Pittsburgh officials on Tuesday committed more than $400M over 20 years to "redevelop Uptown and the Hill District, a plan that starts with redeveloping 28 acres once occupied by the Civic Arena," according to Bob Bauder of the PITTSBURGH TRIBUNE-REVIEW. The 20-year plan would put 65% of "tax money generated by development into a fund to improve roads, utilities, homes and buildings in Uptown and the Hill." This would "help offset the Penguins' costs of providing low-income housing on the arena property." The Penguins "received arena site development rights as part of a deal" in '07 to build the $321M Consol Energy Center. The deal "tentatively ends a stalemate between the Penguins and Hill community groups over building low-income housing and enabling minority- and female-owned businesses to participate" in the $500M arena development. The Penguins have retained St. Louis-based real estate firm McCormack Baron Salazar to "build offices, apartments and stores." Residents wanted 30% of "about 1,100 apartments set aside for low-income residents." Penguins COO Travis Williams said that under the agreement, 210 apartments -- or 20% -- "would be available" to people earning 60-70% of the Hill District's mean income of $19,375. He added that rental rates "would start at $600 a month" (PITTSBURGH TRIBUNE-REVIEW, 9/10). In Pittsburgh, Mark Belko noted at the center of the agreement is a tax increment financing plan that "will generate" at least $22M -- some estimates are as high as $50 million -- over 20 years for "redevelopment activities." The tax increment district will be the "largest in city history." The Penguins "will get another year, until Oct. 22, 2015, to begin the work, which in addition to the housing will include 500,000 to 600,000 square feet of office space and 250,000 square feet of retail" (PITTSBURGH POST-GAZETTE, 9/10).
