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Authorizing the amendment of certain agreements between the City of Philadelphia and the Philadelphia Authority for Industrial Development ("PAID") relating to an area surrounded by Pattison Avenue, 11th Street, Terminal Avenue and Broad Street (the "Wachovia and Arena Parcels"), to revise lot lines and make other technical changes; authorizing amendments to certain subleases for the Wachovia and Arena Parcels; and authorizing the grant to PAID of an easement over certain portions of FDR Park, all under certain terms and conditions.
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WHEREAS, Spectrum Area Limited Partnership, an affiliate of Comcast Spectacor in partnership with the Cordish Company proposes to develop a mixed use sports-themed restaurant and entertainment venue of approximately 378,000 square feet and a 300-room hotel on the site of the Spectrum and adjacent portions of the Wachovia and Arena Parcels ("Philly Live! Project"). Phase 1 will include approximately 40,000 square feet of development and is expected to commence by the end of this year; and
WHEREAS, The Philadelphia City Planning Commission has reviewed and approved the Philly Live! Project and determined that the proposed development is consistent with the original 1994 Master Plan for the Wachovia and Arena Parcels; and
WHEREAS, It is necessary to amend certain agreements, collectively referred to as the Wachovia and Arena Development Agreements (attached hereto as Exhibits A through F), to consolidate title to the Philly Live! Project into one parcel in order to allow the project to be financed; and
WHEREAS, The Philly Live! Project has received conceptual approval from the Philadelphia Water Department for a storm water management program that will discharge storm water into a lagoon at FDR Park and will require the City to grant to PAID an easement thru FDR Park for the storm water management discharge pipe; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Pu...
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