Title
Authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development, for nominal consideration, a deed conveying fee simple title to a certain tract of City-owned land with the buildings and improvements thereon, situate in a rectangular area generally bounded by Ruth Street on the northwest, Clearfield Street on the northeast, Emerald Street on the southeast, and Orleans Street on the southwest, generally under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between The City of Philadelphia, the Philadelphia Authority for Industrial Development, and the Philadelphia Industrial Development Corporation.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property is hereby authorized to execute and deliver to the Philadelphia Authority for Industrial Development, for nominal consideration, a deed conveying fee simple title to a certain 4.96 acre tract of City-owned land with the buildings and improvements thereon, situate in a rectangular area generally bounded by Ruth Street on the northwest, Clearfield Street on the northeast, Emerald Street on the southeast, and Orleans Street on the southwest, subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between The City of Philadelphia ("City"), the Philadelphia Authority for Industrial Development, and the Philadelphia Industrial Development Corporation except as provided otherwise in this Ordinance.
SECTION 2. Notwithstanding anything in the Philadelphia Industrial and Commercial Development Agreement to the contrary, proceeds from the sale of this property shall be deposited into the City's General Fund.
SECTION 3. The City Solicitor is hereby authorized to review and to approve all instruments and documents necessary to effectuate this Ordinance, which instruments and documents ...
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