New Dick's Sporting Goods HQ near Pittsburgh International Airport wins approval
Pittsburgh Business Times - by Ben Semmes
Dick's Sporting Goods Inc. has received approval for $7.25 million for infrastructure work on its planned 670,000-square-foot headquarters near the Pittsburgh International Airport.
The approval was granted Wednesday by Allegheny County's Redevelopment Authority, which will request the money in the form of grants from the state and act as a conduit to supply the funds to the project's developer Cecil-based Horizon Properties LLC.
"To me it is a great success story," said Dennis Davin, Allegheny County's director of economic development. "(Dick's has) been growing by leaps and bounds."
Davin said the state funds as well as a 10-year, 50 percent property tax abatement is justified because of the $150 million size of the development and the potential to create hundreds of jobs over the next few years.
"That is why we think it is a very good investment," Davin said.
All told, Dick's (NYSE: DKS) and Horizon, the developer of the site, are in line to receive about $11 million from tax abatements and grants, said Mike Pehur, senior project manager with Allegheny County's Redevelopment Authority.
The 10-year, 50 percent tax abatement will be capped; Dick's will receive a maximum of $825,000 in property tax assessment savings.
In addition to the 670,000-square-foot facility, expandable to 2 million square feet, on a 116-acre portion of the North Field site, the development will include a 60,000-square-foot aviation center.
Dick's will lease the land from the Allegheny County Airport Authority.
The property, which Dick's is expecting to occupy by September of next year, should still generate about $958,000 per year in total tax revenue for Allegheny County, Findlay Township and the West Allegheny School District.
"We would hope that the full building and land would be on the tax rolls by 2010," Pehur said.
bsemmes@bizjournals.com | (412) 208-3829
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