How will the project affect local property tax revenue?
The development will result in an increase in local property tax revenue. Although PRT and Dormont will retain ownership of the land, taxes will be levied on the building(s).
Additionally, future residents will pay local earned income taxes.
As part of this process, Pennrose will be asked to evaluate the assumed revenues to Dormont, the school district, and the county as part of the design process.
Will the project generate additional earned income tax (EIT) revenue for Dormont?
Yes. As the current plan proposes to add housing, any new residents would pay earned income tax to the borough, school district, and county at levels required by law.
Projected amounts will be generated during the design process.
Will the ownership of the property affect whether the development pays property taxes?
No. Although PRT and Dormont will retain ownership of the land, taxes will be levied on the value of the building(s).
Has the borough given the developer a tax break, or exempted the project from taxes?
No. The only thing that the borough has done at this point is vote to enter into an Exclusive Negotiation Agreement (ENA). This agreement sets aside a 6-to-24-month window to do intensive safety testing, financial checking, and community design meetings. That ENA has not been finalized.