Title...
An Ordinance, amending Ordinance No. 41-09-OR enacted November 17, 2009 approving the sale of certain real property owned by the County of Allegheny, Pennsylvania known as 3333 Forbes Avenue and identified as Block and Lot 28-J-97 to an ownership/development group for the sale price of $4,900,000.00, for the purpose of restating the composition of the ownership group and the scope of the proposed development on the property.
Body...
Whereas, the County of Allegheny, Pennsylvania (the “County”) is the owner in fee simple of certain real property located in the 4th Ward of the City of Pittsburgh, identified as Block & Lot Number 28-J-97 and known as 3333 Forbes Avenue, Pittsburgh, Pennsylvania 15213 (the “Property”); and
Whereas, by Ordinance No. 41-09-OR enacted November 17, 2009 (the “Ordinance”), the County was given authority to sell the Property to a then as yet unnamed development group then comprised of the following local real estate development firms: Massaro Properties LLC; Langholz Wilson Ellis, Inc.; and Kratsa Properties and local architecture firm Tasso Katselas Associates, Inc. (the “Development Group”), for the purchase price of $4,900,000.00 (the “Sale”); and
Whereas it was contemplated at the time the Ordinance was enacted that the Development Group would demolish the existing building located on the Property and construct a new development thereon, which would have included a multi-use development limited to a hotel, an office building containing classroom space for Carlow University, and a parking garage which would also include retail space (the “Project”); and
Whereas, the County and the Development Group, which was subsequently organized and registered as MWK Forbes LLC, a Delaware limited liability company, entered into a sales agreement dated April 1, 2013 (the “Sales Agreement”) reflecting the terms of the Ordinance including the scope of the Project as set forth in the Ordinance; and
Whereas, due to economic factors...
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