PITTSBURGH, PA (PTTP)— A study to authorize a Downtown Pittsburgh Transit Revitalization Investment District (TRID) has been approved by Urban Redevelopment Authority (URA) board and supported by Mayor Corey O’Connor in January, which will provide long-term, sustainable funding that provides incentives for investment in infrastructure and affordable housing.
As a tax diversion program, the proposed Downtown TRID would use incremental future property tax revenue from developments in Downtown, the Strip District, and part of Northshore to be reinvested back into Downtown. The URAs board voted on the 15th of January to begin the process of exploring the creation of a Downtown TRID, which would divert percentages of incremental future real estate taxes (without raising them), that would funnel towards transit upgrades, infrastructure and businesses district projects, and repurposing vacant office spaces into affordable housing units. This way, alongside Mayor Corey O’Conner’s plan to usher further development in the Golden Triangle, Downtown’s plans to revitalize itself as both a business and residential center of the city will be supported by borrowed incremental future tax revenue to compensate for the lack of federal funding. Other expectations from this plan, according to Executive Director Susheela Nemani-Stanger, include facade renovations and public realm renovations.
January’s board meeting marks the authority’s first one since O’Connor was elected, with Director of Redevelopment Yarone Zoberas as board chair. Other notable members present included Lindsay Powell (D) , a state representative representing the 21st District including the Strip District and Sam Williamson.
The TRID will be a partnership between the city and the URA, alongside Pittsburgh Public Schools, Pittsburgh Regional Transit (PRT), and Allegheny County. The finalization process of this plan will be voted on at a later date, with updates of votes from the city, county councils, and the school board still in development.