PASSED

This enacted ordinance created the Schmidts Plaza Tax Increment Financing District in the area generally bounded by Second Street, Girard Avenue, Laurel Street, and Hope Street. It approved the Philadelphia Authority for Industrial Development’s redevelopment plan, allowing certain increases in property tax revenue from the district to help finance improvements there; the district was established for 20 years beginning July 1, 2000.

Creating the Schmidts Plaza Tax Increment Financing District and approving the project plan of the Philadelphia Authority for Industrial Development ("PAID") for the redevelopment of the Schmidts Plaza Tax Increment Financing District being the area generally bounded by Second street on the west, Girard avenue on the north, Laurel street on the south, and Hope 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.