east liberty station: realizing the potential - City of Pittsburgh

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segments of these roadways.
Infrastructure investments will be
prioritized by their ability to
facilitate further redevelopment
and benefit multiple users in the
study area. The strategy would
remain flexible to accommodate
various future scenarios, but
maintain the ability to provide
assistance to large scale
redevelopment projects as well
as district-wide improvements.
Further planning, engineering and
design related to infrastructure
improvements are expected
beyond the recommendations
outlined by elTRID.
elTRID Value Capture Strategy
Implementation
The TRID value capture
mechanism allows for the
diversion of incremental tax
revenues within the identified
TRID Boundary as new
development occurs.
Establishment of value capture
areas within this boundary allows
for utilization of these revenues to
finance public transportation
capital improvements, site
development, other public
infrastructure and maintenance in
accordance with the Act. When
examining the potential TRID
Boundary, priority was given to
the identified 5 and 10 minute
walking sheds that are
recognized as standard distance
of TOD activity. These areas
were then compared to the
current development pipeline and
identified TOD potential within the
study area to develop specific
value capture area boundary
recommendations.
It is recommended the specific
value capture areas within the
TRID boundary be phased to
allow for diversion of the maximum
amount of revenue to
finance identified improvements
and maintenance. Defined value
capture area within the TRID
Boundary should be expanded
over time to accommodate
development potential over the
next decade plus. This method
allows for the flexibility necessary
in light of such uncertainty
surrounding future development
schedules. elTRID’s
recommended comprehensive
value capture strategy addresses
the collection of revenues and
proposed infrastructure
investments within the TRID
Boundary.
The recommended strategy
combines elements of the project
specific and district-wide
approaches to provide a means
for key investments that will facilitate
TOD within the study area. To the
extent possible, the strategy provides
for upfront funding for larger projects
to overcome challenges inherent in
these urban, mixed-use
developments. Other redevelopment
projects will contribute to the newly
created elTRID value capture fund
(VC Fund) which will be utilized
primarily to fund district-wide
improvements. A guiding principal of
the strategy will be to incentivize, not
subsidize, TOD and infrastructure
development within the study area.
Investments will be prioritized by their
ability to facilitate further
redevelopment. As with the
boundaries of the value capture area,
the TRID Management Entity would
be responsible for determining project
financing structures and VC Fund
investment priorities across the
district.
Much of the potential development
within the study area is dependent on
key district-wide infrastructure that
will allow for increased density.
Phase value capture area expansion
would respond to local market
conditions and provide the greatest
degree of flexibility in terms of
implementing the development,
transit and infrastructure
recommendations in this planning
study. Proposed value capture area
expansions are based upon
maximizing the potential value