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Resolution authorizing the Mayor and the Director of the Department of Finance, on behalf of the City of Pittsburgh, to enter into a Cooperation Agreement with the Housing Authority of the City of Pittsburgh to document local cooperation and the Housing Authority’s agreement to make payments in lieu of taxes for Bedford Dwellings Phase III housing development.
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WHEREAS, the City of Pittsburgh (the “City”) and the Housing Authority of the City of Pittsburgh (the “HACP”) have previously entered into Cooperation Agreements with respect to local cooperation and payments in lieu of taxes for low-income housing units in the City; and
WHEREAS, the HACP has represented to the City that Bedford Dwellings Phase III (the “Project”) will qualify as tax-exempt properties under 35 P.S. § 1563; and
WHEREAS, pursuant to the requirements of applicable federal law, the parties now wish to enter into a cooperation agreement to govern local cooperation and to require payments in lieu of taxes to be made by the HACP to the City for the Project in order to provide additional low-income housing opportunities within the City of Pittsburgh.
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, on behalf of the City of Pittsburgh, are authorized to enter into a Cooperation Agreements with the Housing Authority of the City of Pittsburgh to document the City’s acceptance of payments in lieu of taxes from the HACP for the Projects according to the requirements of applicable law. The Cooperation Agreements will be subject to the approval of the City Solicitor as to form and substance. Payments from the HACP for the project will be deposited into account 11101.107000.41.41905 for Bedford Dwellings Phase III.