Title
Resolution authorizing Cooperation Agreement with the Urban Redevelopment Authority to Fund and Implement the Pittsburgh Housing Opportunity Fund.
Body
Resolution approving the terms of and authorizing the execution and delivery of a Cooperation Agreement with the Urban Redevelopment Authority of Pittsburgh (the "URA") relating to the administration of the Housing Opportunity Fund established by City Council Ordinance Number 37 of 2016, and authorizing the assignment to the URA of ten million dollars ($10,000,000) per year, for a period of twelve (12) years, commencing January 1, 2018, for the purpose of implementing the Housing Opportunity Fund.
Whereas, the City of Pittsburgh established a Housing Opportunity Fund (the "Fund") pursuant to Ordinance Number 37 of 2016 (the "Ordinance") to support the development and preservation of affordable and accessible housing within the City, and said Ordinance designates the Board of Directors of the URA as the Governing Board of the Fund and contemplates employees of the URA administering said fund pursuant to the terms of the Ordinance; and,
Whereas, the Ordinance states that it is the intent of the City Council that a fully capitalized Fund have at least $10 million per year in annual revenue; and
Whereas, to ensure that the City will have sufficient public moneys to accomplish the purposes of this Resolution, the City has identified available sources of revenue from its general fund.
Now therefore, be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor and the Director of the Department of Finance are hereby authorized and directed to enter into an administrative services agreement (the "Cooperation Agreement") with the URA in form approved by the City Solicitor, to effect the assignment to the URA of a goal of ten million dollars ($10,000,000) per year, commencing January 1, 2018, and continuing for a period of twelve years thereafter, for the purpose of implementing the...
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