Pittsburgh City Council today gave the Urban Redevelopment Authority the green light to pursue the largest tax increment financing deal in the city's history, an arrangement that would provide upwards of $90 million in tax benefits for a proposed $900 million residential and commercial development in Hazelwood.
The proposal would allow a portion of the tax dollars paid on the property to be earmarked for roads, utilities, parks and other public improvements on the riverfront land, the former site of the LTV coke works.
It would lay the foundation for a proposed mixed-use development at the site, the last of the city's brownfields, that would feature more than 2 million square feet of office and research and development space and as many as 1,200 units of housing, either townhouses, condos or apartments.
The site is owned by a consortium of foundations called Almono, which is made up of the Heinz Endowments, the Benedum Foundation, Strategic Regional Development Inc., which is affiliated with the Allegheny Conference on Community Development, and the Regional Industrial Development Corp.
Correction/Clarification: (Published March 19, 2013) An earlier version of this story incorrectly characterized the status of the tax increment financing deal. mobilehome - neigh_city - breaking
Moriah Balingit: firstname.lastname@example.org, 412-263-2533 or on Twitter @MoriahBee. First Published March 19, 2013 1:00 AM