PRIOR PRINTER'S NOS. 2880, 3004 PRINTER'S NO. 3059
No. 471 Session of 2003
INTRODUCED BY HABAY, MUSTIO, TURZAI, T. STEVENSON, METCALFE,
PALLONE, PAYNE, CRUZ, DALEY, DENLINGER, FORCIER, KENNEY,
REED, WEBER AND YOUNGBLOOD, NOVEMBER 10, 2003
AS AMENDED, HOUSE OF REPRESENTATIVES, DECEMBER 9, 2003
A RESOLUTION
1 Directing the Joint State Government Commission LEGISLATIVE <--
2 BUDGET AND FINANCE COMMITTEE to undertake a study of the
3 Urban Redevelopment Authority of Pittsburgh and the
4 Pittsburgh Development Fund.
5 WHEREAS, By Pittsburgh City Council Resolution Number 963,
6 effective December 21, 1994, the Pittsburgh City Council
7 approved a cooperation agreement with the Urban Redevelopment
8 Authority of Pittsburgh; and
9 WHEREAS, The cooperation agreement authorized the Urban
10 Redevelopment Authority to issue taxable bonds netting
11 approximately $60 million; and
12 WHEREAS, The cooperation agreement authorized the City of
13 Pittsburgh to irrevocably assign a portion of its receipts from
14 a 1% sales, use and hotel excise tax within Allegheny County to
15 repay such taxable bonds over a period of 20 years; and
16 WHEREAS, The $60 million fund created by the issuance of
17 taxable bonds by the Urban Redevelopment Authority is known as
18 the Pittsburgh Development Fund; and
1 WHEREAS, The Pittsburgh Development Fund has been
2 administered by the Urban Redevelopment Authority for various
3 purposes, including the stimulation of residential, office,
4 retail, commercial and industrial development throughout the
5 City of Pittsburgh; and
6 WHEREAS, The Pittsburgh Development Fund may have reached the
7 extent of its effectiveness, and it should be determined whether
8 the interests of residents and taxpayers would be best served by
9 the termination of the fund; and
10 WHEREAS, The Pittsburgh City Council by a majority vote in
11 September 2003 found it to be in the interests of residents and
12 taxpayers to immediately terminate the Pittsburgh Development
13 Fund; therefore be it
14 RESOLVED, That the Joint State Government Commission <--
15 LEGISLATIVE BUDGET AND FINANCE COMMITTEE shall undertake a <--
16 comprehensive study of the Urban Redevelopment Authority of
17 Pittsburgh and the Pittsburgh Development Fund; and be it
18 further
19 RESOLVED, That the commission LEGISLATIVE BUDGET AND FINANCE <--
20 COMMITTEE shall examine all aspects of the past and current
21 administration and operation of the Urban Redevelopment
22 Authority of Pittsburgh and the Pittsburgh Development Fund; and
23 be it further
24 RESOLVED, That the commission LEGISLATIVE BUDGET AND FINANCE <--
25 COMMITTEE shall have access to all financial data relating to
26 the past and current administration and operation of the Urban
27 Redevelopment Authority of Pittsburgh and the Pittsburgh
28 Development Fund; and be it further
29 RESOLVED, That the commission LEGISLATIVE BUDGET AND FINANCE <--
30 COMMITTEE shall prepare an analysis detailing past and current
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1 use of funds, past and current bond obligations and past and
2 current programs and program requirements; and be it further
3 RESOLVED, That the commission shall outline a proposal for <--
4 the potential sale or transfer of the portfolio of the Urban
5 Redevelopment Authority of Pittsburgh relating to the Pittsburgh
6 Development Fund; and be it further
7 RESOLVED, THAT THE LEGISLATIVE BUDGET AND FINANCE COMMITTEE <--
8 EVALUATE THE IMPACT OF THE PITTSBURGH DEVELOPMENT FUND ON
9 ECONOMIC GROWTH, INCLUDING JOB CREATION WITHIN THE CITY OF
10 PITTSBURGH, SINCE ITS CREATION AND MAKE RECOMMENDATIONS AS TO
11 ITS CONTINUATION OR THE POTENTIAL LIQUIDATION OF THE FUND TAKING
12 INTO ACCOUNT ANY LEGAL OR FINANCIAL IMPEDIMENTS TO LIQUIDATION;
13 AND BE IT FURTHER
14 RESOLVED, That the commission LEGISLATIVE BUDGET AND FINANCE <--
15 COMMITTEE shall issue a report on its findings and
16 recommendations to the House of Representatives no later than
17 March 31, 2004.
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