Gov. Tom Corbett Wednesday announced a $5 million Economic Growth Initiative grant and a $5 million Transportation Economic Development Fund grant to assist in the redevelopment and revitalization of the Almono-Hazelwood site in Pittsburgh.
“Today we are announcing investments that will help revitalize the entire economy of Western Pennsylvania,” said Gov. Corbett. “It’s an investment that has the potential to turn what was once an environmental wasteland into prosperous center of commerce and innovation.”
When completed, the $37 million project, sponsored by the Urban Redevelopment Authority of Pittsburgh, will include over two million square feet of new office and research and development space, complementing the already existing Pittsburgh Technology Center and Southside Works redevelopment projects.
The project will also involve nearly one million square feet of planned “clean” industrial or flex space, focusing on 21st century manufacturing and marketing of technological advances being created in the nearby Universities.
In 2012, Gov. Corbett reformed the state’s method of funding Redevelopment Assistance Capital Program with a significant redesign, making the process more transparent and objective. Projects are now selected based upon their job-creation potential, their economic impact, as well as their viability and construction readiness.
Prior to Gov. Corbett taking office, the state’s spending and borrowing for capital redevelopment assistance had become unsustainable for the state and its taxpayers, growing from $400 million in 1986 to slightly more than $4 billion in 2010. Gov. Corbett also said that the program had strayed considerably from its intended purpose of encouraging and assisting job growth through regional economic development projects.
For more information, visit the Budget Office’s Redevelopment Assistance Capital Program webpage.
