City, County, State, Federal, Community and Penguins leaders announce agreement between community and team, investment fund and option agreement
PITTSBURGH, PA (Sept. 9, 2014) Mayor William Peduto joined other officials today to announce historic agreements among the Pittsburgh Penguins, the Hill District community and local government that will transform the entire neighborhood and provide tens of millions in financing for community improvements, jobs and housing.
“This plan will build transformational wealth for the residents of the greater Hill District,” Mayor Peduto said. “It provides the financial resources to build the ladders of opportunity between the 28 acres and the rest of the Hill District.”
The Mayor was joined at the announcement by Allegheny County Executive Rich Fitzgerald, Urban Redevelopment Authority Chairman Kevin Acklin, Pittsburgh City Councilman R. Daniel Lavelle, state Sen. Jay Costa, and Penguins Chief Operating Officer Travis Williams.
The announcement was the culmination of more than 50 meetings among city, county, state, federal, community and team officials on how to best leverage the redevelopment of the former Civic Arena site in the Lower Hill to provide for business development, jobs, housing, and infrastructure improvements to the entire area. Through a new tax increment financing district, property tax growth from the redevelopment of the Lower Hill will be used to pay for improvements in six other neighborhoods across the Hill: Bluff, Crawford Roberts, Terrace Village, Middle Hill, Bedford Dwellings and Upper Hill.
Announcements today included:
An Agreement between the Penguins and Hill District Community
Ø Signing today the Community Collaboration and Implementation Plan (CCIP)
Ø Highest levels of MWBE commitments ever in the history of the City of Pittsburgh
Ø Results of more than 50 meetings, and weekly sessions since January
Ø Full collaboration of City, County, URA, SEA, Penguins and Community
Ø Goal is to build transformational wealth for the residents of Greater Hill District
Greater Hill TIF District
Ø Largest TIF district in the history of the City of Pittsburgh
Ø At worst case, will generate $22M and as much as $50M for investment
Ø Captures value from development on 28 acres and invests in middle and upper Hill
Ø Provides financial resources to build “ladders of opportunity”
Option Agreement with the Penguins
Ø Now that community plan is in place, Option Agreement will be voted on by URA and SEA on Thursday
Ø Replaces short form option agreement executed in 2007
Ø Provides for 1 year extension for first takedown
Ø Parcels to be acquired by Penguins at market value
Ø Good deal that will promote the final development of this 28 acres
A map and fact sheet on the proposed TIF district is here.
A development map for the Civic Arena site is here.