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Title:
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Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with the Philadelphia Authority for Industrial Development ("PAID") providing for the leasing by the City to PAID of a certain City-owned building located at 1901 Vine Street ("Free Library Building"), including a ground lease of land bounded by Nineteenth Street, Vine Street, Twentieth Street and the former Wood Street ("Free Library Land"), and obligating PAID to finance a project involving renovation and expansion of the Free Library Building (the "Project") to be made by the City, and authorizing a sublease agreement between PAID and the City providing for the subleasing of the Free Library Building and the Free Library Land back from PAID to the City; covenanting to be bound by the terms of the lease and sublease; imposing a $50 million limit on the aggregate amount of Bonds which are to be issued by PAID to finance or refinance the costs of the Project; covenanting to make appropriations in each of the City's fiscal years to provide for rental payments due under the sublease; authorizing the Director of Finance and all other officials of the City to take all actions necessary to accomplish the intent and purpose of this Ordinance or the lease and sublease; and authorizing approval of all of the terms of certain documents by the Director of Finance; all under certain terms and conditions.
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Action text:
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A motion was made by Councilmember Nutter that this matter be Introduced. The motion carried unanimously.
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