PASSED

The enacted ordinance established the 436 Walnut Tax Increment Financing District in Center City and approved the Philadelphia Authority for Industrial Development’s redevelopment plan for the area. The district will exist for 20 years, allowing certain increases in property-tax revenue from the district to help finance improvements and authorizing City officials to carry out the plan.

Creating the 436 Walnut Tax Increment Financing District, being the area generally bounded by Walnut Street on the north, Fourth Street on the east, Fifth Street on the west, and Spruce Street on the south and approving the project plan of the Philadelphia Authority for Industrial Development ("PAID") for the redevelopment of the 436 Walnut 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.