Title
Resolution authorizing the Mayor and the Director of the Office of Management & Budget to enter into an Amended and Restated Cooperation and Support Agreement between the City of Pittsburgh and the Allegheny Regional Asset District.
Body
WHEREAS, the City of Pittsburgh ("Regional Asset") and the Allegheny Regional Asset District (the "District") entered into an Agreement dated March 1, 1995, setting forth the terms pursuant to which the Regional Asset received funding from the District for an initial ten (10) year term through December 31, 2004; and
WHEREAS, the Regional Asset and District have subsequently entered into three (3) Amended and Restated Cooperation and Support Agreements to provide funding to the Regional Asset from the District through December 31, 2009, December 31, 2014, and December 31, 2019, respectively; and
WHEREAS, pursuant to a District Board resolution dated January 10, 2019, the District authorized a further five (5) year extension of funding to the Regional Asset; and
WHEREAS, therefore, the District and the Regional Asset now wish to enter into a new Amended and Restated Cooperation and Support Agreement for the purpose of setting forth the terms pursuant to which the District will continue to provide funds to the Regional Asset during the period from January 1, 2020, through December 31, 2024.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor and the Director of the Office of Management & Budget, on behalf of the City of Pittsburgh, are authorized to enter into an Amended and Restated Cooperation and Support Agreement with the Allegheny Regional Asset District to set forth the terms pursuant to which the City will continue to receive operating grants of at least Four Million, Two Hundred Twelve Thousand Dollars ($4,212,000.00) annually for the 2020, 2021, 2022, 2023, and 2024 fiscal periods of the District. The Amended and Restated Cooperation Agreement shall be in a form approv...
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