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Resolution authorizing the City of Pittsburgh to enter into an option agreement with Point Park University for the sale of a parcel of real property located at 344 Boulevard of the Allies for a purchase price of Two Hundred Seventy-Five Thousand Dollars ($275,000.00), to lease space at the site from the University for a term of fifty (50) years at an annual rent of one dollar ($1.00), and to execute any agreement of sale, lease or other documents in furtherance thereof.
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Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor and the Director of Finance, on behalf of the City of Pittsburgh, are hereby authorized to enter into an agreement or agreements, in form approved by the City Solicitor, granting unto Point Park University ("University") an option to purchase from the City a parcel of real property located at 344 Boulevard of the Allies in the First Ward of the City of Pittsburgh, identified as block and lot 1-M-115 (the "Property"), for a purchase price of Two Hundred Seventy-Five Thousand Dollars, ($275,000.00), for the purpose of demolishing all or a portion of the existing structure located at the site and either renovating any remaining portion of the existing structure or constructing a new building which, upon completion, shall house the City's emergency medical services facility ("EMS") and police bike patrol which are currently operating at the Property. Said option agreement shall provide that the University shall lease comparable space in the new or renovated building to the City for a term of fifty (50) years at a rent of one dollar ($1.00) per year. The option agreement shall also provide that the University, at its sole cost and expense, shall temporarily relocate the City's EMS operation and police bike patrol currently housed at the Property for the duration of the construction/renovation to a location to be determined by the parties. During the entire period of relocation, the University will pay the City's rent, if any, to the landlord at the relocation space, and the City will be responsible for the payment of any operating expenses, including charges for utilities consumed at the relocation space. The Mayor and the Director of Finance are hereby authorized to execute any agreement of sale, lease or other documents in furtherance of this resolution.