Share to Facebook Share to Twitter Bookmark and Share
File #: 2020-0958    Version: 1
Type: Resolution Status: Passed Finally
File created: 12/4/2020 In control: Committee on Intergovernmental Affairs
On agenda: 12/8/2020 Final action: 12/28/2020
Enactment date: 12/28/2020 Enactment #: 678
Effective date: 12/30/2020    
Title: Resolution authorizing a Second Amendment to the Pittsburgh Development Fund Cooperation Agreement dated January 24, 1995 between the City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh (Council Districts: All)
Indexes: URA COOPERATION AGREEMENTS
Attachments: 1. 2020-0958 Cover Ltr -Second Amendment to PDF Letter 120120, 2. Summary 2020-0958
title
Resolution authorizing a Second Amendment to the Pittsburgh Development Fund Cooperation Agreement dated January 24, 1995 between the City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh (Council Districts: All)

body
WHEREAS, pursuant to Resolution No. 963 of 1994, effective December 21 1994, the Council of the City of Pittsburgh authorized the City of Pittsburgh (the "City") to enter into the Pittsburgh Development Fund Cooperation Agreement (the "Cooperation Agreement") with the Urban Redevelopment Authority of Pittsburgh (the "URA") pursuant to which the URA agreed to issue taxable bonds netting approximately $60,000,000 and the City agreed to irrevocably assign a portion of its receipts from a one (1%) percent sales, use, and hotel excise tax within Allegheny County enacted under Pennsylvania House Bill 659 (P.L. 529, No. 77, approved December 2, 1993) to repay the URA taxable bonds over a period of 20 years; and

WHEREAS, the $60,000,000 fund created by the issuance of taxable bonds by the URA is known as the Pittsburgh Development Fund ("PDF"); and

WHEREAS, pursuant to Resolution No. 50 of 2001, effective February 15, 2001, the parties thereafter executed a first amendment to the Cooperation Agreement (the "First Amendment") dated March 19, 2002, whereunder the parties clarified the duration of the City's pledge of Assigned Receipts (as defined in the Cooperation Agreement), ratified certain actions taken by the URA with respect to the PDF, established the District Improvement Fund ("DIF"), and agreed upon guidelines for the DIF and PDF; and

WHEREAS, the taxable bonds issued by the URA for the PDF have been satisfied and the City no longer provides a portion of the taxes above-mentioned to repay such bonds; and

WHEREAS, the DIF was a part of the City's strategy to invest in important neighborhood development activities throughout the City; and

WHEREAS, on October 14, 2020, URA and the City formally launched the Avenues of Hope...

Click here for full text