Title
Resolution amending resolution No. 768 of 2019, 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), up to a maximum of $10,000,000.00 to fund affordable housing at the proposed City's Edge development in the Uptown neighborhood of the City of Pittsburgh, by adding language that would also allow for the funding of infrastructure, public-space improvements and a combined 508-space parking structure on site, as well as reducing the amount of proposed affordable housing units from 77 to 63.
Body
Whereas, the City's Edge development will be a mixed-use, mixed-income development on property owned by the Authority located at approximately 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 508-space parking garage for the Project (the "Garage") and a community healthcare center;
Whereas, the tax increment funds from the Garage will be used to fund affordable housing, infrastructure, and public-space improvements and a combined 508-space parking structure for the Project, including 77 63 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, infrastructure, public-space improvements and a combined 508-space parking structure, 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 Redevelopmen...
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