Folks at Pitt and CMU must be all, #headdesk#, but at least the Council is acknowledging it ain't all that scholarly itself.
Council gave Finance Scholars Group preliminary approval Wednesday to analyze ways to generate money for the city's ailing pension fund. The study will look at the mayor's proposal of a long-term lease of the assets to a private company; the outright sale of parking facilities; privatizing the Pittsburgh Parking Authority with revenue sharing; transferring the parking assets to the pension funds; and issuing bonds. (Trib, Adam Brandolph)
$250,000 paid for with the budgetary equivalent of couch-cushion money. Happens all the time (helps to be in the majority though).
As to the mayor's lease proposal, the vetting of which by the city's Finance department and transactional middlemen at Morgan Stanley received precious little acclaim:
In a letter Wednesday to pension fund solicitor Frederick Frank, Mr. Dowd said he wants council and the public to have an immediate look at a draft of the agreement that would spell out lease terms, including operating requirements and parking rate increases. Mr. Ravenstahl has offered only to make documents available sometime this month.
With Mr. Ravenstahl demanding a final vote on the lease plan in September, Mr. Dowd said, council needs information as soon as possible.
"This isn't a one-page document," Mr. Dowd said. "This is going to be hundreds of pages of complicated legalese."
Mayoral spokeswoman Joanna Doven said the draft agreement can't be provided to council because it's still being written. (P-G, Joe Smydo)
Cataclysmic deadlines is our specialty.
*-BACKGROUND: Some history on the dispute over the parking assets is HERE. It shows the mayor's concept has still other supporters. The paramount thing is to select a solution that will work for Pittsburgh.