Yesterday in City Council I introduced Resolution 2012-0244. The resolution authorizes a cooperation agreement between the City of Pittsburgh, the Urban Redevelopment Authority, and the Sports & Exhibition Authority to allocate the future parking tax revenue generated by the interim parking spaces planned for the footprint of the Civic Arena, for Hill District development.
The cooperation agreement directs 50% of the new parking tax revenue to the URA for deposit in a Community Development Investment Fund (CDIF) to support development in the Greater Hill District. The other 50% of parking tax revenue will be allocated to the SEA for the infrastructure improvements on the Lower Hill District site, to help spur development on the site.
Upon completion of the demolition of the Civic Arena and pending the construction of the street grid, there will be approximately 800 interim parking spaces created. Each space will generate new City Parking Tax revenues, estimated at a total of approximately $500,000 annually. These numbers will decrease as development on the site occurs. The cooperation agreement will remain in place as long as there are interim parking spaces at the site.
With the current development schedule in place, I strongly believe that it makes sense to leverage new parking tax revenue to help ensure the Greater Hill District receives the economic benefit it was promised 50 years ago when the Lower Hill District was destroyed.
The bill is currently scheduled for a preliminary vote by City Council on Wednesday, April 11, 2012.
R. Daniel Lavelle
Office of Councilman R. Daniel Lavelle
414 Grant Street, 5th Floor | City County Building
Pittsburgh, PA 15219
telephone: 412-255-2134 | facsimile 412-255-0737