City of Philadelphia - File #: 150508

• File #: 150508
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 5/21/2015
• In control: Committee on Finance
• Final action: 6/18/2015
• 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.
• Sponsors: Council President Clarke, Councilmember Tasco
• Indexes: AGREEMENTS, PAID

Date	Ver.	Action By	Action	Result	Tally
6/18/2015	1	CITY COUNCIL	READ AND PASSED	Pass	15:0
6/18/2015	1	MAYOR	SIGNED
6/11/2015	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/11/2015	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/11/2015	1	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
6/8/2015	0	Committee on Finance	HEARING NOTICES SENT
6/8/2015	0	Committee on Finance	HEARING HELD
6/8/2015	0	Committee on Finance	AMENDED
6/8/2015	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/21/2015	0	CITY COUNCIL	Introduced and Referred	Pass

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 A...