Title
Resolution extending the term of real property, earned income tax, net profits, mercantile and business privilege taxes within a specified geographic area designated as a Keystone Opportunity Zone or a Keystone Opportunity Expansion Zone within the City of Pittsburgh, Allegheny County, Commonwealth of Pennsylvania in order to foster economic opportunities, stimulate industrial, commercial and residential improvements and prevent physical and infrastructure deterioration in those areas, upon certain terms and conditions. (Council Districts 1, 3, 5, 6, 8, 9)
Body
Whereas, the City of Pittsburgh (the “City”) recognizes the need to encourage investment in a defined geographic area of the City described as set forth in Exhibit A that is experiencing distress characterized by one or more of the following: high unemployment, low investment of new capital, blighted conditions, underutilized, obsolete or abandoned industrial, commercial and residential structures and deteriorated tax base; and
Whereas, the Keystone Opportunity Zone Act 63 of 2005, as amended by Act 79 of 2008, hereinafter referred to as the “Act”, authorizes political subdivisions to apply to the Pennsylvania Department of Community and Economic Development (“DCED”) for an extension of the term of applicable benefits within the respective unoccupied portion(s) of the Keystone Opportunity Zone (“KOZ”) and the Keystone Opportunity Expansion Zone (“KOEZ”), granting exemptions, deductions, abatements or credits from all local taxes identified in the Act; and
Whereas, approval of extending the term of the benefits provided in the Act will result in improving the economic, physical and social conditions within the subject KOZ and KOEZ by stimulating existing business employment, creating new employment and diminishing blight; and
Whereas, it is expected that increased private and public sector investors will reverse the disinvestment and conditions of blight within the herein descri...
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