Title
Approving the sale by the Philadelphia Authority for Industrial Development for fair market value of the former Convention Hall and Commerce Museum properties, situate in the vicinity of Thirty-fourth Street and Civic Center Boulevard, to the University of Pennsylvania, under certain terms and conditions.
Body
WHEREAS, The Council of the City of Philadelphia ("Council"), by Bill No. 980785 (approved December 30, 1998), has authorized the Commissioner of Public Property and the Director of Commerce to convey the City-owned site generally bounded by University Avenue, Civic Center Boulevard, Convention Avenue, and the northerly line of a railroad right-of-way (the "Civic Center Site") to the Philadelphia Authority for Industrial Development (hereinafter "PAID"), for development; and
WHEREAS, Bill No. 980785 further authorized PAID to enter into Agreements of Sale and Development Agreements for a consideration of fair market value; and
WHEREAS, The conveyance of the herein below described parcel to the University of Pennsylvania will be subject to the authorization of the PAID and Philadelphia Industrial Development Corporation Boards of Directors and the Director of Commerce in accordance with the terms of the Industrial and Commercial Development Agreement; and
WHEREAS, The net proceeds received by PAID from the reconveyance of the University of Pennsylvania shall be deposited in the Industrial and Commercial Development Revolving Fund per Bill No. 980785; and
WHEREAS, Under Bill No. 980785, City Council did reserve unto itself the Right of Approval, by Resolution, of future reconveyance by PAID of any portion of this parcel; and
WHEREAS, PAID intends to sell to the University of Pennsylvania for fair market value the former Convention Hall and Commerce Museum properties as more fully described as follows:
ALL THAT CERTAIN lot or piece of ground, situate in the Twenty-seventh Ward of the City of Philadelphia, described in accordan...
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