Title
Authorizing the Philadelphia Authority for Industrial Development to file an application and enter into a grant agreement with the Office of the Budget, Commonwealth of Pennsylvania, under the Capital Redevelopment Assistance Program to provide partial funding to assist in the development of a professional baseball stadium and a professional football stadium and training facility in the City of Philadelphia ("City"); and making certain related assurances.
Body
WHEREAS, The City and the Philadelphia Authority for Industrial Development ("PAID") believe that the attraction and retention of professional sports franchises encourages, fosters and stimulates the health, safety and general welfare and economic development, stability and prosperity for citizens of the City and its citizens, merchants, business interests and sports fans; and
WHEREAS, The City and PAID also believe that the interests of the public will be best served by securing the agreement and commitment of a professional baseball team and professional football team to continue to play its and their professional home games in new stadiums and related improvements and amenities (collectively, the "Stadium Projects") to be constructed in the City, and such development will be an important and integral factor in the continued encouragement, promotion, attraction, stimulation, development, growth and expansion of business, commerce and tourism within the City and will also provide significant benefits to the general public; and
WHEREAS, The Commonwealth of Pennsylvania ("Commonwealth"), acting through the Office of the Budget, is authorized through the Redevelopment Assistance Capital Program, to apply for funding projects that have been listed in the Capital Budget Project Authorization Act as Redevelopment Assistance Capital Projects and which meet the standards established in the Capital Facilities Debt Enabling Act, Act of February 9, 1999 (P.L. 1, No. 1) ("CFDEA"); and
WHEREAS, I...
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