Harrisburg – Legislation sponsored by Senator John C. Rafferty, Jr. (R-44) to modernize and reform private investments at mass transit hubs was enacted by Gov. Tom Wolf today.
Act 151 of 2016 improves the Transit Revitalization Investment District (TRID) Act, previously enacted in 2004.
The previous TRID law authorized municipalities and counties to designate an area around a mass transit stop or station as a TRID. Municipalities and counties were authorized to use all of the incremental tax revenues generated by new real estate investment within the TRID for community revitalization projects.
“Unfortunately, only one TRID has been created since the original law was enacted 12 years ago. It was evident that the law was not working as intended, which is why we had an obligation to fix it,” said Rafferty, Chairman of the Senate Transportation Committee.
Act 151 streamlines the TRID creation process and sets clear parameters for TRID funding and the appropriate use of those funds, Rafferty stated. The new law:
- Permits municipalities and counties to dedicate a portion (not the entire amount) of incremental revenues to TRID.
- Provides a more flexible timetable for the execution of a TRID development plan, which was formerly a rigid 20-year timetable.
- Clarifies that in order to receive funding from the Pennsylvania Department of Community and Economic Development for a TRID planning study, the municipality or county must commit 25% in matching funds.
- Details permissible uses of grant monies such as payment of debt service or construction, reconstruction and maintenance of a facility.
Additional funding mechanisms include a private dollar matching requirement for any funds transferred from the newly-established TRID Fund to a TRID at a rate of one private dollar for every two TRID dollars, and a stable, annual source of funds ($350,000) for the initial two TRIDs to apply for to leverage larger private financing for infrastructure.
“I want to thank former Senator Dominic Pileggi for originally introducing this legislation, which should increase the potential for these mass transit hubs to generate economic development and enhance the commuting experience of an important form of multi-modal transportation in this Commonwealth,” noted Rafferty.
CONTACT: Nolan Ritchie (717) 787-1398