Title
Resolution authorizing a Cooperation Agreement or Agreements with the Urban Redevelopment Authority of Pittsburgh in connection with the URA's application for a Redevelopment Assistance Capital Program grant of up to $2,500,000 for the Forbes Hotel project. (Council District 6)
Body
Whereas, the City of Pittsburgh (the "City") has authorized the Urban Redevelopment Authority of Pittsburgh ("URA") to file an application with the Commonwealth of Pennsylvania Office of the Budget (the "Commonwealth") for a grant under the Redevelopment Assistance Capital Program ("RACP") of up to $2,500,000 to be used for the Forbes Hotel project; and
Whereas, the Commonwealth requires the City to agree to reimburse it for any expenditure of RACP funds determined by the Commonwealth to be ineligible;
Now, therefore, be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor, on behalf of the City of Pittsburgh, is authorized to enter into Cooperation Agreement or Agreements with the Urban Redevelopment Authority of Pittsburgh in a form approved by the City Solicitor, in which URA agrees to administer the Forbes Hotel project (the "Project") and the City agrees to reimburse the Commonwealth of Pennsylvania for the Commonwealth's share of any expenditure of RACP funds in the amount of $2,500,000 for the Project found by the Commonwealth to be ineligible.