Title
Declaring that it is desirable for the health, safety and welfare of the people of the City of Philadelphia served by the Community College of Philadelphia for The Hospitals and Higher Education Facilities Authority of Philadelphia to provide certain financial assistance to the Community College of Philadelphia for the undertaking of a project involving the acquisition, development and construction of an approximately 97,600 gross square-foot Business and Industry/Technology Center for use by the Community College of Philadelphia.
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WHEREAS, Pursuant to Ordinance approved December 18, 1963, the Community College of Philadelphia (the "Community College") was established in accordance with the provisions of the Pennsylvania Community College Act of 1963, Act of August 24, 1963, P.L. 1132 §1 et seq., 24 P.S. §5201 et. seq., which Act was repealed and replaced by the Act of July 1, 1985, P.L. 103 No. 31 §1 et. seq., (24 P.S. §19-1901A et. seq.) (hereinafter "the Community College Act"); and
WHEREAS, the Board of Trustees of the College has approved plans for the acquisition, development and construction of an approximately 97,600 gross square-foot Business and Industry/Technology Center located at the corner of Eighteenth and Callowhill streets, consisting of three levels as well as an approximately 143-space two-story, below-grade parking garage for students and faculty for use by the Community College of Philadelphia (the "Project"); and
WHEREAS, the Project will be owned and developed by a private developer (the "Developer") and leased to the Community College pursuant to the terms of a long-term lease (the "Lease"), pursuant to which the Community College will have the option to purchase the Project at the end of the term for $1.00, as well as the option to purchase the Project during the term of the Lease for an amount equal to the unamortized debt issued to finance the Project plus $1.00; and
WHEREAS, The Hospitals and Higher Education Fa...
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