(PITTSBURGH) Jan. 8 Mayor Ravenstahl today announced that the Urban Redevelopment Authority (URA) Board of Directors will vote this Thursday, January 10, on the initial steps of approving a historic tax increment financing (TIF) project that will be key to transforming 178-acres of riverfront property in Hazelwood that has sat vacant for more than 15 years.
“The development of this site will continue our efforts to connect our neighborhoods to Pittsburgh’s most beautiful natural assets, our riverfronts,” said Ravenstahl. “There has been tremendous neighborhood investment on both sides of the Monongahela River over the last few years and the much-anticipated transformation of the Hazelwood site will build on this momentum, creating thousands of new jobs and renewing a neighborhood in the process.”
In 2002, the Hazelwood LTV site was sold for $10 million to the Almono LP, which is comprised of local foundations and RIDC. Almono LP is seeking TIF financing of up to ten percent of the total project costs in order to cover public infrastructure improvements that will allow the development to be successful. Some of these improvements may include: the building of roads, rights-of-ways, nearby traffic improvements, storm water infrastructure, and the creation of public open spaces.
Upon completion, Almono LP anticipates that this project will create over 3,000 jobs, increase annual real estate tax revenue from about $100,000 to $ 11 million, and result in a total investment approaching $1 billion dollars. The board will vote Thursday on a "notice of intent" for Almono LP to develop a TIF Plan. The board will vote to authorize the development of a preliminary proposal for a TIF Plan, which will include a basic conditions report and an economic impact study.
“Successful developments along the Monongahela Riverfront, such as the South Side Works, were made possible thanks to support from the URA and tax increment financing,” said Acting URA Director Robert Rubinstein. “We look forward to beginning this next TIF process with Almono LP and our local foundations, so that we can realize the Mayor’s vision of connecting more neighborhoods to our beautiful riverfronts.”
The redevelopment of the former steel site follows a spate of recent multi-million investment and job growth nearby along the Monongahela riverfront. Recent projects, which were made possible by TIFs, include the completion of the $65 million Bridgeside Point II office building, the $13 million South Shore Riverfront Park, and the soon-to-be-completed $24.2 million HYATT hotel. The 123-acre South Side Works development has resulted in construction that has contributed $225.8 million in taxable property value. The development has benefited from $25 million in TIF funds to date.
The URA Board meeting will take place at 2 p.m. at 200 Ross Street, Floor 13.
Tuesday, January 8, 2013
Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687