Section 850.502 - Development or redevelopment of propertyDevelopment or redevelopment of property within a TRID shall generally occur in the following manner:
(1) The public transportation agency, municipality or management entity may acquire the property, improve it for future development, such as site clearance, utility work, environmental remediation and similar improvements, and work cooperatively with the pertinent local jurisdiction or jurisdictions and implementing agencies to offer it for sale to the private sector for use or uses consistent with the adopted TRID plan.(2) Alternatively, the public transportation agency, municipality or management entity may advertise the presence of available development sites within a TRID, including a map of potentially developable or redevelopable properties, and invite interested developers to submit proposals in cooperation with the pertinent local jurisdiction or jurisdictions and implementing agencies.(3) In the case of either paragraph (1) or (2), the public transportation agency may not be the primary real estate developer, and joint development activities are confined to the construction of support and access facilities: that is, vehicular access, parking, pedestrian ways, building pads, foundation columns, signage and similar items.(4) Similar to, but not limited by, the act of July 11, 1990 ( P.L. 465, No.113), known as the Tax Increment Financing Act, a public transportation agency, municipality, management entity or a designated agent may issue bonds, deposit money into the TRID account , enter into any contracts or agreements, including agreements with bondholders, as determined to be necessary or convenient to implement the provisions and effectuate the purposes of TRID project plans. The contracts or agreements may include conditions, restrictions or covenants which either run with the land or otherwise regulate the use of the land.(5) Creative partnerships with AMTRAK, passenger rail transportation providers, transportation authorities and the private sector to accomplish TRID purposes that use the benefits of AMTRAK's and passenger rail service providers' existing real estate development powers are both desirable and encouraged. (6)[Deleted by 2016 Amendment.]Amended by P.L. TBD 2016 No. 151, § 2, eff. 2/2/2017.2004, Dec. 8, P.L. 1801, No. 238, §502, effective in 60 days [ 2/7/2005].