Pittsburgh City Council OKs LTV Steel redevelopment financing
By Jeremy Boren
Published: 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 email@example.com.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Parking tickets in Downtown Pittsburgh spark outrage
- Western Pennsylvania organizations team to find housing for vets
- Allegheny County Democrats endorse several incumbents in primary
- Ailing Downtown August Wilson Center awaits rescue; no real estate offers yet
- Context key to 2nd trial of Pittsburgh police officers in Homewood man’s arrest
- Newsmaker: Dr. Yoel Sadovsky
- Donor name to be stripped from Penn Hills library
- Postal Service pays $180K for unopened site
- Photo gallery: Swing for a Cure
- Carnegie Library of Pittsburgh to hold annual public meeting March 26
- Western Psychiatric clinic rampage victim’s parents seek answers, lawyer says