Another TIF in our future? UPDATED

There may be another Tax Increment Financing (TIF) in our future. According to the Trib, T line project gets scaled-back ideas in Mt. Lebanon, the development costs could be reduced with the use of TIFs.

Specifically, the analysis showed a $22.3 million “gap” between cost and value for such a development, said Dan Santoro, a vice president who runs Delta's office in Pine.
“There's no developer in the world who would come in and cover those costs,” he said, noting that grants or tools such as tax increment financing could close the gap slightly.

We have heard "TIF" mentioned over the Zamagias property across from St. Bernard's Church. Zamagias has defaulted and now the State (we, taxpayers) is stuck with the debt. From Wikipedia:

Although the TIF method has been discontinued in the state it began in, California, thousands of TIF districts still currently operate nationwide in the US, from small and mid-sized cities, to the State of California which will be paying off debt on old TIFs for years to come. As of 2008, California had over four hundred TIF districts with an aggregate of over $10 billion per year in revenues, over $28 billion of long-term debt, and over $674 billion of assessed land valuation.[2] TIF began in California in 1952, but the state has currently discontinued the use of them due to a couple of lawsuits.

I was not aware of this, but according to the Trib, the public can learn more about proposals for the site and make suggestions at a 6 p.m. hearing on March 10 in the commission chambers at the municipal building.

Update February 22, 2014 11:50 AM I had emailed the commissioners about the March 10 hearing, as reported by the Trib. Here is some more information from Eric Milliron, Economic Development Officer.

Commissioner Bendel requested that I email you regarding the public meeting on garnering community input on March 10th. I am the staff lead on this effort and can supply you with the most up to date information.

First, thank you for your interest in this project. I appreciate you wanting to know more about the meeting. I think it is important to make a clarification. The meeting is not a hearing. Rather, it is an opportunity for residents/stakeholders to provide valuable input towards the first of two Requests for Proposals (RFPs) to the development community. We are seeking information about what values we have in Mt. Lebanon for a project around the Mt. Lebanon T Station. Values is a broad term, but some issues that might arise are scale/massing of potential project, traffic impacts, parking, sustainability targets, etc.

There is a front page link to information on this meeting at => http://mtlebanon.org/ This link will provide additional information.

The meeting will be structured in the following format:

1. Brief History + Overview of Current Efforts at the proposed development site;
2. Review of relevant studies => TRID, AECOM Engineering Study and most recently the Delta Development market analysis (which will be a part of said RFP)
3. Open Discussion with audience to understand matters of interest.
4. Break Out Session(s) => We will aggregate matters of interest and break the audience into smaller working groups to develop thoughts in a digestible manner. Many of these thoughts could then be included in the RFP.

The goal of this session is to provide the development community an understanding of what the community expects from any potential project. Clearly, this information will be valuable to not only the development community, but Municipal officials as we work with all groups to develop around the aforementioned site. I expect that the product from this session will be brought to the Commission for their review and input. The information will also be brought to the Economic Development Council (EDC). The RFP crafted will be publicly advertised and will be found on the Municipal website. I'd be happy to let you know when this happens. If I had to guess (and I don't like guessing...) I'd say this should happen late March.

Based on the proposals received a second RFP will be issued that would expect more analysis from any potential developer.

This meeting is the first step in a longer journey to actualizing a good project that has the potential to not only offer new product in our central core, but potentially act as a catalyst for additional renovations and projects (where feasible).

There will be other public meetings as things move forward.

Following is a link to my presentation to the Commission on 1.14.14 => http://mtlebanon.granicus.com/MediaPlayer.php?view_id=3&clip_id=104&meta_id=3479 (minute 47 is where I discuss the meeting + RFP process).

If anyone has questions, here is Eric's contact information.

Maybe moving to Dormont is a good idea

Look at what little old Dormont is doing. Developer negotiating to build apartments, parking garage near Dormont light rail stop

We have been fooling around with the hotel, waiting decades for Zamagias to develop property across from St. Bernard's, and nothing but talk when it comes to the TRID (Transit Revitalization Investment Districts) now being called something else, which I can't recall at the moment. Air rights?

Communities are passing us by, Folks. Just keep on thinking that we are number one on everything. I have been criticized for looking at Upper St. Clair. Now, I hope we can keep up with Dormont.