The Pittsburgh Urban Redevelopment Authority board voted Thursday to earmark up to $200 million in property taxes over 40 years to revitalize Downtown, but the plan is far from final.
The entities that would forfeit control of prospective tax revenue — Pittsburgh, Pittsburgh Public Schools and Allegheny County — still need to approve the tax diversion. It also requires the blessing of Pittsburgh Regional Transit, which would receive some of the money.
Authority officials hope to get the green light from all four entities by August. Pittsburgh Mayor Corey O’Connor previously signaled support for the idea.
“Downtown is the economic heart of our whole region and we need to provide it with resources to make growth happen,” O’Connor said in January.
The proposed Transit Revitalization Investment District would funnel a portion of tax revenues from Downtown as well as parts of the North Shore and Strip District toward improving Downtown.
Specifically, the authority would get 75% of new tax revenue on projects that cost more than $5 million and result in a property reassessment. The remaining 25% and all existing tax revenue will still go to the city, school district and county.
Urban Redevelopment Authority Board Chair Yarone Zober said he envisions the fund being used to address blight, finance real estate projects, invest in public transit and more.
“Without a fund like this, it just won’t happen,” he said.