Penguins yield $15 million in credits but gain extra time to develop Civic Arena site

Mark Belko | Monday, November 6, 2017, Pittsburgh Post-Gazette

The Penguins will exchange $15 million in credits for land and give up one parcel as part of a tentative agreement with the city that gives the team more time to redevelop the former Civic Arena site.

Under the agreement announced Monday, the team will be required to develop nearly 6.5 acres of the 28 acres by 2020 or forfeit a portion of the parking revenue it now receives, with proceeds being deposited in a fund to finance redevelopment in the Hill District. Most of the site is now devoted to parking, with the Penguins getting all the revenue.

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