Title
Authorizing the Commissioner of Public Property and Director of Commerce, on behalf of the City of Philadelphia, to exercise the City's option under a Lease Agreement and enter into an agreement to acquire all right, title and interest of The Philadelphia Parking Authority in and to all buildings, computers, peripherals, structures, improvements, facilities, fixtures, equipment, leasehold improvements, constructions in process, machinery, gates, signs, signals, fencing, garages, connecting bridges, elevated ramps, toll plazas and all other accessories now erected or constructed by the Authority at the Philadelphia International Airport on land owned by the City and leased to the Authority; and authorizing the Commissioner of Public Property and Director of Finance to take all other actions and enter into all other agreements necessary to complete the acquisition; all under certain terms and conditions.
Body
WHEREAS, The City is the owner of land and improvements constituting the Philadelphia International Airport (the "Airport"); and
WHEREAS, Pursuant to an ordinance of City Council approved by the Mayor on October 8, 1974, the City and The Philadelphia Parking Authority (the "Authority") entered into a Lease Agreement dated October 1, 1974 (the "Original Lease"), which was amended as of August 15, 1978, pursuant to an ordinance of City Council approved by the Mayor on August 1, 1978 (the "1978 Lease Amendment") and which was amended as of January 1, 1989, pursuant to an ordinance of City Council approved by the Mayor on December 20, 1988 (the "1989 Lease Amendment") and which was further amended as of June 15, 1999, pursuant to an Ordinance of City Council approved by the Mayor on June 17, 1999 (the "1999 Lease Agreement") (the Original Lease, as amended by the 1978 Lease Amendment, the 1989 Lease Amendment, and the 1999 Lease Agreement, hereinafter collectively referred to as the "Existing Lease"), under which Existing Lease the Authority leased ce...
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