Presenter
Presented by Ms. Carlisle
Title
Resolution contingently exempting real property tax, earned income tax, net profits tax, mercantile and business privilege tax within a specific geographic area in the City of Pittsburgh, County of Allegheny, Commonwealth of Pennsylvania, designated as an enhancement to the Southwestern Pennsylvania Keystone Opportunity Expansion Zone in order to foster economic opportunities, stimulate industrial, commercial and residential improvements and prevent physical and infrastructure deterioration within areas of Allegheny County, Commonwealth of Pennsylvania. (Council Districts 3, 5, 6, 8 and 9).
Body
Whereas, the City of Pittsburgh, Pennsylvania recognizes the need to encourage investment in areas within a defined geographical and political boundary in the City of Pittsburgh described on Attachment "A", hereinafter the "Enhanced Area," that is experiencing distress characterized by high unemployment, low investment of new capital, blighted conditions, and underutilized, obsolete or abandoned industrial, commercial and residential structures, and deteriorated tax base; and
Whereas, the Pennsylvania Keystone Opportunity Zone and Keystone Opportunity Expansion Act, as amended by Act 217 of 2002, hereinafter referred to as the "Act," authorizes political subdivisions to apply to the Pennsylvania Department of Community and Economic Development (DCED) for designation of an area within the respective political subdivision as an enhancement to an existing Keystone Opportunity Expansion Zone and, as a precondition of such application, to enact a binding resolution that provides within the designated and approved geographic area exemptions, deductions, abatements or credits from all local taxes identified in the Act, which resolution will be contingent only on DCED's approval of the application; and
Whereas, enactment of such exemption will result in improving both the economic, physical, and social conditions within...
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