$8.1 million tax financing plan proposed for Gardens at Market Square
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Although he still refuses to introduce financing legislation for a proposed Buncher Co. development in the Strip District, Pittsburgh City Councilman Patrick Dowd today did allow financing for another project to move forward.
Mr. Dowd introduced a package of bills that would create an $8.1 million tax-increment financing plan for the mixed-use Gardens at Market Square, proposed by Millcraft Industries.
In all, project costs would top $83 million.
The legislation Mr. Dowd introduced today would divert $8.1 million of Millcraft's real estate taxes for construction of a parking garage and for storm-water and road improvements.
For the fourth week in a row, Mr. Dowd today declined to introduce bills that would create a tax-increment financing plan of up to $50 million for Buncher, which has proposed housing, offices and retail on a 55-acre tract in the Strip District.
Mr. Dowd said he will hold that legislation until Mayor Luke Ravenstahl and the Urban Redevelopment Authority answer various questions about the project and provide details on how the $50 million would be spent.
He said he introduced financing legislation for the Millcraft project because uses of all $8.1 million were identified.
First Published June 19, 2012 12:36 pm