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File #: 2010-0220    Version:
Type: Resolution Status: Passed Finally
File created: 3/9/2010 In control: Committee on Finance and Law
On agenda: Final action: 3/16/2010
Enactment date: 3/16/2010 Enactment #: 154
Effective date:    
Title: Authorizing and directing the City Clerk to enter into an agreement or agreements with the Comprehensive Municipal Pension Trust Fund Board (CMPTF), the Government Finance Officers Association (GFOA), and the Intergovernmental Cooperation Authority (ICA) and/or other entities for the purpose of providing an independent examination of the value of the assets of the Pittsburgh Parking Authority. The scope of the study shall include the real estate value and the market value of the garages, facilities, lots, other assets, and the City's on-street meter system; and examination of the Mayor's monetization proposal; Sale of PPA facilities; Privatization of PPA management with revenue sharing; the Public Plan proposal transferring assets to the pension; and President Harris's option to keep the assets and increase rates by providing clear, objective quantitative data related to the impact on the pension fund and City operations. The cost to the City shall not exceed $50,000.00
Sponsors: Darlene M. Harris, Natalia Rudiak, Bruce A. Kraus
Indexes: AGREEMENTS, PARKING ASSETS
Attachments: 1. 2010-0220.doc, 2. 2010-0220 v2.doc
title
Authorizing and directing the City Clerk to enter into an agreement or agreements with the Comprehensive Municipal Pension Trust Fund Board (CMPTF), the Government Finance Officers Association (GFOA), and the Intergovernmental Cooperation Authority (ICA) and/or other entities for the purpose of providing an independent examination of the value of the assets of the Pittsburgh Parking Authority. The scope of the study shall include the real estate value and the market value of the garages, facilities, lots, other assets, and the City's on-street meter system; and examination of the Mayor's monetization proposal; Sale of PPA facilities; Privatization of PPA management with revenue sharing; the Public Plan proposal transferring assets to the pension; and President Harris's option to keep the assets and increase rates by providing clear, objective quantitative data related to the impact on the pension fund and City operations. The cost to the City shall not exceed $50,000.00

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Now therefore, be it resolved by the Council of the City of Pittsburgh as follows:

Section 1. The City Clerk is authorized and directed to enter into agreement or agreements with the GFOA and ICA and/or other entity or entities for the purpose of examining the sale, lease, retention or transfer of the assets of the Pittsburgh Parking Authority (PPA). The cost to the City not to exceed $50,000.00

Section 2. The scope of the report shall include the real estate value and the market value of the PPA garages, facilities, lots, other assets, and the City's on-street meter system; the study of the "Public Plan" transferring PPA assets into the Comprehensive Municipal Pension Trust Fund as defined by Councilman Dowd's and Controller Lamb's proposal; the study of the Mayor's PPA asset monetization proposal; Sale of PPA facilities; privatized management with revenue sharing; and the study of President Harris' option of the PPA retaining the assets and enhancing parking...

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