east liberty station: realizing the potential - City of Pittsburgh

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Appendix II - elTRID Potential TRID Debt w/ Additional Increment from VC Fund - Eastside III & IV TOD Project Pledged Tax Pledged Tax Increment Available From Total Increment Balance Available After Debt Service Cumulative Available Cash AFTER Debt Cash to Developer Increment Available VC Fund Available Debt Service Payment (1) Service (2) Repayment 1 - - - - - - - 2 209,936 75,000 284,936 - 284,936 284,936 - 3 352,530 100,000 452,530 496,165 -43,635 241,301 - 4 575,084 200,000 775,084 496,165 278,919 520,220 209,189 5 575,084 200,000 775,084 496,165 278,919 799,138 209,189 6 575,084 200,000 775,084 496,165 278,919 1,078,057 209,189 7 575,084 200,000 775,084 496,165 278,919 1,356,975 209,189 8 575,084 200,000 775,084 496,165 278,919 1,635,894 209,189 9 575,084 200,000 775,084 496,165 278,919 1,914,813 209,189 10 575,084 200,000 775,084 496,165 278,919 2,193,731 209,189 11 575,084 200,000 775,084 496,165 278,919 2,472,650 209,189 12 575,084 200,000 775,084 496,165 278,919 2,751,568 209,189 13 575,084 200,000 775,084 496,165 278,919 3,030,487 209,189 14 575,084 200,000 775,084 496,165 278,919 3,309,405 209,189 15 575,084 200,000 775,084 496,165 278,919 3,588,324 209,189 16 575,084 200,000 775,084 496,165 278,919 3,867,243 209,189 17 575,084 200,000 775,084 496,165 278,919 4,146,161 209,189 18 575,084 200,000 775,084 496,165 278,919 4,425,080 209,189 19 575,084 200,000 775,084 496,165 278,919 4,703,998 209,189 20 575,084 200,000 775,084 496,165 278,919 4,982,917 209,189 NPV = 6,215,939 10,338,887 8,930,970 3,556,212 Assumptions Principal 4,650,000 Interest 8.00% per Year Cash Flow 775,084 Term 20 Years w/ coverage 516,722 Ammoritization 18 Years w/ coverage - fees 501,722 Debt Service 496,165 PV 4,702,086 DCR 1.50 (1) Anticipated Cash Flow After Debt Service would be used to reimburse eligible project costs or flow back to elTRID VC Fund. (2) Cumulative Cash Flow could alternatively be used to prepay TRID Debt.
Appendix III - elTRID Private Development Summary - Years 1-5 Development Projects Use Square Footage or Rooms or Units Acres Phasing Total Private Development (1) Estimated Assessed Value Hotel 65 Year 3 5,500,000 5,010,837 Mixed-Use Bldg: Year 2 18,000,000 13,095,301 Retail 8,500 Theater Office 63,000 Mixed-Use Bldg: Year 4 12,500,000 6,853,304 Retail 24,000 Residential 75 Land - 2.44 Immediate TOTAL 95,575 2.44 36,000,000 24,959,441 65 75 (1) Includes value <strong>of</strong> site preparation, s<strong>of</strong>t costs and building construction. Parcel - Owner Base Assessed Value Base Taxes Acres Odeon Project 84-B-59 - ELDI 350,000 10,294 0.25 84-C-41 - ELDI 97,500 2,867 0.05 84-C-42 - ELDI 108,000 3,176 0.06 84-C-43 - 100 Sheridan Square Associates 374,000 10,999 0.09 84-C-39 - ELDI 153,300 4,509 0.05 1,082,800 31,845 0.5 ACE Hotel 84-B-210 - ELDI 550,000 16,176 0.27 East Liberty Place South 84-B-173 - URA 585,600 - 0.86 84-B-172 - URA 48,200 - 0.45 84-B-500-0-1 - URA 25,900 - 0.12 84-B-500-0-2 - URA 50,000 - 0.24 709,700 1.67 2,218,400 48,021 2.44 1,632,800
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EAST LIBERTY STATION: REALIZING THE
Page 3 and 4:
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
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52 Source: ELDI 2010 East Liberty C
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54 Around the same time as Eastside
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56 Market Conditions Commercial: Ea
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58 along Center Avenue dominate the
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3. TRID RECOMMENDATIONS East Libert
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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 and 104: would As mentioned, serve a there d
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: Appendix II - elTRID Potential TRID
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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