Council OKs tax incentives to encourage development
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Pittsburgh City Council gave final approval Tuesday for tax incentives that Mayor Luke Ravenstahl described as important for encouraging future development.
The programs were due to expire, or revert to a less generous incentive, June 30. With council's action, the programs will continue through June 2017.
One program offers a maximum $250,000 annual assessment reduction for 10 years for residential construction or renovation projects Downtown, Uptown or in 26 other "targeted growth zones."
The development must occur on vacant land or property already used for residential purposes.
Also approved was a 10-year tax credit for condominiums built Downtown, in part of the North Side, the Strip District or Uptown. The credit is up to $2,700 per unit for each of the 10 years. Development must occur on commercial or industrial land.
Council also renewed a 10-year, annual tax credit of up to $250,000 on certain types of residential, commercial and industrial building projects costing $1 million or more citywide.
First Published June 21, 2012 12:05 am