Article VI. Commercial Property
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Section 6.01 Acquisition Considerations
- The PLB may acquire a Commercial Property after a Qualified End User has submitted a Development Plan to the PLB.
- The PLB may coordinate with the Pittsburgh Treasurer’s office to carry out Tax Sale proceedings on an eligible Commercial Property, whether or not the PLB ultimately takes title to the property. Before taking title to a Commercial Property, the PLB may assess, secure, and market a Commercial Property.
- The PLB will not acquire title to a Major Commercial Property unless it is deemed the preferred acquisition entity by the City and URA. If such acquisition is to occur, the PLB must first receive approval by the Board of Directors and have a transfer agreement with the URA.
Section 6.02 Disposition Considerations
- The PLB will prioritize Commercial Property end users with Development Plans that will accomplish some or all of the following goals:
- Achieve neighborhood stabilization;
- Increase the marketability of residential properties;
- Create new businesses and/or employment opportunities;
- Preserve historic structures;
- Create new housing opportunities; and
- Increase walkability or access public transit.
- The PLB will avoid acquiring or disposing of a Commercial Property in a manner that may negatively affect the stability of any adjacent neighborhoods or the community, notwithstanding any offers or Development Plans received.
Section 6.03 Commercial Purchase Agreements
- The PLB and the end user will negotiate the terms of the purchase agreement on a property-by-property basis. Terms will include Consideration Amount, Development Plan, end use plan, and project timeline.
- Development Plans will contain the following:
- A list of all development partners, including contractors, project manager, architects, legal counsel, realtors, and any other partners;
- A narrative description of the development work to be completed, project time line, and final end use;
- The sources of financing or funding available to complete the project;
- A description of or application for any special use permit, variance, or rezoning necessary to accomplish development plans; and
- A description of previous commercial property experience, if any.
- Purchase agreements may be made conditional upon satisfaction of any of the requirements described in Section 6.04(B), or any other requirements necessary to demonstrate the capacity to undertake development work, at the PLB’s sole discretion.
- The PLB may retain an interest in Commercial Property through an Enforcement Note and Mortgage procedure described in Section 5.03. At the PLB’s sole discretion, end users will either be required to certify code compliance with the Pittsburgh Department of Permits, Licenses, and Inspections, or hold a temporary or permanent occupancy permit, verifying the following:
- The property is safe and secure;
- All major systems are properly installed and functional;
- The property is cleaned and appropriately maintained on both the interior and exterior; and
- Any other conditions in the purchase agreement.