Title
Resolution authorizing the Mayor and Director of Operations City Solicitor to seek in partnership with the Pittsburgh Parking Authority an independent financial analysis of the proposed sale of City of Pittsburgh parking facilities and to prepare supporting resolutions.
Body
WHEREAS, the Council of the City of Pittsburgh (the "City") has authorized the Mayor to sell certain public parking assets known collectively as the City Parking Facilities to the Pittsburgh Parking Authority (the "Authority"); and
WHEREAS, the City Parking Facilities include Mellon Square Garage ("Mellon Garage") (Block and Lot - 2-A-132-0000-01, 2-A-132-0000-02), five surface parking lots: 12th & East Carson Lot (Block and Lot 3-H-163), Harvard/Beatty Lot (Block and Lot 83-P-230), Forbes/Murray Lot (Block and Lot 86-G-284), Sheridan/Kirkwood Lot (Block and Lot 84-C-236), and Tamello/Beatty Lot (Block and Lots 84-B-256 and 84-B-240) and the City of Pittsburgh's Parking Meter Network (the "Network"); and
WHEREAS, the Council of the City of Pittsburgh has set the purchase price for the City Parking Facilities at $220 million (two hundred and twenty million dollars); and
WHEREAS, on October 28, 2010 the board of the Authority expressed interest in the proposed sale and asked the city to collaborate on an independent analysis required to offer a proof of concept of the sale; and
WHEREAS, the board of the Authority believes that the addition of City Parking Facilities to its current portfolio of assets could significantly enhance the Authority's ability to fulfill its mission of providing and maintaining spaces for vehicle parking throughout the City while simultaneously supporting the economic progress of our region; and
WHEREAS, if financially feasible, the board of the Authority desires to use the City Parking Facilities to influence public policy relative to the transportation needs of both the City and the region, to advance economic development of Pittsburgh's ...
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