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Resolution authorizing the execution of a cooperation agreement or agreements with the Urban Redevelopment Authority of Pittsburgh providing for reimbursement from the Urban Redevelopment Authority of Pittsburgh of certain costs to be incurred by the City of Pittsburgh related to Smallman Street in the Strip District of the City of Pittsburgh. (Council District 7)
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Whereas, a preliminary proposal has been presented to the City of Pittsburgh (the "City") for the tax increment financing of certain infrastructure improvements for Smallman Street between 16th and 21st Streets in the Strip District of the City of Pittsburgh, including redesign and construction of the street, sidewalks, parking, and related infrastructure (the "Project");
Whereas, the City's Department of Public Works ("DPW") will enter into engineering, construction and related contracts related to the Project and will pay corresponding costs as they are incurred;
Whereas, pursuant to separate legislation, the City empowered the Urban Redevelopment Authority of Pittsburgh (the "Authority") to provide financing for Project through, among other things, the use of a tax increment financing ("TIF") district in an amount up to $7,500,000.00 (the "Smallman Street TIF");
Whereas, the Authority has been preliminarily awarded a Redevelopment Assistance Capital Program ("RCAP") grant from the Commonwealth of Pennsylvania in the amount of $4,000,000.00 for the Project (the "RCAP Grant");
Whereas, the Authority has been preliminarily awarded Commonwealth of Pennsylvania Department of Community and Economic Development Multimodal grant funds in the amount of $1,000,000.00 for the Project (the "DCED Grant"); and
Whereas, the Authority intends to use various funding sources at its disposal for the Project, including, but not limited to, the Smallman Street TIF, RCAP Grant, the DCED Grant funds, and any foundation grants, City bond funds, and/or "paygo" funds that may become available (collectiv...
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