Presenter
Presented by Mrs. Harris
Title
Resolution authorizing a Cooperation Agreement between the City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh to divert 75% of the incremental parking taxes, up to $7,000,000, in order to fund a portion of the redevelopment of the former Saks Building into the 350 Oliver Project. (Council District 6)
Body
Whereas, there exists within the City of Pittsburgh (the "City") a serious shortage of public parking which hinders the redevelopment of properties within the City; and
Whereas, significant investments in properties are being made in the Inner Golden Triangle Redevelopment Area #54 of the City, including the construction of a mixed-use structure expected to include retail space on the first floor and an approximately 600-space parking garage (the "Garage") above (collectively, the "Project"); and
Whereas, the developer of the Project, a to-be-formed limited partnership (the "Developer") between Millcraft Investments, Inc., McKnight Realty Partners, LLC, and the Urban Redevelopment Authority of Pittsburgh (the "Authority"), has indicated that additional funds are needed to pay for the costs of construction of the Project; and
Whereas, the Garage is expected to help to alleviate the parking shortage and to generate significant parking taxes due to the need for such a facility; and
Whereas, the Developer has requested that 75% of the parking taxes generated by the Garage during its first 20 years of operation be made available to the Developer to pay a portion of the costs of the construction (and/or the financing of construction) of the Project; and
Whereas, the Redevelopment Cooperation Law, 35 P.S. §1741 et seq., as amended (the "Redevelopment Cooperation Law"), authorizes a city to enter into agreements with a redevelopment authority to carry out its public purposes upon the terms and over the period contemplated herein for the Project.
Now, therefore, be it resolved...
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