Title
Amending an Ordinance approved November 13, 1997 (Ordinance No. 970270) which authorized the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development, without consideration, a deed conveying fee simple title to a certain tract of City-owned land with the buildings and improvements thereon erected, situate on the northeast corner of Seventh street and Pattison avenue in the Thirty-ninth Ward of the City of Philadelphia, under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, the Philadelphia Authority for Industrial Development, and the Philadelphia Industrial Development Corporation ("the Agreement"), by authorizing the Philadelphia Authority for Industrial Development (PAID), notwithstanding any contrary requirements of the Agreement, to convey the property for a nominal consideration.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Ordinance approved November 24, 1997 (Bill No. 970270) is hereby amended to read as follows:
SECTION 1. The Commissioner of Public Property is hereby authorized to execute and delivery to the Philadelphia Authority for Industrial Development (PAID), without consideration, a deed conveying fee simple title to the following described tract of ground, subject however to all the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and the Philadelphia Industrial Development Corporation except that, notwithstanding any contrary requirements of said Agreement, PAID is authorized to reconvey the property for nominal consideration, as follows:
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SECTION 2. This Ordinance shall take effect immediately.
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Explanation:
Italics indicate new matter added.
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