posted by Joe Polk at 11:03 AM /
The office of Governor Edward G. Rendell this week said that millions of dollars of tax guarantees will allow communities, such as Mt. Lebanon, to develop new housing, retail and recreation areas on abandoned and undeveloped sites.
The guarantees, part of what's called a tax increment financing district, are created when a municipality determines it wants to use a parcel of land -- primarily a brownfield site -- for economic development. After members of the community, the local redevelopment authority and the school district determine how to use the land, a forecast of how much tax revenue the site can generate is developed. That forecast is then used to calculate the bond amount the district can issue for development.
Link: www.postgazette.com/pg/07179/797620-55.stm
The guarantees, part of what's called a tax increment financing district, are created when a municipality determines it wants to use a parcel of land -- primarily a brownfield site -- for economic development. After members of the community, the local redevelopment authority and the school district determine how to use the land, a forecast of how much tax revenue the site can generate is developed. That forecast is then used to calculate the bond amount the district can issue for development.
Link: www.postgazette.com/pg/07179/797620-55.stm
Labels: economic development, tax guarantees, TIF, washington park
1 Comments:
All I know, Mike, and this may be worthy of a new thread, is that downtown Mt. Lebanon isn't looking too fine these days. That new karate studio where Quiznos used to be is trash. The Stevenson Williams facade and awning looks like it may fall down any day now. Word is that Molly Brannigans isn't doing so well. The pajama store has now bit the dust. The Denis Theater building decays more and more each day, and I could have sworn I read a while back that the corner stores on the same side of and across from the new fountain had received a grant to refurbish their storefronts - but if they had you would think the work would have been complete by now. All in all somebody in the old firehouse better get on the damn stick or we are going to become Potomac Avenue in Dormont before you know it.
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