Legislation Quick Search
03/28/2024 09:53 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20130&cosponId=12609
Share:
Home / Senate Co-Sponsorship Memoranda

Senate Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: April 24, 2013 03:15 PM
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:
  • Permit municipalities and counties to dedicate a portion of incremental revenues to the TRID (current law requires that the entire amount be dedicated to the TRID);
  • Provide a more flexible timetable for the execution of a TRID development plan (currently the law contains a rigid 20-year timetable without a clear authorization for amending the initial plan);
  • Provide an adequate funding mechanism by capturing a portion of state taxes to fund grants or low-interest loans related to TRID development and implementation; and
  • Clarify language in the existing law related to management entities and value capture provisions.



Introduced as SB1210