Title
Authorizing the Commissioner of Public Property, on behalf of the City, to convey to the Philadelphia Authority for Industrial Development all or a portion of certain parcels of land in and about the area bounded by University Avenue, Civic Center Boulevard, Hamilton Street and 34th Street, for further conveyance; and authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement to lease back a portion of the property to the City; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to convey to the Philadelphia Authority for Industrial Development certain parcels of land in and about the area bounded by University Avenue, Civic Center Boulevard, Hamilton Street and 34th Street, as more particularly identified in Exhibit "A" and generally known as 451 S. University Avenue and 501 S. University Avenue, for further conveyance to and redevelopment by the Trustees of the University of Pennsylvania ("Penn") and the Children's Hospital of Philadelphia ("CHOP"), or their designees, under certain terms and conditions.
SECTION 2. Conveyance of the parcels identified in Section 1 and Exhibit A from the City of Philadelphia to PAID shall be conditioned upon a commitment by PAID to require Economic Opportunity Plans in accordance with Section 17-1602 of The Philadelphia Code, as amended, in connection with development of the parcels.
SECTION 3. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to enter into a lease agreement with an entity to be formed by Penn and CHOP, or their designees, for a portion of the development that will be constructed on the premises identified in Section 1 and Exhibit "A", pursuant to terms substantially set forth in the document attached hereto as Exhibit "B".
SECTION 4. The City Solicitor ...
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