4.3.
Economic Development Authority (EDA)
- Meeting Date:
- 03/08/2012
- Submitted For:
- Aaron Backman
- By:
- Aaron Backman, Administrative Services
Title:
Transit Improvement Area (TIA) Application
Background:
Transit Improvement Areas (TIAs) are specially designated tracts of land near transit stations that support bus rapid transit, light rail transit or commuter rail and have the potential to increase ridership and stimulate new commercial and residential development. Designated TIAs must encompass a half-mile radius around a transit station. Cities, counties and joint power boards are eligible to apply for TIA status.
When TIA funding from the State of Minnesota becomes available, designated TIAs may apply for loans to help pay for commercial, residential and mixed-use development projects that involve one or more modes of public transit, increase ridership, and provide for safe, pedestrian-friendly use.
There are currently 54 approved designated TIAs in the State of Minnesota. DEED has invited communities to submit new applications for Transit Improvement Areas in 2012.
When TIA funding from the State of Minnesota becomes available, designated TIAs may apply for loans to help pay for commercial, residential and mixed-use development projects that involve one or more modes of public transit, increase ridership, and provide for safe, pedestrian-friendly use.
There are currently 54 approved designated TIAs in the State of Minnesota. DEED has invited communities to submit new applications for Transit Improvement Areas in 2012.
Observations:
Funding Source:
N/A
Staff Recommendation:
Staff recommends that the EDA formally support the City Council's resolution in favor of the TIA Application.
EDA Action:
EDA can formally support the City Council's resolution in favor of the TIA Application.
Attachments
Form Review
- Form Started By:
- abackman
- Started On:
- 03/02/2012 12:05 PM
- Final Approval Date:
- 03/02/2012