Title
Resolution amending resolution No. 446 of 2018, authorizing a Cooperation Agreement between the City of Pittsburgh (the "City") and the Urban Redevelopment Authority of Pittsburgh (the "Authority") to divert 75% of the incremental parking taxes from the Garage (as defined below), by increasing the maximum amount from $7,000,000.00 to $10,000,000.00, to fund affordable housing at the proposed City's Edge development in the Uptown neighborhood of the City of Pittsburgh, increasing the number of parking spaces in the parking garage from 439 to 508, and increasing the number of affordable housing units from 74 to 77.
Body
Whereas, the City's Edge development will be a mixed-use, mixed-income development on property owned by the Authority located at approximately 1300 1400 Colwell Street, on Block 2-H, Lots 108, 110, 111-A, 111-B, 112, 113, 114,115, 116, 117, 118, 119, 120, 120-A, 120-B, 121-A, 121-B, and 122, commonly referred to as Lot F, in the 3rd Ward of the City of Pittsburgh (the "Project") and an integral 439 508-space parking garage for the Project (the "Garage");
Whereas, the tax increment funds from the Garage will be used to fund affordable housing and public-space improvements for the Project, including 74 77 units of affordable housing (affordable at 20% to 80% of area median income) (the "Affordable Housing");
Whereas, the City's Edge Redeveloper has requested that 75% of the parking taxes generated by the Garage during its first 19 years of operation be made available to the Redeveloper to pay a portion of the costs of construction of the Affordable Housing, and 75% of the parking taxes generated by the Garage during its 20th year of operation will be diverted into the Affordable Housing Fund; and
Whereas, the Redevelopment Cooperation Law, 35 P.S. ?? 1741, et seq., as amended, 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....
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