Pittsburgh Urban Redevelopment Authority Approves Hazelwood Tax Increment Financing Plans

A map of Pittsburgh, Pennsylvania with its nei...

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

The Pittsburgh Urban Redevelopment Authority board got the ball rolling Thursday for the largest piece of tax increment financing in the city’s history — an $80 million to $90 million package that would fund roads, utilities, parks and other public improvements for a proposed $900 million office and residential development in Hazelwood.

While URA board members unanimously approved preliminary plans for the funding in Hazelwood, some members criticized city council for holding up a $50 million TIF for a proposed $400 million to $500 million Buncher Co. development in the Strip District and wondered whether the Hazelwood package would suffer a similar fate.

The TIF must be approved by the city, the Pittsburgh Public Schools and Allegheny County.

“This is the beginning of a very long process,” said URA board member Jim Ferlo, a Democratic state senator from Highland Park.  “There are going to be a lot of hurdles, if not some significant roadblocks.”

Read more: http://www.post-gazette.com/stories/business/news/ura-approves-hazelwood-tif-plans-669989/#ixzz2Hgyhruih