Title
Removing the Properties known generally as the Brewerytown Development from the Philadelphia Keystone Opportunity Zone, subject to the request and consent of the owners of said Properties, under certain terms and conditions.
Body
WHEREAS, The Department of Commerce is willing to accept application from the owners of properties known generally as the Brewerytown Development and more particularly described in Exhibit "A" hereto (the "Properties"), and from all parties with any known interest in the Properties, including the prospective purchasers of the Properties, requesting and consenting to the removal of all exemptions, deductions, abatements, or credits provided for by Chapter 19-3200 of The Philadelphia Code, relating to the Keystone Opportunity Zone and the Keystone Opportunity Expansion Zone, with respect to a portion of the Properties, all to enable a mixed-use development on the Properties, including residential development on the Properties.
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Any exemptions, deductions, abatements or credits provided for by Chapter 19-3200 of The Philadelphia Code, relating to the Keystone Opportunity Zone and the Keystone Opportunity Expansion Zone, with respect to the properties known generally as the Brewerytown Development and more particularly described in Exhibit "A" hereto (the "Properties"), are hereby repealed, revoked and removed; and the Properties are hereby removed from the Philadelphia Keystone Opportunity Zone.
SECTION 2. The repeal, revocation and removal described in Section 1 of this Ordinance shall be effective upon, and only with respect to exemptions, deductions, abatements or credits accruing on or after, the effective date of an approval by the Commonwealth Department of Community and Economic Development (the "Department") of a request by the Director of Commerce to decertify all or a portion of the Properties and remove them or it from the Philadelphia Keysto...
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