Pittsburgh Stimulus Program
Posted by Bill Peduto
Though the worst of the Great Recession is over and the United States economy is beginning to grow again, people who were put out of work or saw their hours cut when the economy collapsed have not fully recovered. Unemployment and underemployment are still too high, corporations and banks are holding cash instead of making loans, and development projects have stalled throughout the country. The prospect of help from Congress looks dim as the 2012 Presidential race kicks into gear so Pittsburgh City Council must step up and do what we can to spur economic growth and get our residents back to work.
The Pittsburgh Stimulus Plan, introduced last month, will do just that. The plan provides anyone interested in starting or continuing a residential, industrial, or commercial development 10 years of property tax relief on a graduated scale. In the first two years the tax bill is cut 100%, the next two years it is cut 90%, and so forth until in the final two years, taxes are cut 60% before the plan is phased out. The temporary relief and flexibility provided by this plan will get the shovel in the ground for projects that have not been able to secure full financing. Construction and trade workers who have seen their hours cut and their jobs grow fewer and farther between will get back to work and long-awaited projects will finally break ground.
This measure is based off an identical plan that currently applies to residential projects in certain neighborhoods. Under the Pittsburgh Stimulus Plan, all neighborhoods and all projects will benefit. The project also mirrors a program that the County has for suburban communities. This legislation will get people back to work in the City of Pittsburgh, while also fighting the suburban sprawl that has impacted this region for so long.
We can’t wait for the Congress to get its act together and provide economic relief to struggling families in Pittsburgh, the time to act is now.
Tags: Bill Peduto, City, Finances, Pittsburgh, Pittsburgh City Council, Pittsburgh Stimulus Plan
This entry was posted on Tuesday, November 15th, 2011 at 1:24 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
