BNY Mellon Commits $3 Million to Hill District Neighborhood

Released Date: 
7 Oct 2008
PITTSBURGH, Oct 08, 2008 /PRNewswire via COMTEX/ -- Six-Year Neighborhood Partnership Program Will Focus on Education, Job Training and Community Revitalization

BNY Mellon (BK 24.45, +2.48, +11.3%) today announced it will contribute $3 million over a six-year period to the Hill District community through Pennsylvania's Neighborhood Partnership Program (NPP).

Support for an NPP program was one of the negotiated outcomes of the One Hill Community Benefits Agreement signed on August 19, 2008, between the Hill District community, the City of Pittsburgh, Allegheny County, the Sports and Exhibition Authority (SEA) and the Pittsburgh Penguins. Through this agreement, the Penguins found a responsible and interested corporate citizen in BNY Mellon.

"We are deeply honored to invest in a neighborhood with a noble history and promising future," said Vince Sands, chairman, BNY Mellon of Pennsylvania. "With more than 6,800 employees located within a mile of Centre Avenue and Crawford Street, and many of them volunteering in the Hill District and surrounding communities, we are both a corporate sponsor and an involved neighbor."

Hill House Association will serve as the NPP program administrator and will work with the One Hill Coalition, which represents more than 100 community groups assembled to identify and prioritize strategies for revitalizing Pittsburgh's historic Hill District. The NPP funds will address community needs ranging from job training and education to community improvements and social services. Upon final acceptance of the NPP application by the Pennsylvania Department of Community and Economic Development, it is anticipated that the first cycle of NPP funding recipients will be announced during the first quarter of 2009.

"BNY Mellon has a strong history of supporting Pittsburgh's neighborhoods, but never more than today with this unprecedented commitment to the Hill District," said Carl Redwood, chairman of the One Hill Coalition. "The BNY Mellon Neighborhood Partnership Program gives the One Hill CBA additional, strong support in the continuing efforts to revitalize the Hill."

Usually signed between community coalitions and developers, a community benefits agreement, or CBA, sets forth the benefits that the community will receive from a development project, ensures equitable development and contributes to stronger local economies and livable neighborhoods with increased public participation in the overall planning process.

"BNY Mellon's initial commitment is for six years, but its impact will last for decades to come," said Evan Frazier, Hill House Association president and CEO. "This neighborhood partnership provides evidence of the value the CBA brings to this community. Today is a great example of what's possible when communities, companies and public officials come together for the collective good."

"Fundamentally, good business decisions are also good community decisions, and it is extremely satisfying to our organization that our CBA has resulted in a six-year, multi-million-dollar commitment," said David Morehouse, Pittsburgh Penguins president. "The BNY Mellon commitment is a significant investment in the Hill District and a very positive local development."

"We are working together to make sure that the millions of dollars of new development under way translates into job opportunities and long-term neighborhood revitalization for the residents of the Hill," Mayor Luke Ravenstahl said. "Working with residents and committed businesses, a new, better city will be built on the Hill."

"I commend BNY Mellon, One Hill Coalition, Hill House and the Pittsburgh Penguins on their collaborative efforts," said Allegheny County Executive Dan Onorato. "This alliance provides the kind of commitment needed to foster and sustain our region and the historic Hill District community, which produced the likes of August Wilson and Art Blakey."

Councilwoman Tonya Payne added, "The real story here is that community members kept their commitment to make the neighborhood better, and the rest of us, including the developers and the government, resolved to find the right corporate sponsor in BNY Mellon to make it happen."

The Bank of New York Mellon Corporation, a global financial services company focused on helping clients manage and service their financial assets, operates in 34 countries and serves more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management, and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.