HELP FOR HOMEOWNERS
We are doing everything we can to reduce the financial burden that Allegheny County’s property reassessments have had on our homeowners and small businesses. To that end, I have put forward three different measures that will help residents lower their tax bill.
First, we will cut the City’s property taxation rate, commonly known as the millage rate, by 30% from 10.8 to 7.56 mils. This means that the City tax bill of a home valued at $100,000 would be reduced from $1,080 to $756. Second, we will enhance two tax relief programs aimed at protecting our most vulnerable property owners. The Homestead Exemption will increase by 50% to $15,000. The Senior Tax Relief program will increase from 30% to 40%. Lastly, we will continue to provide one-on-one assistance for property owners, much like we helped thousands of residents successfully fight their appeals.
If you need help filling out tax relief forms, or simply want to be certain that you are receiving all of the tax reductions to which you’re entitled, please call my 3-1-1 Response Line or visit pittsburghpa.gov/propertytaxassist.
The success story of Bakery Square is one of a strong public-private partnership that has spurred millions of dollars of private investment in and around East Liberty, Larimer and Shadyside. From the opening of Target, to the historic renovation of the Highland Building, to the dozens of new restaurants and retail ventures, this area is clearly experiencing Pittsburgh's Third Renaissance. I'm happy to report that the economic momentum continues.
Today, I announced that local developer Walnut Capital and its partner at Bakery Square, the RCG Longview Fund, have officially closed on the purchase of the vacant Reizenstein School, making way for the $100 million Bakery Square 2.0 development. The purchase returns the property to the City’s tax rolls after nearly 50 years. Demolition began today for Phase 1 of the project which includes 175 new apartments.
Bakery Square 2.0 will be another world class development and is expected to create more than 1,200 new jobs. The development builds off of the success of Bakery Square 1.0, both of which are made possible with strong support from my administration and the Urban Redevelopment Authority. Last June, we secured a $2 million federal grant that will help prepare infrastructure at the site.
Bakery Square 1.0 was made possible by $10.5 million in tax increment financing, rehabilitation and new markets tax credits, and other state funds – all encouraged and supported by my administration. The development has attracted over $50 million in private investment, grown Pittsburgh’s high-tech economy by providing office space for new and growing tenants such as Google and UPMC Technology Development, created over 1,000 jobs and generates nearly $7 million annually in new taxes.
We're thrilled for the additional jobs, tax revenue, new residents and businesses that the next "Bakery" will bring to our City.
CREATIVE WAYS TO ATTRACT MORE REVENUE
We can generate millions of dollars annually by tastefully allowing the private sector to market goods on City-owned assets. Last July, I sent guidelines to City Council that set forth a roadmap of allowances and restrictions for advertising on City assets. Through a robust community input process, this plan has finally passed. I want to thank our law department, City Council and members of our task force for their diligence. Through this program, we will raise more revenue and be able to invest more in our neighborhoods.
MORE DEVELOPMENT NEWS
At their monthly meeting, the City’s Urban Redevelopment Authority (URA) Board of Directors took the initial steps of approving a historic tax increment financing (TIF) project that will be key to transforming 178 acres of riverfront property in Hazelwood. The former steel mill site, which is owned by Almono LP and comprised of four local foundations and RIDC, has sat vacant for more than 15 years. Upon completion, Almono anticipates that this project will create over 3,000 jobs, increase annual real estate tax revenue from about $100,000 to $ 11 million, and result in a total investment approaching $1 billion. Learn more about how a TIF will help make this development a reality and help renew the Hazelwood neighborhood.
The URA also voted to provide the Strip District community group with a $40,000 grant to support the Pittsburgh Public Market’s relocation. In 2010, the URA provided a $100,000 grant to help establish the much-anticipated public market in the Strip District. Since then, the Pittsburgh Public Market has created over 100 local jobs and helped 70 businesses establish themselves - resulting in $2.4 million in gross sales. The new location will allow the Market to remain in the Strip District while doubling its available space, and adding essential amenities such as air-conditioning, heating and restrooms.
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Wednesday, January 23, 2013
Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687