Title
Authorizing the conveyance of ownership interest in and the assignment of the purchase and development agreement for 19, 21, 23, 25, 27 E. Somerset Street, and 3022 and 3026 N. American Street located in the Seventh Councilmanic District in accordance with the terms of Chapter 16-600 of The Philadelphia Code as it pertains to dispositions of surplus property under Chapter 16-400 and 16-700 of The Philadelphia Code.
Body
WHEREAS, Section 16-706 of the Philadelphia Code authorizes the Philadelphia Land Bank (“Land Bank”) to convey, exchange, sell, transfer, lease, grant or mortgage interests in real property of the Land Bank in accordance with the requirements of Chapter 16-400 of The Philadelphia Code; and
WHEREAS, Section 16-404(3)(f) of The Philadelphia Code requires compliance with Section 16-601(1) of The Philadelphia Code; and
WHEREAS, Section 16-601(1)(d) of The Philadelphia Code provides that, prior to issuance of a Certificate of Completion by the Land Bank, an ownership interest in the redeveloper may not be transferred without Council’s prior approval by resolution; and
WHEREAS, Section 16-601(1)(a) of The Philadelphia Code provides that a redevelopment contract may not be assigned to a new redeveloper without Council’s prior approval by resolution; and
WHEREAS, the disposition of 19, 21, 23, 25, 27 E. Somerset Street, and 3022 and 3026 N. American Street (the “Premises”) to HACE Affordable Housing Corporation (“Developer”) for inclusion in a scattered-site affordable housing development (the “Development”) to consist of nine (9) affordable single-family homes, was approved by Land Bank Board Resolution 2021-17, adopted on April 13, 2021, and by Council Resolution 210432, adopted on May 13, 2021; and
WHEREAS, Developer has requested and the Land Bank has agreed to permit Developer, following the Land Bank’s conveyance of the Premises to Developer, (1) to convey the Premises to a separate entity known as Good Lands Trust (“Assignee”), which is wholly owned by HACE Affordable Housing Corporation; and (2) to assign its rights and obligations under the Purchase and Development Agreement with the Land Bank for the Development (the “PDA”), as they pertain to the Premises, to Assignee; and
WHEREAS, Assignee will assume, undertake and perform the obligations and responsibilities to develop, maintain and manage the Premises in accordance with the PDA and with an assignment and assumption agreement to be executed by the Land Bank, Developer and Assignee; and
WHEREAS, the Land Bank Board, via Resolution No. 2023-11, adopted on April 11, 2023, approved the conveyance of the Premises to Assignee, and the assignment of Developer’s rights and obligations under the PDA, as they pertain to the Premises, to Assignee, subject to the execution of an assignment and assumption agreement satisfactory to the Land Bank and signed by the Land Bank, Developer, and Assignee; now, therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, AS FOLLOWS:
SECTION 1. HACE Affordable Housing Corporation is hereby authorized to convey 19, 21, 23, 25, 27 E. Somerset Street, and 3022 and, 3026 N. American Street to Good Lands Trust, pursuant to Chapter 16-600 of The Philadelphia Code.
SECTION 2. HACE Affordable Housing Corporation is hereby authorized to assign its rights and obligations under the Purchase and Development Agreement with the Philadelphia Land Bank for the Development, as they pertain to 19, 21, 23, 25, 27 E. Somerset Street, and 3022 and 3026 N. American Street, to Good Lands Trust, pursuant to Chapter 16-600 of The Philadelphia Code.
End