Jim Saksa | NewsWorks
A bill aiming to revamp a barely used state law promoting transit oriented development passed the state Senate unanimously Monday.
The bill, SB 385, overhauls the Transit Revitalization Investment District (TRID) Act of 2004.
Transit oriented development refers to clustering high-density, mixed-use buildings around transit hubs like train stations. Proponents argue that TOD helps limit urban sprawl, improves mobility and leads to higher property values.
Former Senate Majority leader Dominic Pileggi introduced the bill back in February, and expects it to move through the state House of Representatives without delay. The bill addresses one of the TRID Act’s fundamental flaws: they don’t raise enough money initially to fund investment. The bill allows proposed TRIDs to use a “tax capture” funding mechanism for infrastructure improvement funds. Read more