Title
Authorizing the Philadelphia Authority for Industrial Development ("PAID") to file an application with the Office of the Budget, Commonwealth of Pennsylvania, under the Redevelopment Assistance Capital Program, in an aggregate amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000) to assist in the development of the Free Library of Philadelphia; and authorizing the City to enter into an agreement with PAID in furtherance of grant requirements; all under certain terms and conditions.
Body
WHEREAS, The City and the Philadelphia Authority for Industrial Development ("PAID") desire to obtain funds from the Commonwealth of Pennsylvania's Office of the Budget, in an amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000) for the undertaking of approved Capital Budget projects under Section 4(c) of the Housing and Redevelopment Assistance Law as amended; and
WHEREAS, Guidelines issued pursuant to the Housing and Redevelopment Assistance Law, as amended, define a blighted area to include portions of an urban community with economically undesirable land uses; and
WHEREAS, The City and PAID recognize that blighting influences exist due to economically undesirable land use throughout the City; and
WHEREAS, One Project ("Project") is being proposed in order to eliminate the existing blighting influence; and
WHEREAS, The City and PAID desire to advance the necessary development of the above-referenced Project; and
WHEREAS, The Housing and Community Development Program authorizes PAID to file applications for grants; and
WHEREAS, The Commonwealth regulations require the City and/or its designated project recipient to assume the provision of the full matching share of the project costs above the aggregate amount of Seven Million Five Hundred Thousand Dollars ($7,500,000); and
WHEREAS, The Commonwealth regulations require the City to obligate itself to reimburse the Commonwealth ...
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