Title
Approving the Third Amendment to Redevelopment Agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the American Street Industrial Corridor Urban Renewal Area, designated as Revised Parcel No. 8, Revised Parcel No. 9 and Parcel No. 10A, also sometimes identified by house numbers and street addresses for Revised Parcel No. 8 as 1700-34 N. American Street, for Revised Parcel No. 9 as 1703-69 N. Bodine Street (including 229-33 Cecil B. Moore Avenue), and for Parcel No. 10A as 1736-54 N. American Street; and authorizing the Redevelopment Authority to execute the Third Amendment to Redevelopment Agreement with 1700 North American Street, LLC and to take such action as may be necessary to effectuate the Third Amendment to Redevelopment Agreement.
Body
WHEREAS, The Philadelphia Redevelopment Authority (hereinafter "Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the American Street Industrial Corridor Urban Renewal Area (hereinafter "American Street"), which said plan and proposal were approved by Ordinance of the Council on June 13, 2002, as amended; and
WHEREAS, The Redevelopment Authority executed a redevelopment contract (the "Original Redevelopment Agreement") with Global Building Group, LLC ("Global") dated July 12, 2006 for a portion of American Street, identified as Parcel No. 8, 1700-26 N. American Street, Parcel No. 9, 1703-69 N. Bodine Street, including 229-33 Cecil B. Moore Avenue and 1730-34 N. American Street, and Parcel No. 10, 1728 N. American Street, which said redevelopment contract was approved by Resolution No. 060601 adopted by the Council of the City of Philadelphia on June 15, 2006; and
WHEREAS, The Redevelopment Authority executed an Assignment Agreement with Global and 1700 North American Street, LLC ("Redeveloper") dated November 7, 2006 whereby Global assigned all of its rights and obligations u...
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