[Ord. 756-08, 7/14/2008]
The following words, terms, and phrases, when used in this Part,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
Act 113 of 1990 enacted by the General Assembly of the Commonwealth
of Pennsylvania.[1]
The Redevelopment Authority of the County of Berks.
The Borough of Hamburg, Berks County, Pennsylvania.
The Cooperation Agreement for the Penn Avenue Tax Incremental
Financing Project between and among the County of Berks, the Hamburg
Area School District, the Borough of Hamburg and the Redevelopment
Authority of the County of Berks.
The County of Berks.
A legally authorized agent responsible by law for receipt
and disbursement of the tax revenues for the Borough, the county,
or the school district.
The Tax Increment District created pursuant to this Part
in accordance with the provisions of Act 113 of 1990.
The Penn Avenue Tax Incremental Financing Project (TIF Plan)
prepared by the Redevelopment Authority of the County of Berks, and
any duly authorized amendments thereto.
Such costs include any and all eligible costs undertaken
within or for the benefit of the Tax Increment District in accordance
with the express language defining project costs as contained in the
Act.
The Hamburg Area School District.
Includes all revenues applicable to the Tax Increment District
as more fully described in the cooperation agreement.
The fund maintained by the Authority into which are paid
all tax increments and into which are deposited all other revenues
related to the Tax Increment District and the TIF Plan and from which
money is disbursed to pay indebtedness related to the district.
The county, Borough, and school district, collectively.
[1]
Editor's Note: See 53 P.S. § 6930.1 et seq.
[Ord. 756-08, 7/14/2008]
The Grand Street Tax Incremental Financing Project 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.
[Ord. 756-08, 7/14/2008]
The Grand Street Tax Incremental Financing Project is hereby
created as of August 1, 2008. The Grand Street Tax Incremental Financing
Project shall continue in existence until the indebtedness contemplated
to be issued pursuant to the TIF Plan and project costs is retired
or until August 1, 2029, whichever occurs first. The Authority currently
estimates that the duration of the district will be 20 years. The
Borough hereby determines that the requisite time provided for under
the Act subsequent to the public hearing has passed as of the date
of enactment of this Part.
[Ord. 756-08, 7/14/2008]
The district shall be identified as the "Grand Street Tax Incremental
Financing Project" for all TIF Plan and identification purposes.
[Ord. 756-08, 7/14/2008]
The Borough hereby determines, in accordance with the powers
conferred upon municipalities by the Urban Redevelopment Law and by
the Act, based upon extensive studies and examination of the conditions
currently existing within the Tax Increment District, that:
A.
The district is a contiguous geographic area within an area undergoing
redevelopment.
B.
The improvements are likely to enhance significantly the value of
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 county.
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 TIF Plan.
E.
The TIF Plan conforms to the Comprehensive Plan of the Borough.
F.
The TIF Plan will afford maximum opportunity, consistent with sound
needs of the taxing bodies as a whole, for the rehabilitation or redevelopment
of the district by private enterprise.
G.
The district is a blighted area containing characteristics of blight
as described in the Urban Redevelopment Law, and the TIF Plan to be
undertaken is necessary to eliminate such conditions.
[Ord. 756-08, 7/14/2008]
The Council of the Borough of Hamburg hereby approves the TIF
Plan for the district prepared by the Authority and authorizes the
Authority to borrow up to $2,500,000 for the project and to undertake
any and all methods of financing of project costs available pursuant
to Section 9 of the Act.
[Ord. 756-08, 7/14/2008]
The Council of the Borough of Hamburg hereby designates the
Authority as the Authority as being charged with preparing, implementing,
monitoring, and directing the TIF Plan and as the issuer for any bonds
or notes which may be necessary to finance project costs for the district.
[Ord. 756-08, 7/14/2008]
The Authority will establish a Tax Increment Fund account, which
shall hold all tax increment revenues for the district. The Council
of the Borough of Hamburg hereby requests that the finance officers
of the taxing bodies transfer all tax increment revenues as specified
in the TIF Plan received from the taxing bodies 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 TIF Plan.
[Ord. 756-08, 7/14/2008]
The required tax increments specified in the TIF Plan and cooperation agreement collected by the finance officers of the taxing bodies, from and after the date of settlement of such taxes shall be paid to the Tax Increment Fund as stated in § 24-608 above and shall be held in trust in favor of the district for purposes of the TIF Plan.
[Ord. 756-08, 7/14/2008]
The Authority is hereby authorized to apply tax incremental
revenues to indebtedness incurred in connection with the TIF Plan
for the district in accordance with the Act. The Authority may undertake
such expenditures, make such appropriations, reimburse parties for
prior expenditures related to project costs, and enter into such contracts
and agreements with respect to the TIF Plan and the district which,
in the sole judgment of the Authority, shall further the purposes
of the TIF Plan consistent with the provisions of this Part. Any tax
increment revenues remaining in the Tax Increment Fund after payment
of all indebtedness has been made or provided for shall be returned
to the taxing bodies 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 bodies at the time that such funds remain.
[Ord. 756-08, 7/14/2008]
The Authority is hereby directed to establish 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 Act.
[Ord. 756-08, 7/14/2008]
The Council of the Borough of Hamburg hereby agrees to enter
into the cooperation agreement with the county, school district and
the Authority to provide any form of assurances toward payment of
indebtedness as such agreements may be deemed necessary by the Authority
in consultation with the Borough.
[Ord. 756-08, 7/14/2008]
The Authority may propose and the Borough may adopt, by ordinance,
such amendments to the TIF Plan as are deemed necessary and which
are authorized by the Act.
