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File #: 10578-18    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 4/5/2018 In control: Chief Clerk
On agenda: 4/10/2018 Final action: 6/5/2018
Title: An Ordinance approving the sale of a parcel of property identified as 3342 Fifth Avenue, 4th Ward, Pittsburgh (Oakland) PA, Block and Lot 28-E-19, for the sale price of $2,100,000.00 to Walnut Capital - Fifth, LP, a Pennsylvania Limited Partnership.
Sponsors: Chief Executive
Attachments: 1. 17-18-OR 10578-18.pdf
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An Ordinance approving the sale of a parcel of property identified as 3342 Fifth Avenue, 4th Ward, Pittsburgh (Oakland) PA, Block and Lot 28-E-19, for the sale price of $2,100,000.00 to Walnut Capital - Fifth, LP, a Pennsylvania Limited Partnership.

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Whereas, the County is the owner in fee simple of a piece of real property identified as 3342 Fifth Avenue, 4th Ward, Pittsburgh (Oakland) PA, Block and Lot 28-E-19 (the “Property”); and

Whereas, the Allegheny County Department of Economic Development issued a Request for Development Proposals (RFDP) for the sale and development of the Property; and

Whereas, in response to the RFDP, Walnut Capital Management Inc., of 5500 Walnut Street, Suite 300, Pittsburgh, PA 15232, is proposing that it would form a limited partnership to be known as Walnut Capital -- Fifth, LP, a Pennsylvania Limited Partnership (the “Developer”) to purchase and develop the Property for a consideration of $2,100,000.00; and

Whereas, Article IV, Section 2 (k) of the Allegheny County Home Rule Charter and Article 5-701.03 of the Administrative Code of Allegheny County vests the County’s Council with the power and duty by ordinance to authorize the sale and conveyance of County owned land, buildings, or other real or personal property owned by the County; and

Whereas, the County Manager has determined that it is no longer in the interest of Allegheny County to continue to own a portion of this Property; and

Whereas, the Council of Allegheny County is of the belief that the sale of the Property will inure to the benefit of the citizens of the County.

The Council of the County of Allegheny hereby enacts as follows:

SECTION 1. Incorporation of the Preamble.

The provisions set forth in the preamble to this Ordinance are incorporated by reference as set forth in their entirely herein.

SECTION 2. Terms Defined.

Terms used in this Ordinance shall have the same meaning and definition
as given to them in the Preamble to this...

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