We’ve written about the Redevelopment Capital Assistance Program (RCAP) before: it is one of many arrows in the state’s quiver aimed at eliminating blight and stimulating economic development. The General Assembly not long ago authorized increasing the cap on how much the state could borrow to fund projects through this program, and in July the Governor handed out $600 million through the Commonwealth.
Just yesterday City Council discussed entering into various cooperation agreements with the Urban Redevelopment Authority, who acts as the applicant for RCAP dollars.
Perhaps City, state, and URA officials are aware of some good economic news as several RCAP requests were amended to reflect increased dollar amounts:
- A grant for Phipps Conservatory was increased from $250k to $500k
- A grant for the Pittsburgh Ballet was increased from $750k to $1,250k
- A grant for the Pittsburgh Zoo and Aquarium was increased from $875k to $2,000k
- A grant for the Carnegie Library modernization project was increased from $7,500k to $8,500k
And although it was not specifically amended, a grant for the Connelly Tech project-which was announced as an $8 million project in July-is now up to $12 million.