[Adopted 1-24-2006 by Ord. No. 3212]
As used in this article, the following words
and phrases shall have the meanings set forth below:
Act 113 of 1990 enacted and amended by the General Assembly
of the Commonwealth of Pennsylvania.
The Redevelopment Authority of the City of Bradford or any
lawful successor thereto.
City of Bradford.
McKean County.
The legally authorized agent of a municipality or school
district responsible by law for receipt and disbursement of the revenues
of the municipality or school district.
The undertakings and activities of the Authority in the Tax
Increment District for the elimination and prevention of blight in
accordance with the project plan.
Such costs include any and all eligible project 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, as amended.
The City of Bradford Onofrio Street Revitalization Project-Phase
III Tax Increment District, prepared by the BRA of the City of Bradford,
and any duly authorized amendments thereto.
The Bradford Area School District.
The tax increment district created pursuant to this Ordinance
in accordance with the provisions of Act 113 of 1990, as amended.
Tax increment or tax increment revenues shall be deemed to
include all revenues applicable to the Onofrio Street Revitalization
Project-Phase III Tax Increment 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 Tax Increment District and the Onofrio Street Revitalization
- Phase III Project and from which money is disbursed to pay project
costs related to the Onofrio Street Revitalization Project - Phase
III.
The Tax Increment District shall contain 13
full units of property assessed for real property tax purposes generally
bounded by and situated within the City of Bradford as more fully
described on Page 1 of the Onofrio Street Revitalization Project Phase
III Tax Incremental Financing Plan attached hereto and made a part
hereof.[1]
[1]
Editor's Note: Said plan is on file in the
City offices.
The Tax Increment District is hereby created
as of January 24, 2006. The Tax Increment District shall continue
in existence until such time as the project costs of the project are
paid or provided for. The Authority currently estimates that the duration
of the District will not exceed 13 years. The City Council hereby
determines that the requisite time provided for under the Act subsequent
to the public hearing has passed as of the date of adoption of this
article.
The District shall be identified as the City
of Bradford Onofrio Street Revitalization Project-Phase III Tax Increment
District for all project plan and identification purposes.
City Council hereby determines in accordance
with the powers conferred upon municipalities by the Urban Redevelopment
Law and by the Act that based upon extensive studies and examination
of the conditions currently existing within the Tax Increment District,
the City Council of the City of Bradford hereby finds that:
A.
The District is a contiguous geographic area within
a designated blighted area that meets the criteria to be considered
a redevelopment area.
B.
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 City of Bradford.
C.
The area comprising the District has not been subject
to adequate growth and development through investment by private enterprise
alone or would not be reasonably expected to be adequately developed
without the investment of public funds and the adoption of the project
plan.
E.
The project plan will afford maximum opportunity,
consistent with sound needs of the community as a whole, for the redevelopment
of the District by private enterprise.
F.
The District is a blighted area containing characteristics
of blight as described in the Urban Redevelopment Law, and the proposal
to be undertaken is necessary to eliminate such conditions of blight.
More particularly, the conditions of blight are inadequate planning
of the area; faulty street or lot layout; and economically or socially
undesirable land uses.
The City Council of the City of Bradford hereby
approves the project plan and the Project for the District prepared
by the Authority and authorizes the proper officers of the City of
Bradford to undertake any and all methods of financing of project
costs available pursuant to Section 9 of the Act, as amended.
The City Council of the City of Bradford hereby
authorizes its City Finance Officer, the City Treasurer, to deposit
all tax increment revenues received from the City into a Tax Increment
Fund to be created for such purposes by the Authority. The City Treasurer
is hereby authorized and directed to pay over all tax increment revenues
to the Tax Increment Fund created for the benefit of the District
and is to be directed, controlled and maintained by the Authority.
The Finance Officer is also authorized to accept or 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 project.
The tax increments collected by the Finance
Officer of the City from and after the date of settlement of such
taxes, whether or not paid into the Tax Increment Fund, shall be considered
as funds impressed with a trust in favor of the District for purposes
of the project. Tax increment revenues, whether held by the Finance
Officer or otherwise, shall be applied only to the purposes provided
for by this article and for no other purpose.
The Authority is hereby authorized to apply
tax incremental revenues to project costs incurred in connection with
the project plan for the District in accordance with the Act; and
more specifically, the repayment of the funds borrowed by the City
to implement the project plan. 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 project plan and the District and undertake any
and all actions provided under the Act and this article deemed necessary
to the Authority, which in the sole judgment of the Authority shall
further the purposes of the project plan.
The City Council of the City of Bradford hereby
designates the Authority or its nominee as the Authority charged with
preparing, implementing, monitoring and directing the project plan
and the project.
The City Council of the City of Bradford hereby
authorizes and directs all appropriate officers of the City to take
all actions necessary to implement the project and to further the
objectives of the project plan all in accordance with the Act.
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 extend
permissible under the Act.
The Authority may suggest amendments to the
project plan and District and the City may adopt, by resolution or
otherwise, such amendments as it deems advisable, as provided for
pursuant to the provisions of the Act.
