TribLIVE

| News


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Pittsburgh City Council OKs LTV Steel redevelopment financing

Email Newsletters

Click here to sign up for one of our email newsletters.
Tuesday, March 19, 2013, 11:27 p.m.
 

Pittsburgh City Council on Tuesday unanimously authorized the city's Urban Redevelopment Authority to move forward with a special tax financing plan intended to hasten development on the former LTV Steel site in Hazelwood.

The $90 million tax-increment financing package, known as a TIF, requires approval from all three taxing bodies: Pittsburgh City Council, Allegheny County Council and Pittsburgh Public Schools.

County Council voted on Tuesday to give preliminary approval for the plan and will have to vote again to give final approval.

It would be the largest TIF in the city's history. The financing plan works by diverting a portion of the property tax revenue over 20 years from the blighted 178-acre site to build roads, install utility lines and erect street lighting.

Almono, a partnership between the Regional Industrial Development Corp. and the Benedum, Heinz, McCune and Richard King Mellon foundations, has shepherded the project. Its name comes from merging the names of Pittsburgh's three rivers: Allegheny, Monongahela and Ohio.

RIDC officials have said using the tax-increment financing to improve the site would attract private developers who would build office buildings catering to high-tech firms, retail shops and homes. They said the development could increase property tax revenues to $11 million a year, up from about $100,000 a year and make the vacant site a hub of activity between the Golden Triangle and Oakland.

Staff writer Bobby Kerlik contributed to this report. Jeremy Boren is a staff writer for Trib Total Media. He can be reached at 412-320-7935 or jboren@tribweb.com.

Subscribe today! Click here for our subscription offers.

 

 

 


Show commenting policy

Most-Read Allegheny

  1. PennDOT team decides what spells trouble on vehicle license plates
  2. La Scuola d’Italia Galileo Galilei touts Pittsburgh’s Italian heritage
  3. Court attire can have impact, public defenders say
  4. Bookings for August Wilson Center climb, but permanent board yet to be set
  5. Film shares tale of Pittsburgh man who turned disability into career
  6. Carnegie man sought after hammer attack, police say
  7. Newsmaker: Lauren Bailey
  8. Allegheny County Council aims to dig out of hole
  9. Count of Three Rivers Regatta visitors could top 500K despite race ban
  10. Tiny black weevils booming in W.Pa.
  11. Fatal crash under investigation in Baden