real property tax
purposes as described in Exhibit A attached hereto.[1]
[1]
Editor's Note: Exhibit A is on file in the
Borough offices.
The District is hereby created as of January
2, 2007. The District shall continue in existence until January 1,
2027; provided that, as provided in the TIF Act, the District may
not be dissolved as long as any tax increment bonds or notes for the
District remain outstanding. The Borough hereby determines that the
requisite time provided for under Section 5(a)(6) of the TIF Act subsequent
to the public hearing has passed as of the date of enactment of this
chapter.
The District shall be identified as the Wilson
Park Tax Increment District for all plan and identification purposes.
The Borough hereby determines, in accordance
with the powers conferred by the TIF Act, based upon extensive studies
and examination of the conditions currently existing within the District,
that:
A.
The District is a contiguous geographic area within
an area undergoing redevelopment.
B.
The improvements contemplated by the plan are likely
to enhance significantly the value of all real property in the District.
C.
The aggregate value of equalized taxable property
of the District, plus all existing tax increment districts, does not
exceed 10% of the total value of equalized taxable property within
the Borough.
D.
The area comprising the District as a whole has not
been subject to adequate growth and development through investment
by private enterprise and would not reasonably be anticipated to be
adequately developed without the adoption of the plan.
E.
No individuals, families or small businesses will
be displaced in the District.
F.
The plan conforms to the County master plan.
G.
The plan will afford maximum opportunity, consistent
with sound needs of the taxing districts as a whole, for the rehabilitation
or redevelopment of the District by private enterprise.
H.
The District is a blighted area containing characteristics
of blight as described in the Urban Redevelopment Law, and the project
to be undertaken is necessary to eliminate such conditions of blight.
A.
The Council of this Borough hereby approves the plan
for the District prepared by the Authority and authorizes the Authority
to borrow an amount not to exceed $5,910,000 to finance project costs
and to undertake any and all methods of financing of project costs
available pursuant to the TIF Act.
B.
The Council of this Borough hereby agrees to participate
in the District and to allocate to the financing of the Project thereof
53.75% of the Borough's share of the Tax Increment.
The Council of this Borough hereby designates
the Authority as the Authority charged with preparing, implementing,
monitoring, and directing the plan and as the issuer for any bonds
or notes which may be necessary to finance project costs for the District.
The Authority will establish a Tax Increment
Fund account which shall hold all tax increment revenues for the District.
The Council of this Borough hereby requests that the finance officers
of the taxing districts transfer all tax increment revenues as specified
in the TIF plan received from the taxing districts to the Authority
for deposit into a Tax Increment Fund to be created for such purposes
by the Authority. The Treasurer of the Borough is also authorized
to accept or transfer to the Authority for deposit into the Tax Increment
Fund any other gifts, appropriations, grants, loans, or other revenues
to be applied to the District for the purposes of the plan.
The required tax increments specified in the plan and cooperation agreement collected by the finance officers of the taxing districts, from and after the date of settlement of such taxes, shall be paid to the Tax Increment Fund as stated in § 67-8 above and shall be held in trust in favor of the District for purposes of the plan.
The Authority is hereby authorized to apply
tax increment revenues to project costs incurred in connection with
the plan for the District in accordance with the TIF Act and to pay
the principal of and interest on the TIF debt. The Authority may undertake
such expenditures, make such appropriations, reimburse parties for
prior expenditures related to project costs, enter into such contracts
and agreements with respect to the plan and the District which, in
the sole judgment of the Authority, shall further the purposes of
the plan consistent with the provisions of this chapter. Any tax increment
revenues remaining in the Tax Increment Fund after payment of all
project costs has been made or provided for and after the principal
of and interest on the TIF debt has been paid in full shall be returned
to the taxing districts on a pro rata basis in the proportions that
the property tax millage of each taxing body bears to the entire millage
levied by all taxing districts at the time the District was created.
The Authority is hereby directed to establish
such dates for receipt of tax increment revenues, provide for any
necessary reserve for tax revenues, and establish provisions for collection
and enforcement of payment of tax increment revenues to the extent
permissible under the TIF Act.
The Council of this Borough hereby authorizes
the execution and delivery of the cooperation agreement with the Authority
and the other taxing districts and the execution and delivery of any
other documents, agreements and instruments necessary or appropriate
for the implementation of the plan and to provide any form of assurances
toward payment of project costs as may be deemed necessary by the
Authority in consultation with the Borough.
The Authority may propose and the Borough may
adopt, by ordinance such amendments to the plan as are deemed necessary
and which are authorized by the TIF Act.
