PNC subsidy OK'd
Share with others:
Proposed subsidies for a new PNC Financial Services Group tower on Fifth Avenue won Pittsburgh City Council's initial OK yesterday.
The vote was 7-1 to join with Allegheny County and the Pittsburgh Public Schools in using future tax dollars to finance $18 million in aid. Councilman William Peduto voted no.
In addition, $30 million in state aid is going to the $169.5 million office, hotel and condominium development.
Mr. Peduto argued that PNC, which made $1.3 billion in profits last year, did not need the help. Other council members countered that the project would add $1.1 million a year in new city, school and county property taxes, even after $1.7 million a year is diverted to pay off the subsidy.
Council's final vote is set for Tuesday. Construction would be done in late 2008.
First Published May 4, 2006 12:00 am