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DEVELOPMENT: Meeting To Explain TRID Opportunity

Posted by Elwin Green on November 6, 2014 at 3:30 PM

Here's another flyer, regarding another meeting:

I asked Ivette Mongalo to help Homewood residents to make sense of all this. Ms. Mongalo is a principal with Mongalo-Winston Consulting LLC, which specializes in urban design and community engagement.  Her firm has been engaged by the Urban Redevelopment Authority to help conduct a study on transit-oriented development (TOD) around the Homewood stop of the East Busway.

The idea behind Transit Oriented Development is that the areas around major stops on public transit are good places to do real estate development, because of the amount of foot traffic those transit stops generate.

Besides the basic question of how to develop the area around the Homewood Busway stop (or station), there's the question of how pay for the work to be done. That's where TRID comes in.

The acronym stands for Transit Revitalization Investment District, which is a designation that can be given to a specific area targeted for development. Designating an area as a TRID creates a financing tool that can be used to do improvements.

Ms. Mongalo gave an example.

"If there's a large new development, the real estate taxes they have to pay...a portion could go to improving the sidewalks in the business district, or doing demolition or site prep for a new building somewhere else."

Next week's meeting will be the first of three, whose overall purpose is "to figure out if a TRID is a viable option to pursue, and if people in Homewood see it as a tool that could help the community."

In next week's meeting, she said, the study team will "explain what TRID is and ask what types of things it could pay for, then start to ask, 'Which of those things are most important to you?'"

At the second meeting, in December, "We will start to present some proposals on what people want to have paid for," and at the third and final meeting in January, consulting firm Fourth Economy will present the results of a feasibility study "based on what projects are possible.

"They'll make a recommendation to the community, and we'll see what the community thinks about that."

Where do developers come into the picture? 

"They're free to attend all of these public meetings just like anybody else," Ms. Mongalo said. "There's people that have approached the team. We're basically encouraging them to participate in the process and engage that way for now.

"Obviously, if developers come into the picture down the road, they're going to look at the study and see what the priorities of the community are."

For residents, the series of meetings are a way to declare those prorities, she said.

"You get to prioritize what TRID can pay for. You get to raise your concerns to the top. You get to be part of the decision making process."


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