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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. 48-H-10 and 49-E-118 in the Deed Registry Office of Allegheny County; and
Whereas, Incheon Ventures, LLC (“Property Owner”) has proposed a $98 million development of 32 39th Street located at 3735-3739 Foster Street, 3812 Foster Street Pittsburgh, Pennsylvania 15201 into a 6-story rental apartment building, which includes 334 rental residential units, including 34 affordable units at 50% AMI, 300 dedicated partially below grade parking spaces, approximately 15,000 square feet of 1st floor activation space such as double-height co-working space, fitness center, leasing center, and a self-serve grab-and-go food offering for residents, and in addition to the building, the project will extend the local community trail by approximately 270 l...
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