Oakmont Officials to Discuss TIF on Thursday

Oakmont officials are expected to discuss the possibility of participating in Tax Increment Financing for the Rivers Edge of Oakmont development at a special meeting set for Thursday, June 28.

The meeting will be held at 7 p.m. at the , according to Oakmont Councilman Tim Favo.

Brooks and Blair Homes LLC of Wexford, has asked the borough and the school board to participate in a TIF plan to help the company come up with the necessary money to redevelop a portion of the former Edgewater Steel site.

Under the TIF, the property’s three taxing bodies—the school district, Allegheny County and Oakmont Borough—would divert a portion of taxes collected from the property to put it back into financing the project.

The state’s TIF act gives local taxing bodies the authority to cooperate in providing financing for development of blighted areas to increase the tax base, provide new employment opportunities and improve the general economy.

The 28-acre Rivers Edge site would be located near the Edgewater at Oakmont housing development—an upscale residential community currently being built by Kacin Companies of Murrysville—and is expected to include single-family homes, condominiums, townhouses, a restaurant, parks and a private boat dock.

Though none of the governing bodies have made any decisions regarding the TIF, Favo said borough officials continue to consider it.

"At this point, council has not made any votes or any commitments," he said. "But there's still merit to pursue it."

One positive about participating in a TIF, Favo said, is that it would give the borough an opportunity to finance a light at the intersection of Allegheny River Boulevard/Allegheny Avenue and College Avenue.

"That's probably one of the primary drivers from our point of view," he said.

Favo said it's possible that the project would begin in the fall.

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