The city’s Urban Redevelopment Authority board is pushing ahead with a plan to divert a large portion of real estate and parking tax revenue from a host of projects in or near East Liberty to help fund road, pedestrian and other improvements in the area.
Board members will vote Thursday on a proposal to create an East Liberty Transit Revitalization Investment District in which 75 percent of the new real estate and parking tax revenue generated by development within half a mile of the East Liberty stop on the East Busway would be used for infrastructure improvements.
Also Thursday, the board is expected to vote on $500,000 in loans to help clear the way for Fifth Avenue Pub and Lofts, a proposed restaurant and apartment development across the street from Consol Energy Center. It would mark the first major private development to take place in that area since the arena opened in 2010.
The transit revitalization investment district in some ways works like a tax increment financing district, only it typically involves a broader area and is utilized for a host of projects, not just one.