City of Pittsburgh - File #: 2006-1042

• File #: 2006-1042
• Version: 1
• Type: Resolution
• Status: Passed Finally
• File created: 12/12/2006
• In control: Committee on Finance, Law and Purchasing
• Final action: 12/18/2006
• Enactment date: 12/18/2006
• Enactment #: 756
• Effective date: 12/18/2006
• Title: Resolution authorizing the Mayor and the Director of the Department of Finance to enter into an agreement or agreements, together with the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority, with National Tax Funding, LP and/or Caulis Negris, LLC, their affiliates, successors or assigns, to repurchase real estate tax liens, delinquent charges and any and all other municipal claims assigned, transferred, sold and conveyed to National Tax Funding, LP and serviced by Capital Asset Research Corporation, Ltd., at a total cost not to exceed $6,500,000.
• Indexes: AGREEMENTS, PROPERTY ACQUISITION, SALE OF PROPERTY MISCELLANEOUS

Date	Ver.	Action By	Action	Result
12/18/2006	1	City Council	Passed Finally
12/18/2006	1	Mayor	Signed by the Mayor
12/18/2006	1	City Council	Passed Finally	Pass
12/13/2006	1	Committee on Finance, Law and Purchasing	Affirmatively Recommended	Pass
12/12/2006	1	City Council	Waived under Rule 8	Pass
12/12/2006	1	City Council	Read and referred

Presenter
Presented by Mr. Deasy

Title
Resolution authorizing the Mayor and the Director of the Department of Finance to enter into an agreement or agreements, together with the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority, with National Tax Funding, LP and/or Caulis Negris, LLC, their affiliates, successors or assigns, to repurchase real estate tax liens, delinquent charges and any and all other municipal claims assigned, transferred, sold and conveyed to National Tax Funding, LP and serviced by Capital Asset Research Corporation, Ltd., at a total cost not to exceed $6,500,000.

Body
Whereas, the City, the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority sold various liens in 1996, 1997, 1998 and 1999 to National Tax Funding, LP; and

Whereas, the City, the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority have repurchased liens on individual properties at considerable cost over a period of years in order to transfer ownership of said properties to individuals and community redevelopment corporations; and

Whereas, the City, the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority have reached a favorable negotiated settlement of the amount to be paid for the entire portfolio of outstanding liens at a fraction of the cost which would have been required to be paid under the terms and conditions of the original lien sale agreement; and

Whereas, the City, the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority could realize potential savings of approximately $49 million by repurchasing the entire lien portfolio rather than repurchasing liens on individual properties as needed; and

Whereas, it would be in the best interest of the City, the School District of Pittsburgh and the Pittsburgh Water and Sewer Authority to repurchase all of the remaining liens held by National Tax Funding, LP and affiliated entities in order t...