Presenter
Presented by Ms. Carlisle
Title
Resolution requesting that the URA immediately terminate, in whole or in part, the Pittsburgh Development Fund.
Body
WHEREAS, by City Council Resolution No. 963, effective December 21, 1994, the Council of the City of Pittsburgh approved a Cooperation Agreement with the Urban Redevelopment Authority of Pittsburgh ("URA") providing for the URA to issue taxable bonds netting approximately Sixty Million Dollars ($60,000,000.00) and the city to irrevocably assign a portion of its receipts from a one percent sales, use and hotel excise tax within Allegheny County enacted under Pennsylvania House Bill 659 (P.L. 529, No. 77, approved December 22, 1993) to repay the URA taxable bonds over a period of twenty (20) years; and,
WHEREAS, the Sixty Million Dollar fund created by the issuance of taxable bonds by the URA is known as the Pittsburgh Development Fund ("PDF"); and,
WHEREAS, the PDF has been administered by the URA for purposes including the provision of loans in residential, office, retail, commercial, and industrial development throughout the City by attracting, maintaining and continuing private investment in the City; and,
WHEREAS, the Council of the City of Pittsburgh finds that the PDF has been effective in stimulating residential, office, retail, commercial, industrial and other development; and,
WHEREAS, the Council of the City of Pittsburgh finds that the PDF has reached the terminus of its effectiveness and fiscal wisdom; and,
WHEREAS, the Council of the City of Pittsburgh further finds it to be in the best interests of its residents and taxpayers to immediately terminate the PDF, in whole or in part; and,
Be it resolved that the Council of the City of Pittsburgh hereby enacts as follows:
SECTION 1. URA is requested to amend the cooperation agreement creating the PDF as follows:
Effective immediately, the URA shall not accept new applications for funds from the Pittsburgh ...
Click here for full text