east liberty station: realizing the potential - City of Pittsburgh

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
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