Title
Authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development a deed for nominal consideration conveying fee simple title to certain properties situate in an area bounded by Arch Street to the north, Walnut Street to the south, 34th Street to the west and 32nd Street to the east in the City of Philadelphia, with the buildings and improvements thereon, if any, for further conveyance at fair market value.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to execute and deliver to the Philadelphia Authority for Industrial Development, for nominal consideration, a deed conveying fee simple title to certain properties situate in an area bounded by Arch Street to the north, Walnut Street to the south, 34th Street to the west and 32nd Street to the east, in the City of Philadelphia for further conveyance at fair market value.
SECTION 2. The City Solicitor is hereby authorized to review and approve all instruments and documents necessary to effectuate this Ordinance, which instruments and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interest of the City.
SECTION 3. Net proceeds from the sale of this property shall be deposited in the City's General Fund.
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