title
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 Borough of Etna, County of Allegheny, Commonwealth of Pennsylvania, pursuant to the Local Economic Revitalization Tax Assistance Act, Pa. Stat. Ann. tit. 72 §4722 et seq.
body
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, on May 19, 2021, the Borough Council (“Council”) of the Borough of Etna (“Borough”) conducted a public hearing to determine and designate the geographic boundaries of a Deteriorated Area located within the Borough; 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 No. 167-F-190 in the Deed Registry Office of Allegheny County; and
Whereas, 51 Bridge Street, LLC has proposed to rehabilitate and revitalize an 88,600 square foot, three-story industrial building into tech-flex space within the Deteriorated Area, (the “Project”); and
Whereas, under 51 Bridge Street, LLC’s proposal, the industrial building shall be improved by an additional 88,600 square feet of gross building area, 63,600 square feet of which will be industrial space and 25,000 square feet of which will be office space; and
Whereas, 51 Bridge Street, LLC will utilize the LERTA as a mechanism to finance certain infrastructure improvements to facilitate construction of the Project; and
Whereas, the Board of Sc...
Click here for full text