Title
Authorizing and approving the execution and delivery of a Service Agreement between the City and the Philadelphia Authority for Industrial Development relating to the provision by the Philadelphia Authority for Industrial Development of development assistance to support certain costs related to promoting economic and commercial development of the City; approving the guaranty by the Philadelphia Authority for Industrial Development of certain obligations related to the issuance of a letter of credit to secure the funding of such costs; authorizing and approving the obligation of the City to pay in full when due the Service Fee and other amounts payable under the Service Agreement and covenanting to make necessary appropriations for such purposes; and authorizing City officials to take necessary or appropriate actions to accomplish the intent and purpose of the ordinance, all under certain terms and conditions.
Body
WHEREAS, The City of Philadelphia (the "City") and the Philadelphia Authority for Industrial Development ("PAID") have determined that PAID will, with the cooperation of the City, promote the economic and commercial development of the City by providing a guaranty of certain reimbursement and related obligations (the "Guaranty") with respect to a letter of credit (the "Letter of Credit") issued to secure the funding of certain Development Costs as defined in this Ordinance; and
WHEREAS, The Council has determined that it is in the best interests of the City to: (i) authorize and approve the execution and delivery of a Service Agreement (the "Service Agreement") by and between the City and PAID; (ii) approve the Guaranty by PAID with respect to the Letter of Credit; and (iii) authorize and approve the performance by the City of its obligation to pay in full when due the Service Fee (as defined in the Service Agreement) and other amounts payable under the Service Agreement; and
WHEREAS, The City is authorized to enter into the Service Agreement...
Click here for full text