PASSED

The enacted ordinance created the West Chestnut Retail Tax Increment Financing District, covering the area generally bounded by 57th Street, Market Street, Chestnut Street, and 56th Street, and approved the Philadelphia Authority for Industrial Development’s redevelopment plan. The district was established effective July 1, 2000, for 20 years, allowing certain increases in tax revenue to help finance improvements within the district and authorizing City officials to carry out the plan.

Creating the West Chestnut Retail Tax Increment Financing District and approving the project plan of the Philadelphia Authority for Industrial Development ("PAID") for the redevelopment of the West Chestnut Retail Tax Increment Financing District being the area generally bounded by Fifty-seventh street on the west, Market street on the north, Chestnut street on the south, and Fifty-sixth street on the east and making certain findings and declarations, all in accordance with the Tax Increment Financing Act, being the Act of July 11, 1990, P.L. 465, No. 113, as amended, and authorizing the Director of Finance and other officers of the City to execute documents and do all things necessary to carry out the intent of this Ordinance.