Redevelopment Authority of Allegheny County (RAAC)
A community’s institutions- hospitals, colleges and universities, major cultural organizations, and businesses - often are the heart of its employment base, its amenities and its attractiveness as a destination for tourists and a home for residents. Yet keeping pace for these organizations often requires multi-million dollar expansion and improvement projects that they may be hard-pressed to underwrite in a cost effective way. The Redevelopment Authority of Allegheny County (RAAC) assists in the generation, stimulation and management of economic and community growth. It achieves this mission by acquiring and preparing real estate for economic development activities, managing finances from various public sources and facilitating the reuse of vacant, tax-delinquent or blighted property.
RAAC is also responsible for administering the Economic Development Fund, a $50 million low-interest revolving loan fund that creates and preserves jobs in the region. Since its inception in 1995 the fund has created or retained an estimated 6,360 jobs by investing $43.8 million in local companies. Recipients include Dick’s Sporting Goods, Marconi Communications, EchoStar Communications and Marcegaglia USA.
Funding/ Financing Programs
Redevelopment Authority of Allegheny County and Allegheny County Economic Development Partner Programs
RAAC aids ACED’s Housing Development housing initiatives with financing, business development, master planning, reclamation activities and property acquisition and disposition. Programs assisted include:
The Authority recently administered a State Redevelopment Assistance Capital Grant for the Airside Business Park at Pittsburgh International Airport and is overseeing the redevelopment of the former Carrie Furnace site. In addition, RAAC through the ACED’s Development Division is engaged in property acquisition, site development and redevelopment, and infrastructure improvement. In these efforts, the Development Division partners with municipalities, developers, public agencies, nonprofit development organizations, brokers, agents, architects, engineers, contractors and lending institutions to ensure that the necessary resources are available to support each project. RAAC coordinates comprehensive plans with municipalities and conducts economic feasibility studies to leverage County resources for redevelopment projects to benefit the local tax base.
Project Spotlight - Carrie Furnace