east liberty station: realizing the potential - City of Pittsburgh

established mechanism of municipal debt.
Within a larger district such as TRID, much
of the incremental revenue flow would be
speculative at the time of establishment.
The amount of upfront financing available
would be dependent upon only known
projects within the TRID or not available
until construction is completed. These
challenges limit the ability to raise initial
capital funding through a TRID backed
public revenue bond issuance.
Whether district-wide or project specific,
TIF statutes across the country are
constructed with the elimination of blight
and community revitalization as primary
goals. New development is expected
to result in private investment and job
creation. However, few TIF programs
have a direct emphasis on single public
policy goals such as TOD. TRID is unique
in this regard with its promotion of
TOD and transit improvements through
comprehensive, community based planning.
The elTRID value capture strategy detailed
below is driven by this specific policy as a
means to facilitate revitalization within the
study area.
TIF could applied in an effort to foster
TOD led redevelopment throughout the
elTRID study area either for specific sites
or on a district-wide basis. Though, there
are several issues that limit the ability to
implement TIF to achieve the development
and infrastructure program outlined within
this study. The City is limited in the value of
taxable property within active TIF districts.
Adding the full proposed TRID Boundary
to the existing parcels within TIF districts
throughout the City would bring the URA
close, if not over, the 10% statutory limit.
Further, utilizing TIF for larger specific sites
would limit the cohesive strategy between
projects and momentum built through
decades of planning.
TIF would also require a certification of
‘blight’ which is often contentious especially
when including non-blighted parcels in a
larger district. The legislative approval
process for expanding a TIF boundary
would be approximately twice as long
per the terms of each Act. TRID can be
utilized in areas regardless of the condition
of property and the Act includes specific
provisions for boundary expansion. With
its focus on TOD principles and increased
stakeholder participation, TRID is the
preferred development finance tool to
facilitate revitalization within the study area.
elTRID Value Capture Strategy
Pursuant to Chapter 7 of the Act, a
coterminous value capture area shall
be simultaneously created at the time a
specific TRID boundary is determined.
Establishment of this value capture
boundary allows the local taxing bodies
and transit agency to share incremental
tax revenues generated without in the
boundary to implement projects identified
in the planning study. As discussed, the
value capture area essentially mirrors a 20
year TOD specific TIF District with revenues
dedicated to fund specific improvements
and maintenance. However, revenues
DRAFT
may not be utilized by municipalities
and counties for general government
purposes or by transit agencies for capital
improvements elsewhere in the system.
elTRID Value
Capture
District-wide or
Project Specific
Improvements
New Increment
Created
Value Capture
Fund Increase
97
95
GSP Consulting | Studio for Spatial Practice | Fitzgerald & Halliday