City of Philadelphia - File #: 110876-A

• File #: 110876-A
• Version: 2
• Type: Bill
• Status: ENACTED
• File created: 12/1/2011
• In control: Committee on Finance
• Final action: 12/15/2011
• Title: Authorizing the Director of Commerce and the Director of Finance to enter into a multi-year agreement or agreements with the Philadelphia Authority for Industrial Development ("PAID"), the Redevelopment Authority of the City of Philadelphia ("RDA"), and other parties as necessary concerning the parking garage project constructed as part of the overall Market Street East - Gallery II Redevelopment Project, including an amendment to the agreement between the City and PAID, as amended, originally authorized by Bill No. 546 (approved June 15, 1993), and further authorizing the Director of Commerce and the Director of Finance, where necessary or prudent, to enter into ancillary agreements with any or all of PAID, the RDA, Parametric Garage Associates ("Parametric"), a new lender to Parametric, and other parties under certain terms and conditions.
• Sponsors: Councilmember Tasco
• Indexes: PAID, REDEVELOPMENT AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
12/21/2011	2	MAYOR	SIGNED
12/15/2011	2	CITY COUNCIL	READ AND PASSED	Pass	17:0
12/8/2011	0	Committee on Finance	HEARING NOTICES SENT
12/8/2011	0	Committee on Finance	HEARING HELD
12/8/2011	0	Committee on Finance	AMENDED
12/8/2011	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
12/8/2011	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
12/8/2011	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
12/8/2011	1	CITY COUNCIL	READ
12/8/2011	2	CITY COUNCIL	AMENDED
12/8/2011	2	CITY COUNCIL	ORDERED PLACED ON FINAL PASSAGE CALENDAR FOR NEXT MEETING.
12/1/2011	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing the Director of Commerce and the Director of Finance to enter into a multi-year agreement or agreements with the Philadelphia Authority for Industrial Development ("PAID"), the Redevelopment Authority of the City of Philadelphia ("RDA"), and other parties as necessary concerning the parking garage project constructed as part of the overall Market Street East - Gallery II Redevelopment Project, including an amendment to the agreement between the City and PAID, as amended, originally authorized by Bill No. 546 (approved June 15, 1993), and further authorizing the Director of Commerce and the Director of Finance, where necessary or prudent, to enter into ancillary agreements with any or all of PAID, the RDA, Parametric Garage Associates ("Parametric"), a new lender to Parametric, and other parties under certain terms and conditions.

Body
WHEREAS, The "Industrial Commercial Project Development Assistance Ordinance," Bill No. 1148 (approved March 1, 1978), as amended by an Ordinance, Bill No. 1318 (approved May 19, 1978), and as further amended by an Ordinance, Bill No. 545 (approved June 15, 1993) (collectively, the "General Assistance Ordinance"), establishes a format for project-specific City financial assistance to the Philadelphia Authority for Industrial Development ("PAID"); and

WHEREAS, Pursuant to an ordinance, Bill No. 1132 (approved March 4, 1982), the Director of Commerce entered into an agreement with PAID (the "1982 Agreement") pursuant to the General Assistance Ordinance providing for financial assistance by the City to PAID in connection with a parking garage project ("Gallery II Parking Garage Project") constructed as part of the overall Market Street East - Gallery II Redevelopment Project; and

WHEREAS, On March 24, 1982, The Redevelopment Authority of the City of Philadelphia (the "RDA") entered into a ground lease with Parametric Garage Associates ("Parametric") (the "Ground Lease") pursuant to which Parametric leas...