Peduto Launches New Tool for Economic Development

PITTSBURGH – At this morning’s City Council meeting, Councilman William Peduto will introduce the Pittsburgh Stimulus Plan. The plan mirrors the existing Local Economic Revitalization Tax Assistance Act (LERTA) exemption for residential conversion programs. This new plan however, will apply to all projects and provide the flexibility needed to get the shovel in the ground. The plan would provide a break on property taxes for the first ten years of any new development project that begins between January 1, 2012 and December 31, 2014.

“Too many projects are on hold because of an unwillingness to invest due to national and international economic conditions. This innovative plan will jumpstart development and get the shovel in the ground in neighborhoods throughout the City,” said Councilman Peduto.

By: Dan Gilman

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