Capital Project Financing Plan
Pittsburgh Downtown Partnership
Economic Strategy
The Pittsburgh Downtown Partnership is a 501c3 operating as the business improvement district for Pittsburgh, PA. The organization aims to promote, preserve, and extend downtown Pittsburgh's safety, image, and economic development. Like many BIDs, the organization competes for public and private resources. The organization needs a clear strategy on the available resources and how to access and utilize them. Working with the PDP opens the opportunity to collaborate with hundreds of organizations working to improve neighborhoods, downtowns, and commercial corridors and to promote economic development across many geographies.
The Pittsburgh Downtown Partnership (PDP) engaged Fourth Economy to develop innovative financing strategies for capital projects in Downtown Pittsburgh, aiming to leverage a mix of public and private funding sources. The plan aimed to provide actionable recommendations and financial tools, drawing on successful models from other business districts and governmental levels. This initiative responds to the need for diversification and revitalization of Downtown’s real estate and public spaces, exacerbated by post-COVID shifts in work patterns and the consequent decrease in daytime population. The PDP’s mission is to enhance Downtown’s vibrancy, supported by a history of advocacy and improvement efforts since its inception.
Our Approach
Fourth Economy researched federal, state, county, and local financing mechanisms for nonprofits, as well as other private and innovative financing mechanisms. Through a process of research and interviews with similar organizations, the team compiled a list of available resources and analyzed the legal structure of the PDP, as well as the regulatory ecosystem, to determine eligibility.
The Results
The Fourth Econom team developed a series of deliverables: an easy-to-use tool with a curated list of applicable financial strategies, a calendar to facilitate the tracking of application deadlines and funding information and a recommendation memo with suggested next steps.
Location
Pittsburgh, PA