bill promotes waterfront development
December 13, 2013
Senate Finance Committee today (December 11) approved Senate Bill 968, legislation introduced
by Senator Randy Vulakovich that would establish a Waterfront Development Tax
Credit as a way to encourage private investment and spur economic development,
environmental improvements and public recreational enhancements.
now goes to the full Senate for consideration
Waterfront Development Tax Credit would be capped at $10 million annually and
would be available to individuals or businesses that contribute to non-profit
waterfront improvement organizations. The organizations and the projects would
need approval by the Department of Community and Economic Development prior to
participation in the tax credit program.
waterfront areas offer opportunities for economic development and public
recreation which contribute to the livelihood of the community as well as to
the quality of life of residents and visitors,” Senator Vulakovich said.
“However, these areas often require significant investment to redevelop due to
barriers including abandoned industrial uses and contamination. My bill
provides a way for organizations and private investors to work together to
restore those areas in ways that will benefit the entire community.”
Senator Vulakovich’s measure, contributions would be used for specific
waterfront development projects, such as: streets and public rights-of-way;
waterfront parks, gardens and open spaces; access to public utilities, erosion
control, storm water management and other environmental projects which promote
economic development; water transportation facilities for use by the public,
including water transit landings and boat docking; and amenities, including
infrastructure and recreational projects.
Vulakovich cites Pittsburgh’s riverfront redevelopment efforts as an example of
the benefit of investment in those projects.
the inception of Riverlife in 1999, Pittsburgh has seen the investment of about
$130 million directly in 10 riverfront projects and over $4 billion of
additional adjacent investment in the form of corporate headquarters and office
buildings, hotels, sports and entertainment complexes and residences,” Senator
Vulakovich said. “That represents about $30 in resulting investments in projects
adjacent to the rivers for every dollar invested directly in riverfront
projects. I see this Tax Credit as an extra incentive to further these goals.
And not just in Pittsburgh, but across the Commonwealth. I brought
this map to highlight that 64 of our 67 counties have significant waterways.”