City of Pittsburgh - File #: 2013-2049

• File #: 2013-2049
• Version: 1
• Type: Resolution
• Status: Passed Finally
• File created: 11/19/2013
• In control: Committee on Intergovernmental Affairs
• Final action: 12/3/2013
• Enactment date: 12/3/2013
• Enactment #: 772
• Effective date: 12/5/2013
• Title: Resolution approving execution of a Contract for Disposition by Sale of Land by and between the Urban Redevelopment Authority of Pittsburgh and Smithfield Oliver Partners, LP for the sale of Block 2-A, Lots124 & 127 and Block 2-E, Lot 4, situated in the 2nd Ward of the City of Pittsburgh in the 2nd Ward of the City of Pittsburgh, Council District No.6 (Commercial Development).
• Indexes: URA DISPOSITION OF CONTRACTS

Date	Ver.	Action By	Action	Result
12/6/2013	1	Mayor	Signed by the Mayor
12/3/2013	1	City Council	Passed Finally	Pass
11/25/2013	1	Standing Committee	Affirmatively Recommended	Pass
11/19/2013	1	City Council	Read and referred

Presenter

Presented by Mrs. Harris

Title

Resolution approving execution of a Contract for Disposition by Sale of Land by and between the Urban Redevelopment Authority of Pittsburgh and Smithfield Oliver Partners, LP for the sale of Block 2-A, Lots124 & 127 and Block 2-E, Lot 4, situated in the 2^nd Ward of the City of Pittsburgh in the 2^nd Ward of the City of Pittsburgh, Council District No.6 (Commercial Development).

Body

Whereas, the Urban Redevelopment Authority of Pittsburgh has requested authorization to execute a Contract for Disposition by Sale of Land by and between the Urban Redevelopment Authority of Pittsburgh and Smithfield Oliver Partners, LP in connection with the sale of Block 2-A, Lots124 & 127 and Block 2-E, Lot 4, for $2,225,000.00, said property being located in the 2^nd Ward of the City of Pittsburgh in the 2^nd Ward of the City of Pittsburgh; and

Whereas, the Council of the City of Pittsburgh believes that the proposed Contract is in the best interest of the City of Pittsburgh and desires to give its approval in accordance with the provisions of the Urban Redevelopment Law.

Now, Therefore, Be It Resolved By The Council Of The City Of Pittsburgh As Follows:

Section 1.      That execution of a Contract for Disposition by Sale of Land by and between the Urban Redevelopment Authority of Pittsburgh and Smithfield Oliver Partners, LP in connection with the sale of Block 2-A, Lots124 & 127 and Block 2-E, Lot 4, for $2,225,000.00, said property being located in the 2^nd Ward of the City of Pittsburgh, be and the same is hereby approved.

SEE ATTACHMENT

Attachment

FACT SHEET

Resolution approving execution of a Disposition Contract-Smithfield Oliver Partnership, LP

PROPERTY:                              339 & 347 5^th Avenue and 513 Smithfield Street

            Block 2-A, Lots 124 & 127 and Block 2-E, Lot 4

TYPE/SIZE:                              Commercial Structure

      Land Area = Approx. 59,240 sq. ft.

PURCHASE PRICE:                  $2,225,000.00

COUNCIL DISTRICT:                  6^th Council District - 2^nd Ward

ADJOINING PROPERTIES:            The property is located at 339 & 347 5^th Avenue and 513 Smithfield Street in the Central Business District of the City. The site is adjoined by Block 1-D, Lot 259, Block 2-A, Lot 125 and Block 2-E, Lot 1 having Fair Market Values ranging from $470,800 to $27,500,000 for tax assessment purposes. Photos of the subject property and adjoining structures are provided on the attached printouts from County records.

REDEVELOPER:                         Smithfield Oliver Partnership, LP

95 W. Beau Street, Suite 600

Washington, PA  15301

                                    Partners

Millcraft Investments, Inc - Brian Walker, CFO,                                           Treasurer, Secretary

McKnight Realty Partners LLC - William Rudolph

Urban Redevelopment Authority of Pittsburgh -                                           Robert Rubinstein, Acting Executive Director

ZONING:                                                   GTA

INTENDED USE:                        The redeveloper intends to construct a 600 car parking structure with approximately 25,000 square feet of retail on the ground floor. The use is in conformity with Zoning.  The redeveloper will apply for a building permit prior to the start of construction.

MAP:                                    A Block and Lot Map of the immediate area is attached