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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 (“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 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. 24-S-72 and 24-S-74 in the Deed Registry Office of Allegheny County; and
Whereas, 23RR Associates, LLC (“Property Owner”) has proposed to construct an income restricted, mixed-use, multifamily housing building which includes 220 rental residential units, approximately 1,250 square foot retail, and approximately 50,000 square foot parking within the Deteriorated Area (the “Project”); 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 School Directors (“School Directors”) of Pittsburgh Public Schools (“School District”) have also adopted the temporary exemption program; and
Whereas, the ...
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