City of Pittsburgh - File #: 2018-0829

• File #: 2018-0829
• Version: 3
• Type: Resolution
• Status: Passed Finally
• File created: 8/31/2018
• In control: Committee on Intergovernmental Affairs
• On agenda: 9/19/2018
• Final action: 9/25/2018
• Enactment date: 9/25/2018
• Enactment #: 648
• Effective date: 9/28/2018
• Title: Resolution approving a Tenancy in Common Agreement between the City of Pittsburgh, Housing Authority of the City of Pittsburgh, and Urban Redevelopment Authority of Pittsburgh, with respect to 420 Boulevard of the Allies.
• Indexes: AGREEMENTS

Date	Ver.	Action By	Action	Result
9/28/2018	3	Mayor	Signed by the Mayor
9/25/2018	2	City Council	AMENDED	Pass
9/25/2018	2	City Council	Passed Finally, As Amended	Pass
9/19/2018	2	Standing Committee	RESCINDED	Pass
9/19/2018	2	Standing Committee	RECOMMITTED	Pass
9/19/2018	2	Standing Committee	AMENDED	Pass
9/19/2018	2	Standing Committee	Affirmatively Recommended as Amended	Pass
9/18/2018	1	City Council	Passed Finally	Pass
9/12/2018	1	Standing Committee	Held in Committee	Pass
9/4/2018	1	City Council	Read and referred

Title
Resolution approving a Tenancy in Common Agreement between the City of Pittsburgh, Housing Authority of the City of Pittsburgh, and Urban Redevelopment Authority of Pittsburgh, with respect to 420 Boulevard of the Allies.

Body
WHEREAS, pursuant to that certain Purchase and Sale Agreement dated as of July 11, 2018 between 420 Allies, LLC, a Delaware limited liability company and City Co-Owner, HACP Co-Owner and URA Co-Owner, as Buyer, each of City Co-Owner, HACP Co-Owner, and URA Co-Owner intend to acquire as tenants-in-common an undivided interest in the property located at 420 Boulevard of the Allies, Block 1-M, Lot 150 in the 1st Ward, City of Pittsburgh, Commonwealth of Pennsylvania, together with the improvements thereon and certain fixtures, equipment and personal property related thereto; and

WHEREAS, City Co-Owner, HACP Co-Owner and URA Co-Owner have entered into that certain Financing Cooperation Agreement effective as of August 1, 2018 (the "Financing Cooperation Agreement") to set forth their understanding of their respective rights and duties related to the acquisition of the Property, the Pre-Closing Authorizations, the Financing Legislation and the Financing Security (as such terms are defined in the Financing Cooperation Agreement); and

WHEREAS, the Financing Cooperation Agreement contemplates that City Co-Owner, HACP Co-Owner and URA Co-Owner would execute a tenant-in-common agreement to specify their respective ownerships, duties and responsibilities as set forth on the Draft Operating Pro Forma attached as Exhibit D to the Financing Cooperation Agreement; and

WHEREAS, City Co-Owner, HACP Co-Owner, and URA Co-Owner desire to set forth certain agreements regarding (i) the Property and their co-ownership in the Property, (ii) the redevelopment, management, operation, financing and use of the Property, and (iii) certain other agreements regarding their rights and interests with respect to the Property.

Be it resolved by the Council of...