east liberty station: realizing the potential - City of Pittsburgh

More documents

Recommendations

Info

104 would serve a duel role as elTRIDRA Executive Director in preparing materials for review by the Board. Suggested responsibilities of the elTRIDRA include: elTRID Guidelines • Based upon URATIF Guidelines (including elements such as the Hiring Plan, MWDBE requirements and green building) • Set investment priorities for value capture • Guidelines for TOD design based on elTRID recommendations Market potential development sites within the study area • Solicit developer interest and market TOD opportunities with assistance from URA, ELDI and Shadyside Action Coalition • Serve as the conduit through with the PAAC can enter into joint development agreements with private developers • Assemble and remediate development sites within the study area Project Review • TRID funding application similar to TIF for project requesting stand-alone financing to determine project feasibility • Stand-alone projects can be project specific TRID financing or GAP financing from VC Fund • Ensure market viability of proposed development • Enter into development agreements to ensure goals of the local community • Collect administrative fees for stand-alone financings District-wide Improvements • Prioritize infrastructure and transit within the study area • Determine structure of pooled financings for district-wide improvements • Choose agency responsible for implementation of districtwide improvements • Solicit additional funding to offset liability of the VC Fund Value Capture Area Boundaries • Define areas of value capture within the proposed elTRID Boundary, expanding the area over time to correspond to market conditions Annual Reporting • Review of the elTRID standalone financings and VC fund activity • Potential return of any unutilized incremental revenue to the taxing bodies elTRIDRA will implement the value capture strategy which is critical to guide TOD led revitalization in the study area. Further, oversight will make certain that TOD elements are incorporated into the project design and that development builds off other investments in public infrastructure and the transit system. The strategy will blend asset preservation in stable portions. Obviously the capture of TRID revenues within the proposed value capture areas represents taxes foregone by the local taxing bodies. Every dollar of this public investment will leverage at least six dollars of private investment. The strategy includes the ability for some revenues to be retained for general government use and a return of excess TRID revenues at certain times. However, significant economic impacts are expected within the study area following implementation of the elTRID. Estimated benefits include private investment, job creation, retention of existing jobs and other non-real property or income tax revenues/fees.
elTRID Approval and Implementation The Act includes specific instructions as to the process of advancing a TRID from a redevelopment concept around a transit station to implementation of the proposed value capture strategy and eventual financing of specific improvements. Once a location is identified, the process of planning, program management/implementation and execution of the TRID begins over 16 defined steps. 10 Some of these steps occur concurrently. elTRID represents the required Planning Study and includes a detailed discussion of future implementation through the Value Capture Strategy outlined above. Planning Step 1 – City and PAAC agreed to work cooperatively to create a TRID (in conjunction with other agencies on Steering Committee) Step 2 – City selected Project Team for elTRID Planning Study to determine location, boundaries, and rationale Step 3 – City and PAAC conducted community public meeting on elTRID facilitated by Project Team 10 Sources: Implementing Transit-Oriented Development in Pennsylvania, Delaware Valley Planning Commission (2005) and Implementing Transit Revitalization Investment Districts in Philadelphia, Econsult Corporation (2008). Revised in accordance with anticipated local implementation process based upon local TIF policies. Step 4 – elTRID is circulated to Steering Committee, revised and completed Step 5 – City (through the Department of City Planning) and PAAC accept elTRID’s findings and recommendations Management and Implementation Step 6 – City and PAAC hold a public meeting on elTRID Value Capture Strategy and Phase I improvements Step 7 – City and PAAC coordinate with PPSD and the County on elTRID Value Capture Strategy (three taxing bodies authorize elTRID Resolutions) Step 8 – City forms elTRIDRA within the URA to administer elTRID implementation Step 9 – City, PPSD, County, URA, PAAC and elTRIDRA execute elTRID Cooperation Agreement and Tax Fund Agreements Execution Step 10 – elTRIDRA markets development sites and commences project review for specific redevelopment projects Step 11 – elTRIDRA prepares project lists of public sector infrastructure improvements, including costs, phasing and maintenance based on findings of elTRID Step 12 – Development proposals accepted by elTRIDRA Step 13 – elTRIDRA executes Development Agreement with Developer, including elTRID financed improvements and private sector commitments - or – elTRIDRA selects contractor to complete district-wide improvements Step 14 – Project construction and completion Step 15 – elTRIDRA administers captured revenues and project expenditures from the elTRID Value Capture Fund in accordance with the approved elTRID Value Capture Strategy Step 16 – Amendments to Agreement or elTRID for future phases of the value capture area Appendix VII includes a draft of the cooperation agreement, including development agreement template, as referenced in this process. It is anticipated the elTRID VC Fund would be held with an escrow agent who would 105
Page 1 and 2:
EAST LIBERTY STATION: REALIZING THE
Page 3 and 4:
Table of Contents EXECUTIVE SUMMARY
Page 5 and 6:
promotion of transit oriented devel
Page 7 and 8:
and improve environmental quality.
Page 9 and 10:
- 163,995 SF Mixed-Use Commercial -
Page 11 and 12:
capture to fund these improvements.
Page 13 and 14:
13 1. TRANSIT ORIENTED DEVELOPMENT
Page 15 and 16:
TOD Typologies In recent years CTOD
Page 17 and 18:
4. Maximize station connectivity an
Page 19 and 20:
Station Case Study: Del Mar Station
Page 21 and 22:
Station Case Study: Hiawatha and La
Page 24 and 25:
24 Shady Avenue East Liberty TRID S
Page 26 and 27:
26 Population Density along the Eas
Page 28 and 29:
28 Classifying East Liberty Station
Page 30 and 31:
30 Downtown 6,675 people 48,889 job
Page 32 and 33:
32 EAST LIBERTY STATION WALKING-SHE
Page 34 and 35:
34 East Liberty & the TOD principle
Page 36 and 37:
36 4. Maximize station connectivity
Page 38 and 39:
38 6. Manage parking effectively. T
Page 40 and 41:
40 Transportation Analysis Issues a
Page 42 and 43:
EAST LIBERTY LAND USE 42 Key Commer
Page 44 and 45:
Study Area City of Pittsburgh 44 To
Page 46 and 47:
46 Zoning Analysis The zoning aroun
Page 48 and 49:
EAST LIBERTY 2010 COMMUNITY PLAN: D
Page 50 and 51:
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 and 102: Strategy for Future Phases As revit
Page 103: would As mentioned, serve a there d
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
show all

east liberty station: realizing the potential - City of Pittsburgh

Create successful ePaper yourself

Delete template?

Save as template?