City of Pittsburgh - File #: 2019-2362

• File #: 2019-2362
• Version: 1
• Type: Resolution
• Status: Passed Finally
• File created: 11/27/2019
• In control: Committee on Intergovernmental Affairs
• On agenda: 12/3/2019
• Final action: 12/17/2019
• Enactment date: 12/17/2019
• Enactment #: 852
• Effective date: 12/23/2019
• Title: Resolution authorizing a Cooperation Agreement between the City of Pittsburgh (the "City") and the Urban Redevelopment Authority of Pittsburgh (the "URA") to divert 75% of the incremental parking taxes from the Garage (as defined below) up to a maximum of $25,000,000, to fund general construction costs at the proposed Block E development, part of the greater Lower Hill development project, in the Lower Hill neighborhood of the City of Pittsburgh.
• Indexes: MISCELLANEOUS

Date	Ver.	Action By	Action	Result
12/23/2019	1	Mayor	Signed by the Mayor
12/17/2019	1	City Council	Passed Finally	Pass
12/11/2019	1	Standing Committee	Affirmatively Recommended	Pass
12/3/2019	1	City Council	Read and referred

title
Resolution authorizing a Cooperation Agreement between the City of Pittsburgh (the "City") and the Urban Redevelopment Authority of Pittsburgh (the "URA") to divert 75% of the incremental parking taxes from the Garage (as defined below) up to a maximum of $25,000,000, to fund general construction costs at the proposed Block E development, part of the greater Lower Hill development project, in the Lower Hill neighborhood of the City of Pittsburgh.

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Whereas, the Block E development will be a mixed-use garage, entertainment, and retail development on property owned by the Sports and Exhibition Authority, located at Block 2-C, Lot 406, in the 3rd Ward of Pittsburgh (the "Project") and an integral 850-space parking garage for the Project (the "Garage"); and

Whereas, the Project is expected to help catalyze the Lower Hill development project, help alleviate the parking shortage, and generate significant parking taxes due to the need for such a facility; and

Whereas, the developer of the Project, Buccini/Pollin Group, Inc. (the "Redeveloper"), has indicated that additional funds are needed to pay for the costs of construction of the Project; and

Whereas, the tax increment funds from the Garage will be used to fund construction for the Project, including 97,000 square foot live entertainment venue with adjacent lawn, 60,000 square feet of retail/commercial space, and 285,000 square feet of parking; and

Whereas, the Block E developer 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 Project, 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 City of Pittsburgh will dedicate the remaining 25% of the parking taxes generated by the Garage to a fund to support affordable housing initiatives within the Hill Distri...