PASSED

This enacted ordinance dissolves the original Schmidts Plaza Tax Increment Financing District, which had no outstanding bonds or notes, and creates the Schmidts Plaza II district in the area generally bounded by Girard Avenue, Germantown Avenue, Second Street, Wildey Street, and Hancock Street. It approves the Philadelphia Authority for Industrial Development’s redevelopment plan for the district, including the use of tax increments for improvements, establishes the district for 20 years beginning July 1, 2002, and authorizes City officials to carry out the plan.

Dissolving the Schmidts Plaza Tax Increment Financing District and creating the Schmidts Plaza II Tax Increment Financing District, being the area generally bounded by Girard Avenue on the north, Germantown Avenue and Second Street on the west, Wildey Street on the south, and Hancock Street on the east, and approving the project plan of the Philadelphia Authority for Industrial Development ("PAID")for the redevelopment of the Schmidts Plaza II Tax Increment Financing District 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 offices of the City to execute documents and do all things necessary to carry out the intent of this Ordinance.