Title
Ordinance extending the term of existence of the Public Parking Authority of Pittsburgh until such date which is fifty years after the effective date of this Ordinance, pursuant to the provisions of the Parking Authority Law, Act of 1967, P.L. 458, as amended. (Parking Assets Lease)
Body
WHEREAS, it has been determined by the Council of the City of Pittsburgh and it is hereby declared as a matter of legislative finding, that the activities of Public Parking Authority of Pittsburgh in providing parking facilities within the City of Pittsburgh have promoted the health, safety and welfare of the general public by alleviating the traffic congestion which this Council found to exist all as set forth in Ordinance No. 206, approved July 11, 1947; and
WHEREAS, it has been determined by Council and it is hereby declared as a matter of legislative finding that the Public Parking Authority of Pittsburgh will be able to continue to meet the continuing problems of traffic congestion and the need for off-street parking within the City while at the same time providing a needed source of capital which may be used to enhance the financial stability of the City of Pittsburgh by entering into the Pittsburgh Public Parking Facilities System Concession and Lease Agreement and the Pittsburgh Metered Parking System Concession and Services Agreement with LAZ Parking and J. P. Morgan IFF Acquisitions LLC, operating as Pittsburgh Parking Partners, LLC (collectively, the "Parking Concession Agreements"), thereby protecting the health, safety and welfare of the general public; and
WHEREAS, the Parking Concession Agreements have terms expiring fifty years after the effective date thereof and require that the City of Pittsburgh have extended the term of existence of the Public Parking Authority of Pittsburgh for a period of fifty (50) years after the adoption of an ordinance to such effect; and
WHEREAS, the Act of the General Assembly No. 108, approved June 26, 1963...
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