Regional Destination Financing Plan

Regional Destination Financing Plan Introduction In July of 1998, the SEA began working with the Commonwealth of Pennsylvania, the City of Pittsburgh, and Allegheny County to implement the Regional Destination Financing Plan (RDFP). The goal of the RDFP was to make Pittsburgh a premier destination for people across the country and around the world. The RDFP supported the construction of PNC Park, Acrisure Stadium, and the expansion of the David L.

Lawrence Convention Center, as well as the infrastructure improvements associated with these projects. The RDFP's combined cost exceeds $1 billion with monies coming from hotel tax and sales tax revenues, Steelers ticket surcharges, parking revenues, State appropriations, federal transportation funds, corporate funds, foundation money, and team contributions. No City or County funds were used to pay for these projects.

Funding sources and uses include the following: Sources of Funds RAD (Sales Tax) Bonds $173,028,89 Hotel Tax Bonds $185,129,132 Parking Revenue Bonds $27,607,99 State Funds $339,000,000 Football Contribution (private) $69,973,126 Personal Seat License Fee $43,868,648 Baseball Contribution (private) $61,239,860 Federal Funding $54,270,243 Interest $39,553,086 Stadium Authority $21,280,459 Foundations $15,924,583 Insurance $2,344,150 Capital Campaign $5,249,220 Other $32,047,857 Total Sources $1,070,517,253 Uses of Funds PNC Park $273,548,391 Acrisure Stadium $262,893,423 North Shore Infrastructure $63,416,617 North Shore Garage $27,334,012 North Shore Riverfront Park $30,307,159 Convention Center $373,439,073 Convention Center Infrastructure $39,578,578 Total Uses $1,070,517,253 History August 4, 1994 The announcement that the Pirates are for sale becomes public.

Major League Baseball makes a new ballpark a requirement for the sale to occur. August 11, 1994 Baseball strike occurs and halts the season. Revenue sharing and salary-cap issues are unresolved when the season begins in 1995. September 7, 1995 Kevin McClatchy negotiates a preliminary deal to buy the Pirates. October 9, 1995 Steelers president Dan Rooney makes a public statement that Three Rivers Stadium needs to be upgraded or a new football stadium is needed for the team to remain competitive.

A $75 million estimate is disclosed for the upgrading of Three Rivers Stadium. October 25, 1995 National League President states that the McClatchy bid for the Pirates will not be accepted without a new ballpark.