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STADIUM AUTHORITY
The Stadium Authority of the City of Pittsburgh was formed by the City of Pittsburgh on March 9, 1964 pursuant to the provisions of the Public Auditorium Authorities Law of the Commonwealth of Pennsylvania approved July 29, 1953, P.L. 1034, as amended (recodified as the Sports and Exhibition Authority Act 16 P.S. Section 5502-A et seq.). Five members serve on the Stadium Authority's Board of Directors, appointed by the Mayor of Pittsburgh. The Stadium Authority was responsible for the construction of Three Rivers Stadium and related parking facilities, which began on April 25, 1968. The stadium, which seated 47,972 for baseball and 59,000 for football, opened on July 16, 1970. Three Rivers was demolished in February 2001 to make room for Heinz Field, the new home of the Pittsburgh Steelers and University of Pittsburgh Panthers. Board Members
Michael Danovitz, Chairman Assets and Development Projects The Stadium Authority currently owns West General Robinson Street Garage as well as the surface parking lots between PNC Park and Heinz Field, a portion of which is known as the Option Area. The Stadium Authority also leases land north of PNC Park that it uses for parking. Parking Lots and Garages Both the garage and lots are managed by or leased to ALCO Parking Corporation. On May 1, 1966, the Stadium Authority, Pittsburgh Associates (Pirates), Pittsburgh Steelers Sports, Inc., and Parking Authority entered into a lease with ALCO Parking Corporation with respect to a portion of the land, which is known as the Option Area. That lease was replaced by a new Lease Agreement dated November 30, 1999 between the Stadium Authority, the Sports and Exhibition Authority (SEA), and ALCO Parking Corporation. The new lease provided for amendments to the lease terms that permitted the following improvements:
Option Area The Stadium Authority, the SEA, the Pirates, and the Steelers entered into a mutual agreement (the Option Agreement) with respect to future North Shore development. The Option Agreement gives the Pirates and Steelers development rights to the land between PNC Park and Heinz Field. In order to incentivize the teams to develop the Option Area's surface parking, unlike what occurred with Three Rivers Stadium, the teams are given only limited parking revenue. Instead, certain parking revenue is placed in a development fund that is accessed only when a parcel is developed. The teams hired Continental Real Estate Companies as developer of this land, which consists of twelve parcels. The Stadium Authority oversees this development according to the terms of the Option Agreement. The Option Area has been developed, thus far, into two buildings over three parcels: the Equitable Resources building and the Del Monte building. The teams developed the Equitable Resources building in 2003 and the Del Monte Building in 2004. Several restaurants and businesses have moved into these buildings including: Financial Statement To view the latest financial statement of the Stadium Authority, please click here.
Last Updated 1/2/13
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