Presenter
Presented by Mr. Udin
Title
Resolution authorizing a Cooperation Agreement with the Urban Redevelopment Authority of Pittsburgh providing for the assignment to the Authority of a portion of certain parking taxes generated by the Cultural Trust Service Center Garage which the City is entitled to receive. (Council District No. 6).
Body
Whereas, there exists within the City of Pittsburgh a serious shortage of public parking which hinders the redevelopment of properties within the City; and
Whereas, the Pittsburgh Cultural Trust (the "Trust") is making major investments in properties in Redevelopment Area No. 53, Cultural District, including the construction of a 10-story structure containing an approximately 791-space parking garage (the "Garage"), a 3,500 square foot service center, a 225 seat cabaret theatre and approximately 4,500 square feet of retail space (collectively, the "Project"); and
Whereas, the Garage is expected to help alleviate the parking shortage and generate significant parking taxes due to the need for such facility; and
Whereas, the Trust has requested that 85% of the parking taxes in excess of $56,588 per year (the "Base Amount") generated by the Garage during its first five years of operation and 75% of the parking taxes in excess of the Base Amount per year generated by the Garage during the 6th through the 15th years of operation be made available to the Trust to aid in construction and/or financing of construction of the Project; and
Whereas, the Redevelopment Cooperation Law authorizes a city to enter into agreements with a redevelopment authority to carry out its public purposes upon the terms and over the period contemplated herein for the Project.
Be it resolved that the Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The Mayor and the Director of the Department of Finance are hereby authorized to enter into a Cooperation Agreement with the Urban Redevelopment Authority of Pittsburgh ("URA"), in form approved by the City Solicitor, irrevocably assigning to URA 85% of all parking taxes in excess of the Base Amount per year generated by the Garage during its first five years of operation and 75% of the parking taxes in excess of the Base Amount per year generated by the Garage during the 6th through 15th years of operation, such revenues (or a substitution if the parking tax is repealed or modified) to be made available to the Trust or its lenders to aid in construction and/or financing or refinancing of construction of the Project.
Section 2. URA is authorized to establish with a financial institution a special account into which all parking taxes from the Garage shall be deposited and from which disbursements shall be made as described above.
Section 3. The proper officers of the City of Pittsburgh are authorized to execute all necessary and appropriate documents and instruments and to do all other acts as may be necessary and proper to carry out the purpose and intent of this Resolution.