Posted: | April 24, 2013 03:15 PM |
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From: | Senator Dominic Pileggi |
To: | All Senate members |
Subject: | Reforms to Transit Revitalization Investment District Act |
In the near future, I plan to introduce legislation that will reform and modernize the Transit Revitalization Investment District (TRID) Act. The TRID Act, Act 238 of 2004, authorizes municipalities and counties to designate an area one-eighth to one-half of a mile around a mass transit stop or station as a TRID. The act authorizes municipalities, counties and school districts to use incremental tax revenues generated by new real estate investment within the TRID for community revitalization projects which lead to business and residential development within and around the TRID. While 12 TRID planning studies have been funded by the Department of Community and Economic Development, no TRIDs have actually been created. Three main issues have been identified to explain this: the financial crisis the nation and the Commonwealth experienced since passage of the initial legislation; ambiguities in the TRID Act; and an inadequate funding mechanism for TRID development. The legislation will amend the TRID Act to:
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Introduced as SB1210