east liberty station: realizing the potential - City of Pittsburgh

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102 unencumbered revenues within the elTRID VC Fund could also be utilized to provide additional security to any project specific TRID debt or dedicated to pooled financing like the earlier example. The figure above illustrates the annual incremental real property tax revenue flows into the elTRID VC Fund. When income tax increment is also pledged to the fund, the annual flows increase as illustrated in the figure on the right. The net present value of these annual revenues is $12.3 million and $14.7 million respectively representing a rough example of potential future financing capacity of the VC Fund. As the initial and Phase II value capture areas are retired, those tax revenues return in full to the taxing bodies and the annual amount available decreases accordingly. Private Funding Sources Transit Agency TOD Public Funding Sources Local Government Over the 30 year period until the expiration of the 3 rd TRID value capture area, the VC Fund is expected to collect approximately $44 million of incremental revenues or $52 million if all income taxes are also diverted to the fund. The figure illustrates growth of the elTRID VC Fund over time minus potential contributions to the Eastside III & IV projects. Again, this conservative estimate does not include smaller projects, background increment or redevelopment of certain targeted sites that could be targeted following district wide infrastructure improvements. The annual amount revenue available to the fund would be decreased if projects pursue financing based upon site specific increment created or several projects combine for a pooled TRID debt issuance. Those projects could also seek additional contributions from the VC Fund to support TRID backed debt like the Eastside example. However, they could also return excess increment back to the fund if other funding sources are available. Remaining proceeds of the fund will be utilized for: • District-wide infrastructure and transit improvements • Infrastructure maintenance • Development site assemblage and remediation • Contributions to larger projects that require additional funding, including pledged security • Gap financing for smaller scale redevelopment projects to stabilize commercial core and preserve local business
would As mentioned, serve a there duel is role a potential as elTRIDRA to Executive eventually Director issue in public preparing TRID materials revenue for review bonds by once the Board. the proposed Suggested development responsibilities within the of future the elTRIDRA include: Boundary has stabilized. The net present value amounts illustrated above do elTRID not factor Guidelines in other potential large and small • scale Based projects upon or URATIF background growth Guidelines in assessed (including value over time. Marketability elements will such increase the significantly after Hiring full build-out Plan, once MWDBE the new developments requirements have an and green established history building) of assessments and tax payments. • Set Any investment issuance priorities could also be structured for value to capture include refinancing of • stand-alone Guidelines TRID for debt TOD as well. design based on elTRID recommendations Obviously a great amount of uncertainty Market exists with potential regard development to potential increments sites within the available study area and use of the VC Fund • beyond Solicit developer the first elTRID interest value capture area. and It is market TOD recommended that opportunities the general value with capture strategy remains assistance in place from to URA, provide a balance ELDI between and large Shadyside scale redevelopment and Action smaller Coalition organic growth facilitated as the urban fabric • Serve as the conduit and transit system within the study through with the PAAC area is enhanced. Investment can enter into joint priorities for the VC Fund will be the development agreements responsibility of the elTRID with private developers Management Entity. • Assemble and remediate development sites within TRID Management Entity the study area Section 502 of the Act details creation of a management entity by the partnering municipalities similar to other municipal authorities established to support transit, redevelopment activities or infrastructure development. The recommended elTRID Revitalization Authority (elTRIDRA) would be charged with implementation of value capture areas wthin the elTRID Boundary, the value capture strategy and the recommended VC Fund. Membership on the elTRIDRA Board of Directors would be comprised of representatives from the participating Proposed TRID Boundary & Phasing taxing bodies, PAAC, ELDI, Shadyside Action Coalition and three at-large members from the local business community serving set terms. elTRID Value Capture District-wide or Project Specific Improvements Value Capture Fund Increase Representatives of the three taxing bodies New would Increment be the only voting members of Created the organization as all others would only serve in an advisory role. Additional advisory would come from agencies such as PA DCED and Contribute the to Southwestern Pennsylvania Stand Alone Commission as needed. As with Financing the Pittsburgh Industrial Development Authority, the elTRIDRA would be housed within the URA, whose management and technical employees would provide day to day staff on behalf of the Board. The URA Executive 103
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EAST LIBERTY STATION: REALIZING THE
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Table of Contents EXECUTIVE SUMMARY
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promotion of transit oriented devel
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and improve environmental quality.
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- 163,995 SF Mixed-Use Commercial -
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capture to fund these improvements.
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13 1. TRANSIT ORIENTED DEVELOPMENT
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TOD Typologies In recent years CTOD
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4. Maximize station connectivity an
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Station Case Study: Del Mar Station
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Station Case Study: Hiawatha and La
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24 Shady Avenue East Liberty TRID S
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26 Population Density along the Eas
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28 Classifying East Liberty Station
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30 Downtown 6,675 people 48,889 job
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32 EAST LIBERTY STATION WALKING-SHE
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34 East Liberty & the TOD principle
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36 4. Maximize station connectivity
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38 6. Manage parking effectively. T
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40 Transportation Analysis Issues a
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EAST LIBERTY LAND USE 42 Key Commer
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Study Area City of Pittsburgh 44 To
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46 Zoning Analysis The zoning aroun
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EAST LIBERTY 2010 COMMUNITY PLAN: D
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50 Development Guidelines for the C
Page 52 and 53: 52 Source: ELDI 2010 East Liberty C
Page 54 and 55: 54 Around the same time as Eastside
Page 56 and 57: 56 Market Conditions Commercial: Ea
Page 58 and 59: 58 along Center Avenue dominate the
Page 60 and 61: 3. TRID RECOMMENDATIONS East Libert
Page 62 and 63: APPLYING THE TOD PRINCIPLES TO EAST
Page 64 and 65: 64 Recommended Infrastructure Impro
Page 66 and 67: 66 EAST LIBERTY STATION IMPROVEMENT
Page 69 and 70: Reconfiguring the Station for Conne
Page 71 and 72: A New Gateway to East Liberty and t
Page 73 and 74: Connecting East Liberty and Shadysi
Page 75 and 76: 75 East Liberty Station Redesign: P
Page 77 and 78: Near-term: Intersection improvement
Page 79 and 80: in diameter to accommodate forecast
Page 81 and 82: IMPLEMENTING PREVIOUSLY IDENTIFIED
Page 83 and 84: TRANSIT ORIENTED DEVELOPMENT SITE I
Page 85 and 86: Retail Office Hotel Housing Parking
Page 87 and 88: Existing Zoning and TOD While the e
Page 89 and 90: THE PROPOSED TRID BOUNDARY The iden
Page 91 and 92: PROPOSED TRID BOUNDARY & PHASING Ye
Page 93 and 94: an extended Ellsworth Avenue corrid
Page 95 and 96: DRAFT Financing TOD Urban, mixed-us
Page 97 and 98: established mechanism of municipal
Page 99 and 100: infrastructure for Eastside III & I
Page 101: Strategy for Future Phases As revit
Page 105 and 106: elTRID Approval and Implementation
Page 107 and 108: Appendix I - elTRID Total Annual TR
Page 109 and 110: Appendix II - elTRID Real Property
Page 111 and 112: Appendix II - elTRID Potential TRID
Page 113 and 114: Appendix II - elTRID Potential TRID
Page 115 and 116: Appendix III - elTRID Private Devel
Page 117 and 118: Appendix III - elTRID Pledged Real
Page 119 and 120: Appendix III - elTRID TRID Fund Bal
Page 121 and 122: Appendix IV - elTRID Real Property
Page 123 and 124: Appendix IV - elTRID Potenital TRID
Page 125 and 126: Appendix IV - elTRID Potential TRID
Page 127 and 128: Appendix V - elTRID Pledged Real Pr
Page 129 and 130: Appendix V - elTRID TRID Fund Balan
Page 131 and 132: Appendix VI - elTRID Real Property
Page 133 and 134: Appendix VI - elTRID Pledged Income
Page 135 and 136: Appendix VII - elTRID FUNDING AND D
Page 137 and 138: “Construction Agreements” means
Page 139 and 140: principal invested or any penalty f
Page 141 and 142: developer shall timely honor all re
Page 143 and 144: LIABILITY OF THE COMMONWEALTH OF PE
Page 145 and 146: (b) Private developer shall abandon
Page 147 and 148: IN WITNESS WHEREOF, the parties to
Page 149 and 150: EXHIBIT B REQUISITION FORM
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