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A Resolution providing for a program of temporary exemption from County real property taxes for improvements, including repairs, construction, or reconstruction, made on industrial, commercial or business property in a deteriorated area in the City of Pittsburgh, County of Allegheny, Commonwealth of Pennsylvania, pursuant to the Local Economic Revitalization Tax Assistance Act, Pa. Stat. Ann. tit. 72 §4722 et seq.
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Whereas, The Local Economic Revitalization Tax Assistance Act (“LERTA”), Pa. Stat. Ann. tit. 72 §4722 et seq., authorizes local taxing authorities to exempt from real estate taxation, for specific periods, the assessed valuation of improvements to deteriorated industrial, commercial and other business property; and
Whereas, the City Council of the City of Pittsburgh (“City”) conducted a public hearing to determine and designate the geographic boundaries of a deteriorated area located within the City; and
Whereas, the City Council has established the boundaries of a deteriorated area as more specifically set forth in Attachment “A” hereto (hereinafter the “Deteriorated Area”) and adopted the temporary exemption program; and
Whereas, the Deteriorated Area is otherwise identified by Lot and Block Nos. 174-N-[190, 192, 194, 198, 296 and 298] in the Deed Registry Office of Allegheny County; and
Whereas, McCormack Baron Salazar (“Property Owner”) has proposed a $20 million development of the Lots located between Hamilton Avenue and Susquehanna Street in the neighborhood of Homewood-Brushton, Ward 13 into a 4-story apartment development named Homewood Gateway Apartments, which includes 60 units, including 45 affordable units at 60% AMI and below, 9 PBV units below 50% AMI, and approximately 12,000 square feet of retail space on the ground floor; and
Whereas, Property Owner is expected to utilize the LERTA as a mechanism to finance certain infrastructure improvements to facilitate construction of the Project; and
Whereas, the Board of ...
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