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 described tracts of land by the termination date of the extended term of the KOZ and KOEZ;
Now, therefore, be it resolved by the City of Pittsburgh as follows:
Section 1. The term of the KOZ and KOEZ set forth in Exhibit A is extended for a period of seven years from the expiration date of the zone, December 31, 2010, contingent upon DCED's approval of the application.
Section 2. Real property in the KOZ and KOEZ is exempt from City real property taxes in accordance with the provisions and limitations hereinafter set forth within the boundaries of the KOZ and KOEZ in accordance with the Act, such exemption to run seven (7) years from December 31, 2010.
Section 3. The exemption shall be 100% of the real property taxation on the assessed valuation of property within the KOZ and KOEZ.
Section 4. The City of Pittsburgh also waives business gross receipts tax for operations conducted by a qualified business; earned income received by a resident and/or net profits of a qualified business received by a resident or nonresident of the KOZ and KOEZ attributable to business activity conducted within the KOZ and KOEZ.
Section 5. The provisions of the Act not herein enumerated shall, nevertheless, be incorporated as part of this resolution by reference.
Section 6. This resolution shall become effective January 1, 2011, contingent and conditioned on the approval of DCED of the application with respect to the KOZ and KOEZ.Exhibit "A"
Allentown-Betzhoover- 18th Ward, 3rd Council District
217 Beltzhoover Avenue 14-E-204
300 Beltzhoover Avenue 14-E-66
304 Beltzhoover Avenue 14-E-65
306 Beltzhoover Avenue 14-E-64
604 Industry Street 14-E-201
Charles Street and Perrysville Avenue - 26th Ward, 1st Council District
2529 Perrysville Avenue 46-B-113
2531 Perrysville Avenue 46-B-114
2533 Perrysville Avenue 46-B-115
2533 Perrysville Avenue 46-B-116
2539 Perrysville Avenue 46-B-118
2601 Perrysville Avenue 46-B-119
2603 Perrysville Avenue 46-B-121
Perrysville Avenue 46-B-123
2548 Perrysville Avenue 46-B-80
2542 Perrysville Avenue 46-B-82
East Liberty - 7th and 8th Wards, 8th and 9th Council Districts
Highland Avenue 84-B-68
6118 Penn Circle S. 84-C-55
Penn Avenue 84-C-57
Ellsworth Avenue 84-F-141
Highland Avenue S. 84-F-183
Houston Street 84-G-14
Houston Street 84-G-14-01
6032 Stevenson Place 84-G-26
Houston Street 84-G-27
Houston Street 84-G-27-01
Friendship - 11th Ward, 8th 9th Council District
5491 -
5499 Penn Avenue 83-N-340
Hazelwood - 15th Ward, 5th Council District
Hazelwood Avenue 56-C-334
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Hill District - 5th Ward, 6th Council District
2001 Centre Avenue 10-N-255
2023 Centre Avenue 10-N-268
2025 Centre Avenue 10-N-269
2027 Centre Avenue 10-N-270
2031 Centre Avenue 10-N-274
2033 Centre Avenue 10-N-278
2035 Centre Avenue 10-N-279
2041 Centre Avenue 10-N-287
Uptown - 3rd Ward, 6th Council District
1536 Colwell Street 2-H-131
1827 Fifth Avenue 11-E-103
1829 Fifth Avenue 11-E-105
1831 Fifth Avenue 11-E-107
1833 Fifth Avenue 11-E-109
Colwell Street 11-E-111
1907 Fifth Avenue 11-E-117
Fifth Avenue 11-E-119
1911 Fifth Avenue 11-E-121
1913 Fifth Avenue 11-E-123
1915 Fifth Avenue 11-E-125
Fifth Avenue 11-E-127
Dinwiddie Street 11-E-293
Dinwiddie Street 11-E-294
Dinwiddie Street 11-E-295
201 Dinwiddie Street 11-E-296
1721 Colwell Street 11-E-297
1719 Colwell Street 11-E-297A
1721 Kearney Way 11-E-297B
1717 Colwell Street 11-E-298
1715 Colwell Street 11-E-298A
1713 Colwell Street 11-E-299
1711 Colwell Street 11-E-300
1701 Colwell Street 11-E-300A
1709 Colwell Street 11-E-300B
Colwell Street 11-E-301
85 Miller Street 11-E-304
Colwell Street 11-E-364
1631 Colwell Street 11-E-375
Colwell Street 11-E-45
1636 Colwell Street 11-E-46
1640 Colwell Street 11-E-49
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1642 Colwell Street 11-E-50
Colwell Street 11-E-51
1646 Colwell Street 11-E-52
1648 Colwell Street 11-E-52A
1650 Colwell Street 11-E-54
1652 Colwell Street 11-E-55
1654 Colwell Street 11-E-56
1700 Colwell Street 11-E-57
1702 Colwell Street 11-E-58
1704 Colwell Street 11-E-59
1720 Our Way 11-E-60
1706 Colwell Street 11-E-60A
Colwell Street 11-E-61
1710 Colwell Street 11-E-62
1712 Colwell Street 11-E-63
1714 Colwell Street 11-E-64
1716 Colwell Street 11-E-65
1729 Our Way 11-E-65A
1718 Colwell Street 11-E-66
1720 Colwell Street 11-E-67
Colwell Street 11-E-68
1724 Colwell Street 11-E-69
113 Dinwiddie Street 11-E-70
115 Dinwiddie Street 11-E-71
Dinwiddie Street 11-E-72
Dinwiddie Street 11-E-73
120 Dinwiddie Street 11-E-75
118 Dinwiddie Street 11-E-76
116 Dinwiddie Street 11-E-77
114 Dinwiddie Street 11-E-79
112 Dinwiddie Street 11-E-80
1801 Fifth Avenue 11-E-81
Fifth Avenue 11-E-82
1807 Fifth Avenue 11-E-85
1813 Fifth Avenue 11-E-89
1817 Fifth Avenue 11-E-93
Fifth Avenue 11-F-91
Colwell Street 15-C-220
Colwell Street 2-H-149
1628 Colwell Street 2-H-150
Our Way 2-H-151
1615 Colwell Street 2-H-328
Covington Street 2-H-330-01
Colwell Street 2-H-330-02
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