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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 to an 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, after conducting a public hearing, the Council of the County of Allegheny (“Council”) has determined and designated that a certain geographic area within the City of Pittsburgh, the boundaries of which are more specifically set forth in Attachment “A” hereto, constitutes a deteriorated area under LERTA (hereinafter the “Deteriorated Area”); and
Whereas, the Deteriorated Area is otherwise identified by Block and Lot Nos. 1-H-139 and 1-H-140 in the Department of Real Estate of Allegheny County; and
Whereas, CCA CBD Pittsburgh LLC (“Property Owner”) has proposed a $65 million redevelopment of the Young Women’s Christian Association (“YWCA”) building located at 305 Wood Street, Pittsburgh, Pennsylvania 15222 into an income-restricted, mixed-use multifamily housing project, which includes approximately 300 rental residential units, approximately 8,300 square feet of retail space, and approximately 24,900 square feet of office space, all within the Deteriorated Area (the “Project”); and
Whereas, Property Owner is desirous of using the exemption provided by LERTA for the Deteriorated Area as a mechanism to finance certain infrastructure improvements to facilitate construction of the Project; and
Whereas, the Proper...
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